How to fight payday lenders NH

here is your payday law for NH, just for reference (it sounds like you've investigated it already):

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Ok, let's tackle your loans!

-NH has a pretty consumer-unfriendly payday law. It allows for unlimited finance charge/interest rates, offers no cooling-off period between loans, and doesn't provide for repayment plans. That's a pretty bad deal for consumers!

-There may be a glimmer of hope here, though - NH law states "no rollovers" - unless you have renewed the loan for MORE money and paid off the proceeds of the previous loan with it. Did this happen with any of your loans? If they are not licensed, and didn't follow the law, then you have already paid in full, and in fact, overpaid on any that you have repaid the principal on.

-You will need to find out if these companies are licensed to do business in your state. That is going to be the one thing that is in your corner when you fight them. If they are not licensed to lend into your state, and you have already repaid the principal, I would request to be marked paid in full. Given the dollar amounts you've stated you've paid on some of them, you have far overpaid them, even if you consider that the state would allow 6% interest if the loan went into default - you've already surpassed that amount on some of them.

-Are these all internet loans or are some of them storefront? From the sound of your post, I assumed they were internet lenders, because you said you couldn't contact them.

-As far as worrying about what they can do about you closing your account - don't worry. NH prohibits criminal action on defaulted payday loans. All they can do is call and bug you, which some of them will. Stay strong, and if you have already overpaid them, just keep repeating that to them over and over...they will eventually give up.

-Send letters to the ones you have overpaid and request to be marked paid in full, and request a refund of the overpayment. Include a statement that revokes their ACH authorization (even though you've closed your account - it's good to have that revocation in writing) and revoking any voluntary wage assignment clause they have in their contract. Give a copy of the letters to your employer's payroll department - if the lenders try to hit you with wage assignment, it will be important that your payroll dept. has the revocation in hand. Send the letters via Certified Mail/Return Receipt Requested so you have proof that they received them. File complaints on the unlicensed lenderes with the New Hampshire Banking Department as listed in the law above.

Hope this helps! Let us know if you need additional help! :D

Hello, yes, I've been searching this website, this is where I got most of my information. To answer your questions: Yes, these are all from the internet. Every single one of them did rollover loans. Never paid in full, they just automatically rolled over. I knew they couldn't prosecute me criminally (thanks to this website :) So, at this point, I need to locate mailing addresses and send letters (certified/return receipt - of course). File complaint if they are not licensed in NH. I still need to see if they are licensed. I have to admit, this website is awesome!! Thank you all for your information, I thought I was going to lose everything!! I've definetly learned my lesson. Any thing else I need to do??

Marion -

If you've closed your bank account and are sending letters to the ones you've already paid the principal on, you're all set.

The only other thing you need to decide is whether you want to finish paying off the principal on the two that you haven't paid the principal in full on yet. It's truly a personal choice. Myself, from a moral standpoint, I paid the principal amount I borrowed, plus my state's allowed interest. But it's entirely up to you - some feel if the lenders are illegal in your state (ie: unlicensed), that you are not obligated to pay them back at all, and others feel that the "right" thing to do, morally, is to pay back what you borrowed - at least the principal, since it was given to you in good faith, you accepted it, and you used the money. But again, it's up to you.

Actually, I do want to pay off the other ones. I just needed to stop the constant withdrawals for all different amounts. One company was also taking out funds on days I didn't get paid. Thank god I had enough money to cover these transacations or I would have ended up with alot of NSF. Thanks for the follow up!

I have two PDL both done around the same time. I'm new to this scene. The funds were not put into my account so applyed forn the 2nd one. I saw no repayment terms except for $90. Well I have paid a total of $724 on $700. No I called them for a pay off. One said I owe $500 and the other said $390. IF I don't pay in full then they will take the funds from my account as long as my loan renews every two weeks! HELP!

I forgot I live in New Jersey

Judy, Payday loand are illegal in NJ. You will need to close you account to stop them from debiting.

There is a sticky at the top of the forum about dealing with illegal lenders.

I live in Texas,I have four outstanding loans. I have paid these people way and beyond their interest. I borrowed 500 dollars and have paid one thousand in interest. They are saying I still owe them the 500. I closed my account. What can i do now?

What are the names of the companies?

my wife did the same thing a when i found out after the fact i made here close her account do you know if michigan has the same laws or were i can find info please help. thanks

i am having same problem as person above i hace already closed my checking account and i am being harassed by payday loan companies one in oeteculair just faxed me a letter stating i have to pay 1225.00 dollars in court and collection fees for a 260.00 dollar loan can they do this i live in washington state please help

I any currently being harassed by PDL company. I had to borrow 420 to fix my vehicle because with my disability I have to be able to get to my Dr.s which are quite a drive away form me. I have done three rollovers and have not been able to payoff the original loan, though I have tried. for a loan of 420 I am paying a rollover of 172.00 a month. I stopped my direct deposits to my checking acct and closed it.

The company is called EZ Money. I tried asking them about taking payments but they wont. and I cant afford the 420 plus 172 anytime soon. Not sure what to do at this point.

Oh I live in Idaho btw.

I have had to pull 8 payday loans this year. I have just closed my checking account so that no more money could be debited. I have contacted a consolidation company to see what the options are (Langhorne). I am worried about the "wage assignments" that could be coming to my employer. I need to get advise on how these companies work and if they are worth the money. I live in Az and all of the loans are online.

Quote: