Arrowhead Investments in Iowa

I took a loan out with Arrowhead Investments over the internet, I have paid back the principal. They sent me to a collection company and are now demanding payments. What are the steps I need to take with the collectors? Is Arrowhead legal in Iowa? Please help

someone should be along soon who knows the laws in iowa, in general arrowhead is not licensed anywhere and if this holds true for your state , since you have already paid the principle you may have an easier time resolving the issue

I need to know how to get it away from the collection agency

Can someone please give me advice!!!!!!!!!!!

since it is likely arrowhead is illegal,this CA is too.what is the name of this CA?

Capital Recovery Associates

Iowa State Information

Legal Status: Legal

Citation:
Iowa Code Ann. § 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
apr for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources

type in capital recovery associates in the search box on the right.you will find out all you need to know about this bottomfeeder CA.

the legal status says legal does that mean I owe the debt? and they are a legal agency, how do I go about transferring it back to Arrowhead since they are illegal and disputing the debt with them

It doesn't necessarily mean they're legal. I don't see that they are licensed in Iowa per the Iowa banking site. According to the law, even if they are legal in Iowa, you can only borrow up to $500 and you can't re-loan or rollover, so if they are rolling over (as I know they surely are) they are operating illegally.

like my state of IL.pdl's are legal too,but must be licensed in the state and follow the usury laws.neither arrowhead or CRA are legal in IA.send DV and C&D letters to CRA.then they will give it back to arrowhead.how much of your loan have you paid?we advocate paying back what you borrowed only on an illegal loan.

I borrowed $300 and paid $450 in fees what is a DV letter? Do I send them certified mail?

DV is a debt validation letter.also send a cease and desist letter
telling them not to call you only communicate via the USPS.yes send the letters certified mail return receipt.

can you send certified mail to a po box
capital recovery gave me the address
1623 Military Road
PO Box 204
Niagara Falls, NY 14304

yes you can,just save the green tag you get when they sign for it.

I am also dealing with an attorney for First Bank of Delaware. Are they legal in Iowa. If so what do I need to do?