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Posted: Fri Jul 27, 2007 7:24 am Subject: is it legal

Is it true that if a pdl is operating illegally in your state that the reality is that you do not have to pay them anything?
Dont they know this?
Why do they insist on taking well over the loan amount if in fact they could easily have gotten nothing
I live in NY and these places are not legal here. They should not have loaned in the first place. Am I correct

Posted: Fri Jul 27, 2007 7:40 am Subject:

Well I dont' know all the details of pdl's but many here are and someone will be around soon to help u but my opinion is yes u should pay the principle amount on these loans. After all, u did get the $$. But like i said, someone will be around shortly with more help for u.
Good Luck,
Ang

Posted: Fri Jul 27, 2007 7:41 am Subject: Anthony

Anthony - where are you when we need you??? :d

Posted: Fri Jul 27, 2007 7:43 am Subject:

cannr - that's exactly what i was thinking!

Posted: Fri Jul 27, 2007 7:45 am Subject:

I would talk to your state officials. In some states they will say that since they are illegal then you do not owe them anything. It really depends on the state laws and how they are written. Some laws specifically state that if the company isn't following the laws they are not entiteled to collected. Since pdl's are illegal in NY, I would venture a guess that your state's DFI would probably tell you that legally you owe nothing, and that is just the risk these companies take when they break the law.

Morally, though, I think it's best to pay back the prinicple that you borrowed. But that has nothing to do with if it's legal or not.

Posted: Fri Jul 27, 2007 7:45 am Subject:

Thanks guys
I have paid what was owed, and then some. I was just wondering about the legality of it all

Posted: Fri Jul 27, 2007 7:51 am Subject:

The best people to talk to about that is your state's attorney general's office and DFI -

Guest · Posted: Fri Jul 27, 2007 7:56 am Subject:

You have a moral obligation to return what was borrowed whether legal or not which you already have. Most of these companies do not agree that they are illegal because they assume the internet is not governed by any laws except the state where they are based. You should not have to pay them more than the principal if the state forbids lending of this type.

Posted: Fri Jul 27, 2007 11:01 am Subject: agree/disagree

I don't want to agree/disagree with anybody. But guest's post got me thinking. Guest stated that the internet companies do not believe they are illegal because they are under the assumption that they are governed by the state in which they are located. My question, what about the internet companies that are not licensed at all? In our state, in their state, in the United States? Do they believe they are not operating illegally?

Posted: Fri Jul 27, 2007 12:12 pm Subject:

I can't believe that they would be that stupid - Greedy, yes! Stupid, no . . . . . They must know that they are breaking the law. My guess would be that the rewards are greater then the risk. I mean, chances are pretty good that they will get away with it, and make a whole lot of money in the process. So they get caught and sued by one state. They have to make some refunds. There are still 49 other states to collect from. I think they just believe they can get away with it.

Posted: Fri Jul 27, 2007 12:27 pm Subject: goudah

Thank you, goudah! I was sitting here reading guest's post and it started getting to me! Because don't tell me that these pdl's assume they are legal. I'm not trying to start an arguement with anyone here, but in my mind I'm thinking "Oh come on! These pdl's know they're operating illegally!" Especially the ones who are not licensed - period. I just had to get some extra re-enforcement for my "gut feeling"! Thanks! Very Happy

Posted: Fri Jul 27, 2007 6:54 pm Subject:

That is so right Cannr! These pdl get away with it time after time. Look how many of us here have gotten loans from these pdls..and we are just the tip of the iceberg. So maybe 20% of us fight back after we garner the knowledge?? What about the other 80%, or even 50% of the people who take these loans and don't know what they are getting into...can you even imagine the amount of money we are talking about!!! That's why they do it...legal or not...they are making a fortune off the misfortune of others.

Posted: Fri Jul 27, 2007 7:22 pm Subject:

Yeah guys, before I found this site I had no idea what I was getting myself into. I borrowed from Interim Cash and paid them a ton of money on a $200 loan, and there was another place that I borrowed $200 from twice and paid them back a pile of money also. I shudder to think how much I actually paid these jerks because I did not know better and didn't know that I had rights.

Posted: Sat Jul 28, 2007 6:37 am Subject: names

There are so many forum members alone who have paid thousands on $200 and $300 loans. Let alone ALL those people out there that haven't yet discovered this site and are still paying these people. Uninformed people (like I was) will continue to pay the fees for YEARS because they don't know they can stop or are afraid. It makes me so sad. It's bad enough when we "catch" it and put an end to it after shelling out all kinds of money. But to never know and continue for years rolling over these illegal loans......it really does break my heart. I can only hope people get desperate (like we did) and do a search for help and find this site.

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