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danka2000 · Posted: Wed Nov 28, 2007 12:32 pm Subject: Spoke to Ameriloan Again....

Ameriloan called me yesterday and gave me a final chance to make payment arrangements. I flat out refused and told him that AZ law makes the debt void and therefore I do not owe it. The then goes on to tell me I went on voluntarily to get the cash and even went on to say that since it is over the internet, my contract with them is valid and my state's laws do not apply. I replied, Oh they do apply and they apply to wherever the person is taking out the loan resides. I also countered back is it not whether the consumer is voluntarily taking the cash out, BUT Ameriloan offering their Cash Advance services WITHOUT A LICENSE.... So in AZ, without having a licensing and they approving me for a loan, they committed a crime..A Class 1 Misdemenor in AZ. I told them bring it on because no judge would side with them. I am thinking about starting a website for anyone who has done business in AZ with Ameriloan, 500 Fastcash, and Paycheck Today and grouping all of together and hire an attorney and file a class action lawsuit against Ameriloan for illegal business practices in the State of AZ. Also, vistit ripoff report on the web and type in Ameriloan and there are several compalints on this company.

Posted: Wed Nov 28, 2007 12:34 pm Subject:

Wow, you told them! Good going Smile

Posted: Wed Nov 28, 2007 12:35 pm Subject:

Danka, Have you paid back the principle borrowed?

danka2000 · Posted: Wed Nov 28, 2007 12:38 pm Subject: in response..

No I have not paid the priciple back. By AZ law, if they are not licensed...they can not leagally collect priciple and/or finance charges. And I plan not too since the law is on my side here.

Please see the excerpt from AZ Law:

6-1262. Violation; classification; individual liability
A. A person that provides deferred presentment services without a license is guilty of a class 1 misdemeanor.
B. A licensee that violates this chapter or the rules adopted pursuant to this chapter is subject to revocation of the licensee's license and is guilty of a class 1 misdemeanor.
C. An officer or agent of a corporation or association who participates in a violation of this chapter is subject to the penalties prescribed in this section.
D. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the fees expressly permitted by this chapter, the deferred presentment is voidable and the licensee has no right to collect or receive any fees in connection with the deferred presentment transaction. Any deferred presentment transaction that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void, and the person has no right to collect, receive or retain any principal or other fees in connection with that deferred presentment transaction.

Posted: Wed Nov 28, 2007 2:30 pm Subject:

True, but if you do bring on the lawyers it looks better if you do pay them back at least the principal. That way you don't encourage other people to borrow money and not pay any of it back..... Because if people do that when they know a PDL is illegal and can thus get 'free' money, that is when it really become fraud (and not like everyone else where they tell us we are commiting fraud, when we didn't know what we were getting into).

Posted: Wed Nov 28, 2007 2:32 pm Subject:

Poko. I do agree with you, It is a moral choice, but we do encourage people to pay back the principle. They did give you the money , and you did use it.

Posted: Wed Nov 28, 2007 2:34 pm Subject:

When it comes to paying the fees and interest, that is where we need to stand up and say NO, because it only encourages the companies to continue to operate illegally, if they get money without going through the proper channels...

Posted: Wed Nov 28, 2007 2:41 pm Subject:

I have to agree with Poko and Kash. There is a moral obligation to pay back the principal. Many people have come to this site and accused us of telling people to weasel out of there obligations. We do not do that! We encourage people to pay what they owe but not get screwed in the interim.

danka2000 · Posted: Wed Nov 28, 2007 3:08 pm Subject: I offered them the principle...

I did offer the pricipcle, but they kept demanding the full 400 on a 250 dollar loan. Obviously you don't commit fraud by not paying anything. They are the ones who ARE offering the payday loan services where they are niot licensed. Yes it is moral to payback the priciple and if do bring legal action, I will pay the principle at that point. Also, when companies don't take a settlement I offer, I will not work with them period. If this shows up on my credit reports, I can an dwill dispute it since the debt is void under AZ Law. Bottom line is.....If these companies do not want to lose their funds, don't offer these illegal loans and I am trying to make that point to them. It is that simple because state law allows you to just walk away. I understand the moral thing of paying back what you borrowed, but Ameriloan is ruthless.

Posted: Wed Nov 28, 2007 3:26 pm Subject:

I know we could go on and on about this for days, but I do agree with Kash, Poko and Frog. I know of many illegal PDL's in California but I am not going to go take out a loan and not pay the principal back just because they are operating improperly. I do say NO to the fees though (as Poko mentioned).

A moral choice indeed, but you pocketed, paid bills, etc. with the principal amount.

Good luck

Posted: Wed Nov 28, 2007 3:28 pm Subject:

That works I guess, but you know they aren't going to bring legal action against you because a case you could bring against them would be much worse than they can bring you.

Personally, I decided that if they won't accept my offer, I'm going to send them a money order anyway, with a letter stating that if they cash this they consider my account PIF and that will be that. That way if I hear from them ever again, I'll have proof that they cashed it and my account is good...

Posted: Wed Nov 28, 2007 3:30 pm Subject:

And I didn't mean to upset anyone, I just don't want some new person come on here thinking they can commit fraud... You are not because you didn't know they were illegal, and you are just going with what the law says you can do now that you are under them.