PAYDAY LOAN COMPANIES vs. IRS & DC TAX & REVENUE

[Psycho]

PAYDAY LOAN COMPANIES vs. IRS & DC TAX & REVENUE

 

 

When DC Councilwoman Mary M. Cheh pushed to shut down PayDay loan companies by limiting what they can charge, she forgot to tell everyone the following facts:

 

1. If you owe money to the Internal Revenue Service, the interest and penalties you will pay them, to pay off that debt over a 90-180 day period of time at minimum, is 30% more than if you owed the same amount to a PayDay loan company.

 

2. If you owe money to DC Tax & Revenue, the interest and penalties you will pay them to pay off that debt over a 90-180 day period of time at minimum, is 27% more than if you owed the same amount to a PayDay loan company.

 

Yes, Mary M. Cheh is a con-artist, she lied to the people about the facts, she failed to report that if you owe the US or DC governments money that you will have to pay back more than you would a PayDay loan business for the same amount owed and paid back over the same period of time. Also Mary Cheh failed to tell people that if you have bad credit or no credit, not even the credit unions she says offers pay day loans will make a pay day loan to people who normally use PayDay loan companies.

 

A recent case we looked at: Mr. & Mrs. Smith owed DC Tax & Revenue $1,300.00 for the 2006 tax year. Mr. & Mrs. Smith made a payment plan to pay it all off within 120 days. Mr. & Mrs. Smith after paying off this debt had to pay DC Tax & Revenue $2,000.00 on $1,300.00 owed for a debt paid over a period of four (4) months and we have a copy on file of this matter. This is more than Mr. & Mrs. Smith would have paid to a local PayDay loan company.

 

Mary Cheh played upon the ignorance of 95% of the District's population that has no knowledge that the government(s) will screw you if you owe them more than any PayDay loan company will.

 

Mary Cheh's motivation was to weaken the poor more than they already are in meeting debt obligations and only a dunce would support what she did.