I just joined this site recently, (although I don't know why I am usually posted as a guest!)and I'm so glad I did. I have found so much information on here.
I have four internet loans, and I live in NC, so I know it's illegal, and shame on me for getting them in the first place.
Well, I did sign up with Langhorne
debt solutions, but the more I think about it, the more I think I can do this on my own. I found a letter from this site from some time ago. What if I send this to my creditors? Below is the letter, and read my follow up after it because I would love to have some feedback on my strategy.
"It has come to my attention that you are operating in violation of NOrth Carolina law, which explicitly forbids payday (deferred deposit) lending. This law applies to any payday loans made to NOrth Carolina Residents regardless of the state of origin or contractual jurisdiction agreements.
Irrespective of our contract, you appear to be conducting business in violation of this governing law. This violation renders our contract illegal in the State of North Carolina, rendering ay terms agreed to therein null and void.
In order to settle my account and avoid any liability I may have by being party to an illegal transaction, I am willing to settle my account with a
>final, single payment of_$_______________. I will upon your written acceptance of the above
terms, provide you with this payment using certified funds (money order or cashier's check.
On advice of counsel however, I am hereby immediately revoking my previous authorization for ACH/Electronic withdrawal and any actual or claimed voluntary wage assignment due to the fact that the loan was made in violation of North Carolina State Law.
As stated above I will be forwarding a letter to you stating the same via facsimile and US mail. A copy of this email is also being forwarded to my
Legal counsel. I have not, at this time forwarded documentation to North Carolina State Regulatory officials.
I will expect your reply within 48 hours or I will be forced to escalate my efforts to resolve this issue. "
_________________
Now, on two of the $300 loans, I've already paid $180. What if I send this letter to them stating what I will pay them? What do you think? Do you think I can do this without Langhorne? They don't have my fees yet, nor do they have the power of attorney form from me. I think I can do this, but I'm not overly confident yet.
One loan is new, ($350) and the other is fairly new, but they just got their first payment yesterday. I think it was $400 too.
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