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Help! Questions About Payday Loans In New Jersey...

Posts: 11
Credits: 405
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Greetings, all.

First, I am thankful to have found this forum.

I live in New Jersey and I currently have 13 PDLs (don’t ask how)….amount owed and finance charge are in parenthesis:

Paradise Cash Advance ($750 / $187.50)
Cashjar ($650 / $162.50)
Lakota Cash ($600 / $180)
Ameriloan ($450 / $135)
United Cashloans ($400 / $120)
Red Stone Cash ($400 / $140)
National Group, LLC ($350 / $105)
Beacon ($200 / $89)
MyCashNow ($440 / $70)
EastSide Lenders ($750 / $225)
Cardinal Mgt ($300 / $90)
Mesa Financial ($300 / $90)
Intergrity Advance ($500 / $150)

I now realize, from information obtained from this board, that PDLs are prohibited in New Jersey.

I have already closed my account at BofA, so that the ACHs do not continue to accumulate and take my money (I also stopped direct deposit before doing so).

I have also begun to contact each PDL provider and make payment arrangements. HOWEVER, most of them are still trying to get me to pay the finance charge as part of these arrangements. Based on my understanding from this board, I do not HAVE to pay that finance charge, only the principle amount.

My questions are:

1. Which of the foregoing providers I listed is an illegal lender or internet lender only? If there are any, how should I handle what I owe them?

2. Should I continue to negotiate in good faith with these providers? Or just let the chips fall where they may, considering that their operations are considered illegal in New Jersey?

3. If I don't make payments to them, can they come after my wages in the form of a garnishment?

Any help would be greatly appreciated. Thanks!




verbz40
Posts: 11
Credits: 405

Sub: #1 Any help? These fools are calling me in an attempt to set up a
Wed, 03/02/2011 - 09:35

Any help? These fools are calling me in an attempt to set up a payment plan, but I don't want to do that yet until I know all my rights. I don't want to get tied into a repayment plan that may be unfair.

I'd like to take action TODAY, if possible.




aubrey


Debt Samaritan
Posts: 1205
Credits: 26204.761432107

Sub: #2 Payday loans are illegal in New Jersey. At one time I had 5. Y
Wed, 03/02/2011 - 09:38

Payday loans are illegal in New Jersey. At one time I had 5. You should plan on paying back what you borrowed. Be prepared to be inundated with e-mails and telephone calls. Should they start calling you at work, tell them you are not permitted personal calls. If you have a cell, screen your calls and accept them when it's convenient for you to arrange payment arrangements. Under no circumstances should you give them your new bank account number. You will get calls saying you committed fraud, etc. They are just threats to scare you into paying them. Pay what you legally owe. Do a search on each of your pdls and see how others handled them. Good luck.




verbz40
Posts: 11
Credits: 405

Sub: #3 Thanks, Aubrey....but do I have to pay the finance charges? Th
Wed, 03/02/2011 - 10:14

Thanks, Aubrey....but do I have to pay the finance charges?

They're trying to get me to repay the finance charges in any repayment plan. And I don't want to set up some repayment plan that includes finance charges, especially if it locks me into a verbal contract.

Can I REFUSE to pay any finance charges based on the fact that I'm only obligated to pay back what I borrowed?




ballplayersmom
Debt Samaritan
Posts: 365
Credits: 5657.2

Sub: #4 Only pay back what you borrowed, no finance charges!!! I live i
Wed, 03/02/2011 - 10:25

Only pay back what you borrowed, no finance charges!!! I live in NJ too and had 14 loans last year. I only paid the principle back. They are illegal!!!!




verbz40
Posts: 11
Credits: 405

Sub: #5 Thank you, Debt Samaritan. So when they call to negotiate a re
Wed, 03/02/2011 - 10:39

Thank you, Debt Samaritan.

So when they call to negotiate a repayment plan, I should inform them that, based on NJ law, I'm not obligated to repay the finance charge? Is that it? Cause I DAMN SURE can do that, lol....

Do you guys think I should send them that template letter that's outlined in this forum? Which one of the providers I listed above are illegal?




aubrey


Debt Samaritan
Posts: 1205
Credits: 26204.761432107

Sub: #6 They will tell you that the laws of their state prevail. Not so
Wed, 03/02/2011 - 10:50

They will tell you that the laws of their state prevail. Not so. I would tell them that you are only going to pay what you borrowed. If you need a sample, send me a PM and I will give you what I sent to Integrity (before I knew they were illegal). I also dealt with Eastside and they eventually turned it over to an attorney - took me a year to get rid of him LOL




Shazzers


Posts: 17419
Credits: 159276.2

Sub: #7 Never negotiate with an illegal lender, make them meet your term
Wed, 03/02/2011 - 10:59

Never negotiate with an illegal lender, make them meet your terms! [URL=http://www.debtconsolidationcare.com/paydayloan/illegal-p dl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.

Visit my blog-TAKE CONTROL!
CLICK HERE To join my Social group, The Payday-Loan-Free Advocates!
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws




verbz40
Posts: 11
Credits: 405

Sub: #8 Thanks, Shazzers....but I don't know which ONES out of the ones
Wed, 03/02/2011 - 11:03

Thanks, Shazzers....but I don't know which ONES out of the ones in my list are illegal.

Can you help with that?




ballplayersmom
Debt Samaritan
Posts: 365
Credits: 5657.2

Sub: #9 They are all illegal!
Wed, 03/02/2011 - 11:17

They are all illegal!




verbz40
Posts: 11
Credits: 405

Sub: #10 [LEFT]Sorry for all the questions, but I just want to be clear..
Wed, 03/02/2011 - 11:32

[LEFT]Sorry for all the questions, but I just want to be clear...

1) You're saying that ALL 13 of the PDL providers I listed above are illegal?
2) As such, I ONLY have to negotiate for the amounts I owe and nothing else?
3) If they continue to harass me, just ignore them because they have no legal rights to recover the debts? Like, they can't sue me or garnish my wages?

I'm just trying to gain clarity before I decide to go see this bankruptcy lawyer on Friday....if I don't HAVE to declare bankruptcy, I won't....because I don't REALLY want to...[/LEFT]




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