Hello,
I found this website a week ago and have been working on getting things resolved with several internet pdl companies that I took loans with.

The one I am writing about today is VIP Loanship. I obtained a loan with them on January 8th, 2009 in the amount of $300. At this point, I have paid them $630.

I live in Iowa and based on what I have found so far, it is illegal to loan in Iowa via the internet PDL's.

Here is a response that I received from VIP after I sent an email regarding my account not being legal in Iowa.

I respect a consumer who researches the services to which he/she uses. With that being said when you applied for and agreed to the terms of the loan it would have behooved you to read the complete contract you were agreeing to. You are a citizen of the state of Iowa, however the contract was not made in the state of Iowa. The contract was completed via the world wide web, the governing law (clearly outlined in your contract) which you agreed to by your legal e-signature is based in the isle and providence of Nevis West Indies Bahamas. When you spoke with Jessica on 1/5/09 at 4:50 PM CST, she clearly outlined how the loan works and what the finance charges were, yet you still accepted the loan.

With all the information at hand I am still willing to work out arrangements for the balance that is still owed on your account.. You may contact our offices 8am-5pm CST Monday-Friday. Our toll free phone # is 1-866-598-1100. If no contact is made within a reasonable time the account will be sent to a third party collection agency.

If you have any questions do not hesitate to call or email.

If I understood everyone's comments last week, it is illegal to provide internet PDL's in Iowa, so what recommendation do you have? I have learned so much from this group already and truly appreciate everyone's willingness to assist!
Thanks so much!

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that is there typical form letter.they are illegal as all get.what are they gonna do?extradite you to the west indies.puh-lease.send a reply that they are still illegal and if you owe anything you will send it and there is nothing they can do about it.

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Tell them that you are a resident of Iowa and unfortunately cannot renounce the laws and regulations of Iowa. Based on this fact, their governing law cannot superceed local laws. Also, advise them to contact the Iowa AG with any questions regarding thier legality in the state of Iowa.

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That is untrue and they are incorrect with their claims. Please
reply with the following:

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__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

Actually Aristotle, that is basically the letter I used to let them know they were illegal in Iowa. I added information regarding my loan, such as the amount I originally borrowed, the date, and how much I have paid so far.

Thanks everyone for your help. I just wanted to hear that this is what most receive when they contact the PDL's initially.

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That is the template for proposal letters used here on the PDL forum. So you should be fine. Fire off the letter every other day untill they retreat. You owe them nothing, they are way overpaid :x

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__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-