Internet's first get-out-of-debt community - 136,000 members

I just simply clicked on to ask a question of them and they contacted me already about it this is the response that I got: So if anyone can help me make something out of this crap
Ms. XXXX Embarassed

,

I am writing in reference to your correspondence received on 6/21/2006.

Please be advised that GECC, Inc., dba Cash Direct Express is as follows:

1. Cash Direct Express is a lender licensed under the laws of Delaware

2. Cash Direct Express is not conducting business in the State of Texas

3. Cash Direct Express does not maintain a location in the State of Texas

As was specifically stated in your loan agreement, the loan was provided in accordance with the Laws that govern licensed lenders in the State of Delaware. The choice of venue was stated in your loan agreement as the State of Delaware. Our physical location is in the State of Delaware. The loan was approved and funded in the State of Delaware.

If you should have any other additional questions please email us at customerservice @cashdirectexpress.com or contact us at 1 (866) 432-2562 Mon-Fri from 8:30am to 5:00pm ET.

Thank you,

Customer Relations
Cash Direct Express

Posted: Wed Jun 21, 2006 2:18 pm Subject:

The loan was funded under the laws of the state in which you live. Obviously they are conducting business in Texas where they gave you a loan.

Posted: Wed Jun 21, 2006 2:20 pm Subject:

Yes I live in Tx and I did this over the internet I can sure see how these people will tell you anything Yes I did go back and look at that documentation However I thought my laws protected me here

Posted: Wed Jun 21, 2006 2:24 pm Subject:

Posted: Wed Jun 21, 2006 2:26 pm Subject:

The company is located in Delaware. But they funded a loan in Texas, so they have to go by the laws of Texas. Their claim of not conducting business in Texas is false, because they have funded a loan to a resident of the state of Texas.

Posted: Wed Jun 21, 2006 2:27 pm Subject:

No on the forms let me check I know I put my address as Tx with the application

Posted: Wed Jun 21, 2006 2:29 pm Subject:

Tammy, that's the point. If txtreasure has put TX instead of DE in the papers, she has the stand. But if she wrote DE, the company does not seem to be wrong.

Guest · Posted: Wed Jun 21, 2006 2:33 pm Subject:

That is funny in the original application that is done online I put my address as home as I would anywhere else along with my employer information etc.
and when i pull up the promisary note and loan documents it just has my name and SS and my banking information nothing at all refrerenceing address
And this is the same with the other PDL that I have they are out of ENGLAND Gosh am I stupid

What leg do I have I didnt put DE

Guest · Posted: Wed Jun 21, 2006 2:37 pm Subject:

Ok I went back on to make sure of what they asked for and imagine that when I clicked on get cash Guess what they record your IP address so all the information was still in the boxes that I had filled out before and Yes it SAYS that I live in Texas what the heck, And they confirmed with me that they are not licensed to do buisness here Advice

Guest · Posted: Wed Jun 21, 2006 2:41 pm Subject:

We all know this is bull. They abid by the laws of the state they loan in. You might have signed and agreed to their contract but you found out different. There are laws in place to protect you from this type of triple digit loaning. My state's usury law has been in place since early 1900's. Right on my attorney general's website, there is an article about it being the oldest law in place and so far it has kept payday loans out of my state. Well thats not so true but just proof of why the laws are there to protect you

Posted: Wed Jun 21, 2006 2:42 pm Subject:

Now, you don't need to worry. You have entered everything correctly in the paper and didn't try to mislead them. There is a proof of your actions. But since, you have a loan with them, you need to pay it within the permissible laws of your state. They can't charge more than that.

Posted: Wed Jun 21, 2006 3:47 pm Subject:

You need to check Tx law on that point. In Va., they're required to be licensed in Va. if they make a loan to someone in Va., regardless of how they do it or where they're located. If Tx. law doesn't give you similar protection, you're probably going to be bound by your contract.

Posted: Wed Jun 21, 2006 3:57 pm Subject:

It DOES NOT MATTER where the PDL approves and funds the loan. The transaction took place in YOUR state. The law states this. They will try to mislead you into thinking you have to follow their laws, but this is NOT the case.

They have to follow YOUR state laws. Simple as that.

MsCallieCat · Posted: Wed Jun 21, 2006 5:36 pm Subject:

As stated by VLD, check the laws of Texas regarding payday lenders. In my state, a company must be licensed in order to loan money, period. If they are not, they are conducting an illegal transaction and the state laws of the consumer must be followed. It has been confirmed by my consumer protection office as well as the division of financial institutions in my state. I have also received correspondence from the AG's office in Delaware stating the loan takes place in the state of the consumer. Internet lenders do not believe they need to be licensed in various states but this incorrect in many cases.

Posted: Wed Jun 21, 2006 7:13 pm Subject:

Actually, they know perfectly well they are required to be licensed in the state in which the transaction really occurs. They just say they don't have to and sound important saying it, because they hope most people will believe it and give up and roll over. The technical legal term for this technique is, "dust in the eyes". Are they lying? Sure, and they know it. And they're making so much money off the suckers, they don't really care if a few people wise up and stop paying through the nose.

Posted: Wed Jun 21, 2006 7:18 pm Subject:

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 136,000 members

Just got a response to Question to one of my PDL interesting

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post