If the settlement demand is within policy limits, the insurer rejects the demand, litigates the case, experiences a judgment in excess of policy limits but refuses to indemnify its own insured for the full judgment, the insurer invites a lawsuit for bad faith refusal to settle.
Hi, I currently have a $500 PDL with Amscott. Every two weeks i go in and pay it off and then take out another one in 24 hrs. The fee is $51 every two weeks. I am in such a hole from this now that I have had to retake the loan every two weeks for MONTHS!! I can't get out I tried going down by $50 everytime but that plus the fee is more then $200 a month I cant do it anymore I am so in the hole.
A charge of $15 to borrow $100 doesnât seem extreme or exploitative to borrowers trying to avoid having a service turned off or catch up on their rent or mortgage. But when fees are annualized, they often amount to triple-digit interest rates or more. Iâve seen payday loan contracts with four-digit interest rates. Payday lenders are required to tell you the finance charge and the annual interest rate (the cost of the credit) on a yearly basis. Defenders argue that these loans provide a service for people who need short-term cash. And they are right. Many people feel they are being rescued. Until things go wrong.