Does anyone have any information on where to go regarding cash advance companies and the laws that govern them? I've got a collection acct on my credit file from 1996 and the amounts in dispute are late charges which I refuse to pay. (Believe me, it was the hardest of times and I didn't want to, but ...) Anyway, the late charges have since skyrocketed. The account has now been turned over to a collection agency, of which I sent a validation letter. One question on that letter that I don't quite understand: It asks if the company is licensed in my state. If they are not, what does that mean?
Call the Consumer Credit Advocate in your state. They should be able to tell you if they are licensed and bonded in your state.
hey i also had a question concernig these payday loan companies. Is it considered a crime if for some reason you cant pay the loan off in 2 weeks and they cash your post dated check. I had a friend that was actually almost arrested for this thanks
Yes. You wrote a check on an account that you knew didn't have the funds. Therefore it is a crime. Do yourself a favor from now on....stay the hell away from those places!!! I can't think of any reason anyone would need to use one of those joints.
