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URGENT! - Need help in Las Vegas

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Hi all. I'm at my wits end over a payday loan that I took out several months ago. My initial loan amount was $400 with an apr of 456%. I made several payments, paying the principal and then some, then fell behind. That's when the late fees started to accumulate. They were calling me everyday, at home and at work and threatening to sue me and garnish my wages. So, I caved and signed a new contract (something called an AMO loan) at a reduced interest rate of 34.90%. The new loan amount financed was around $2400 (strictly accumulated interest and late fees from the original loan) with a 5 day grace period and $41 a day late fees.

The balance has since increased exponentially. I attempted to get established with a debt management company, and they refused to work with them. I recently called them to make a settlement offer and they would not budge. They say they are going to sue and that's the end of.

A few days ago, I received a letter on attorney's letterhead saying that they had been retained to seek legal action against me and that I have 30 days to dispute. I definitely am going to dispute and demand that they show me how they calculated the crazy amount that they say I owe.

My questions are...

Do I actually have 30 days from the date of the letter to dispute?

Is there anything that legally requires them to give me a breakdown of how they calculated my debt?

Is the only way for me to halt the collections process to file a BK?

Do I have any viable options?

I already filed a BK7 2 years ago, so, I can do a BK13, but I so don't want to do that. I just don't want them to sue and garnish my wages for double what they are saying I currently owe.

I don't know what to do. I'm at the point right now of just wanting to quit my job (a job I love) and leave the state. Any help would be greatly appreciated.

Is this a payday loan company? Did you acquire this loan over the Internet? Let me make sure I got this right, you borrowed $400. and ended up owing $2400. :shock: Something is wrong with this picture. :? I am posting your pdl laws, but from the looks of them, they sure don't have much in them to protect the consumer. :shock:

Nevada State Information

Legal Status: Legal

Nev. Rev. Stat. 604A.010 et seq.

Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)

Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
Regulator Website

Sub: #1 posted on Sun, 07/27/2008 - 11:53

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

I guess technically, it's an installment loan. Yeah, Nevada is one of those states that has very few consumer protection laws.

Sub: #2 posted on Sun, 07/27/2008 - 12:54


An installment loan, well that explains the outrageous interest, which is totally ridiculous. :x

Sub: #3 posted on Sun, 07/27/2008 - 19:14

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

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