Legal Question in Credit and Debt Law in Massachusetts
I have three payday loans - two for 390.00 and one for 375.00 and i have paid interest at 90.00 twice a month now since late august - i am not able to keep paying this high interest due to the fact that i do not have a full time job. do i still owe them money even though technically, according to ma state law, i have more than paid them back exceeding the cap of 23% interest allowed on a small loan?
Thank you.
1 Answer from Attorneys
If you have proof that you have paid back the principle, plus the maximum interest allowed by law, then you should be in the clear. HOWEVER, be advised that they will likely keep calling to collect, credit reporting the account, and may eventually try to garnish your wages and sue.
So, at every turn you need to be prepared to dispute the debt and prove you paid all that is owed under the law.
A simpler solution might be to review the facts and laws on my website(s), or give me a call. Payday lenders are notorious for violating debt collection laws and if they are doing so in your case it will allow me to bring suit against them, perhaps obtain a cancellation of any debt owed, stop all collection activity, have THEM pay my fees, and maybe even get you some money in damages!
Good Luck!
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