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 Posted: Mon Sep 17, 2007 12:45 pm Subject: Cash Tree giving me trouble!
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I have a loan from Cashtree. I took out $300.00 and so far have paid them $225.00 in renewal fees. I sent them "the letter" and they basically said that they are licensed in Utah (which they are) and that they do follow the laws in their state. They say I owe them $300.00. I worked out a payment arrangement with them for $100.00 a month, but the more I think about it, the more I think I shouldn't pay them that much. I should only be liable for $75, right? I just get so confused with these if they are licensed in their state. I live in Florida and rollovers are not permitted. They have allowed my loan to rollover 3 times at a renewal fee of $75.00. I just want to make sure that I am doing everything within the law and that they can't bring any legal action against me. Can someone please help me write a letter to these people?
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Bublefan1
Joined: 10 May 2007
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AnthonyLemons
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Posted: Mon Sep 17, 2007 12:49 pm Subject:
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Okay, so even though they ARE licensed in Utah ( I looked them up), they HAVE to be registered here? I feel bad because I had worked out a payment arrangement with them, but Why should I have to pay an ADDITIONAL $300.00 on top of the $225.00 I have already paid them?
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Bublefan1
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Posted: Mon Sep 17, 2007 12:57 pm Subject:
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They must be licensed and registered to operate in any state that a loan is given. Yes, they must be legal to deal in Florida, if they are not, they are operating illegally, which most internent loan companies are, illegally operating. Play hardball with them, paid in full letter sent to you, or the Attorney General of Florida will hear about their roll overs.
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AnthonyLemons
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Posted: Mon Sep 17, 2007 12:59 pm Subject:
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Yes, in Florida any company lending to FL consumers must be licensed by Florida.
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goudah2424
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Posted: Mon Sep 17, 2007 1:00 pm Subject:
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Anthony - Not all states require the company to be licensed by that state. Some states allow companies licensed by other states to lend legally.
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goudah2424
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Posted: Mon Sep 17, 2007 1:26 pm Subject:
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Okay, that makes sense. In my state, the lender HAS to be licensed here, no matter if they are licensed in their own state or not?
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Bublefan1
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Posted: Mon Sep 17, 2007 1:36 pm Subject:
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Yes.
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goudah2424
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