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Last year I sought help from this forum to remedy multiple payday loans. I sent the letters and filed complaints in the State of Maryland where I live. After a recent huge tragedy in my life, I turned to more payday loans this year. Now I am faced with the same problem all over again. My question is what happens if I default again? Is there a legal issue with taking loans out that I knew were illegal in my state? I have repaid the principal amount of all my loans at this point. But I am scared at the consequences of doing this again.
Legal issue with taking loans out
Welcome to the forums!!!
Payday lending is prohibited in Maryland. That means all lenders in your state are illegal. You owe them only the principal balance. Don’t worry mate…illegal lenders can’t take any legal action against you. You should close down your old bank account and open a new one to stop debiting money from your account.
Ignore Sallys response. There would be no legal issue since THEY broke the law in lending you the cash. Pay off your principal and follow this
http://www.creditmagic.org/repair/about33804.html
Make sure you do the ACH and voluntary wage assignment revocations. Simply closing a bank account as she suggest will simply get you into more trouble financially as any ACH coming thru will reopen the account, costing you overdraft fees.
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It's from The Official Barbara Hambly Page an author puiesbhld a book called Homeland on August 25, 2009.a0 The third comment in froma0Kristin who must be psychic since her post was used to comment on