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I requested a copy of my consumer report which list all of the loans that are in collections. However the amount on the report is different from the amount the collectors claim I owe. I live in Maryland where payday loans are prohibited,wouldn't I only be responsible for paying the amount on my consumer report? Some of these companies have gotten way more than I borrowed through finance fee's.Can someone please answer this ?
Payday lending is prohibited in Maryland. All lenders in your state are illegal. You owe them nothing more than the principal balance. No interest, no fees. Simply close down your old bank account and open a new one to stop debiting money from your account. Ask them for the refund, if you have already overpaid them.
Don't pay anything more than the principal amount as the lenders are illegal. Next time, don't make this mistake of taking out payday loans unless they're extremely necessary.