Bronson & Migliaccio

Tammy...he's just nuts and has nothing better to do! We've booted better crazy people outta here!

Hopefully he will "COWBOY UP" and get a life real soon.

roflmao!

Dcashwell

I have to disagree with you on one point. If you enter a contract you should be responsible for every penny that you owe, whether they are legal in your state or not. You have agreed to a contract, and you must uphold it.

The point I have been trying to make is that people should not agree to contracts if they do not like the terms of the contract.

So what you people are saying is that it is ok to enter a contract and then back out because you didn't pay attention? Right?

And if you do not have the common sense to realize that these are empty threats than maybe you need something more than this forum. Or perhaps maybe you should toughen up a bit, become a little more thick skinned instead of thick headed. Use common sense, what collection company is going to take your kids over an unsecured $300 dollar loan. Come on people use your flippin heads. Where is Darwin when you need him?

"...whether they are legal in your state or not."

I agree with you West Texas, you should be not enter into a contract if you don't like the terms, but are you saying the lending company has the right to charge outrageous "illegal" rates or use "illegal" tactics of going about getting their money?

YES.

If the consumer agrees to it than they do have that right. This is America is it not? Land of the free. No one holds a gun to the customers head and forces them to take the loan.

i'm pretty sure nowhere in any contract did it authorize said lending company to do anything illegally.

and if they can break the law, whats wrong with anyone trying to get out of their debts...it IS America and its many loop-hole, corporate laws. If its OK for the lending company to something 'illegally', why is it wrong for the borrower to try something 'legally' to get out of paying?

If a lending company follows the contract to the letter than is not illegal. If both parties agree to the contract and both parties uphold the contract than nothing illegal has been committed. I invite anyone on this forum to find me a SPECIFIC state law that directly targets INTERNET LENDERS. Every AG's office I have spoken with, and every state law I have read pertaining to payday loans specifically mentions deferred deposit lending or orginating transactions from that state.

The truth is that no state cannot regulate a transaction that is done in cyberspace.

They may not be able to regulate internet loans, YET! But getting close.
Look on cashnet500's website , they don't loan to certain states, why? Because IT'S ILLEGAL! They are all getting sued up the wazooo.
Deferred Deposit, Money transmitters, all the same! They MUST have a license to do business in the state they are transmitting money to! No if's ands or buts!
Had these poor people known this, they never would have SIGNED the contracts!
The contracts are null and void.
Pdl's are exactly what the media says they are, "Predatory Lenders"!
New York State is suing the heck out of these pdl's one by one, and by god with our help,we will get every last one of them!

West Texas, It's not that people here do not pay attention, though sometimes it's obviuos that they don't. What is the point is really simple. These people were acting in good faith that the company they were dealing with was not only legit but acting in good faith for them as well; we have seen countless cases of unlicsened preditory lending which is illegal where ever you are. Personal jurisdiction means that the jurisdictioal laws of the location that the contract was signed are the laws which have to be followed.

BTW you should read Chapter 53 Article 15 of the NC General Statutes.

Also, what exactly do you think a payday loan is. In my state it is defined as "deferred deposit lending".

dc-

First the definition of Deferred Deposit Lending is "the act in which a loan company accepts a signed and post dated check" ACH loans are not deferred deposit loans.

What jurisdiction was the contract signed in? What state?

Erzeke-

Deferred deposit and what ever a money transmitter is are not the same. Internet loan companies access the NACHA ACH program to send these loans. And you are badly mistaken about having to be licensed in the state you are ACHing money into. If that were the case every bank that transferred money across state lines would have to be licensed in the state they are sending money to.

In my case the contracts were signed in NC.

http://www.nccob.com/NR/rdonlyres/49...nceAmerica.pdf