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I have read a lot of the posts and it has all been very helpful. I just wanted to make sure I understood everything right. If I live in Connecticut and Payday loans are illegal in this state, that means that even though I have paid over $600 on a $250 dollar loan, I don't actually have to pay them anything? Will not paying have any affect on my credit score? One other question. Is there any legal action an illegal lender can take against me if I don't pay what they claim I still owe or if I hypothetically took out a new loan and then changed my bank account.
Legal action an illegal lender can take against me.
Welcome to the forums!!!
Since your lenders are illegal, so you owe them nothing more than the principal balance. No interest, no fees. Simply ask them for the refund as you have overpaid them. Don’t worry, illegal lender can’t take any legal action against you. Close down your old bank account and open a new one to stop debiting money from your account.