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i have taking out several payday loan & can not afford them…

Customer Question
i have taking out several...
i have taking out several payday loan & can not afford them & i live in new jersey .
i contacted a restructuring company & they said i dont have to pay it back becasue they are illegal in new jersey .
is this true ?
Submitted: 8 years ago.Category: Legal
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Answered in 17 minutes by:
6/29/2010
Lawyer: LawTalk, Attorney replied 8 years ago
LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37,876
Experience: I am a practicing attorney with more than 3 decades of experience in the legal field.
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Good evening,

That is correct. Payday loans are prohibited in the State of New Jersey. Under the law, the maximum interest allowed is 30% per annum.

I wish you well.

Please don’t forget that I only receive credit for having helped you when you click on the Accept Button located at my Answer.

Best regards,

Doug

LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37,876
Experience: I am a practicing attorney with more than 3 decades of experience in the legal field.
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Customer reply replied 8 years ago
i was refered be a restructing co to use Consumer Legal Services America to take care of the payday matter . they are charging $ 800. have you ever heard of them or am i being scammed again ? what do you recomment i do ?
Lawyer: LawTalk, Attorney replied 8 years ago
I have never heard of them. And, I can not make a recommendation under the circumstances, I'm afraid.

Doug
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Customer reply replied 8 years ago

being that it is illegal does that mean they can t laon me money because i live in nj?

Lawyer: LawTalk, Attorney replied 8 years ago
If you have been made a loan in violation of the law, you will want to report that violation to the State Attorney General's Office.
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