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 Posted: Tue Oct 02, 2007 2:03 pm Subject: Ameriloan - Unlicensed/Illegal????
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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If they are unlicensed/illegal (read this in other posts) can they be on my credit report????
I have a collection agancy collecting for ameriloan.... Do they have a legal right to do that?
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 2:08 pm Subject:
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I think that the collection agency can legally report you to the credit bureau. Someone correct me if I am wrong................
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Sassnlucy
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Joined: 12 Mar 2007
Posts: 2620
Debtcc Points: 28250
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Posted: Tue Oct 02, 2007 2:14 pm Subject:
Latest Blog Post : http://Lukesykwalker.yesdebtfree.org |
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The collection bureaus now days or swamped, im not sure if they even check anymore to see if it is right or not or where the infomation is commming from. They just assigned it a code number and enter it on your report. I have been trying to get them straight with Wells Fargo Auto Finance for 10 months and they still cant get it right. I would pull all three reports and go from there.
luke
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Lukeskywalker
Joined: 19 May 2007
Posts: 1908
Debtcc Points: 16266
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Posted: Tue Oct 02, 2007 2:26 pm Subject: Do you guys have a letter or something?
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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IS there a letter to send to these illegal operations?
What about these guys? Any others illegal/unlicensed?
BIG (formerly Route 66)
Loan Shop
Cash in a Wink
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 2:30 pm Subject:
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Hi Cheyenne...just logged onto the other thread and saw you listed all of your loan amounts for these pdl's over there. I am going to post some info for you over there.
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volleyballmom
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Joined: 27 Aug 2007
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Posted: Fri Nov 02, 2007 9:14 am Subject: ameriloan
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I stopped paying them two years ago. they are still calling me to pay them, and have offered a settlement of $190 which is suppose to be 70%. I only borrowed $100 and they were paid most of there money except $65.00. my credit report does not reflect any activity from them. Nor do I plan to pay them anymore money.
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foxylady7042003
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Posted: Sat Nov 03, 2007 7:53 am Subject: reply
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A collection agency may report you to the credit bureaus. However, if it is an illegal debt (which ameriloan is unlicensed/illegal), you can dispute the hell out of it. Also, they should not report to the credit bureaus without validating this debt. Which they probably will not validate since it's an illegal debt. Do not be surprised to see anything on your credit report. Demand debt validation from the collection agency. Dispute ANYTHING since this is an unlicensed/illegal company. If something does show up on your credit report, dispute it immediately.
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cannr
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Joined: 07 Jun 2007
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Posted: Sat Nov 03, 2007 8:46 am Subject:
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How does one find out of the pdl companies are illegal? I have a loan with ameriloan plus 4 others. I am thinking and probably will close my checking account and open one somewhere else. I cannot even eat. How did i get in this mess.
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tlmjcj
Joined: 03 Nov 2007
Posts: 84
Debtcc Points: 2010
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Posted: Sun Nov 04, 2007 7:50 am Subject: reply
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t, I got your message. Please post for me what state you reside in. I need your state. Also, list for me who you have pdls with. Put their name (I know one is Little Loan Shoppe and one is ameriloan?). Put how much you borrowed (principle amount only). And then how much you have paid them so far total on each one. Please post this information and I can help you out. 
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cannr
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Posted: Sun Nov 04, 2007 11:54 am Subject:
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First i live in Iowa
Second here are the loans that i have out. They are all online loans.
ameriloan, $200.00, have paid $120.00
Little loan, $200.00, haven't paid anything yet
Loan Shop, $200.00, paid nothing yet.
MTE Finanace, 300.00, have paid well over $400.00
EME Marketing, $200.00, paid over $300.00 so far.
I am thinking of closing my checking account because i can't pay the rest of my bills due to these. Any advice. Thanks
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Posted: Sun Nov 04, 2007 11:56 am Subject:
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That last post was from me cannr. sorry about that.
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tlmjcj
Joined: 03 Nov 2007
Posts: 84
Debtcc Points: 2010
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Posted: Sun Nov 04, 2007 11:59 am Subject:
Latest Blog Post : Decision |
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Here are the laws for your state::
| Quote: | Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
apr for 14-day $100 loan: 433%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified |
Also please read:
http://www.debtconsolidationcare.com/paydayloan/close-account.html
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Morningstarr430
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Posted: Sun Nov 04, 2007 12:04 pm Subject:
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Well i can tell you from recent experience that MTE is ILLEGAL ILLEGAL...I just dealt with a dba of theirs. Send them a letter of validation. I recieved a really good one from Cannr. I also included a statement with my state laws and that I had reported this activity to my state AG as well as to the BBB and state banking/ regulators.
They can threaten all they want, and trust me they will. Just stick to your guns, keep all corespondence USPS and or Email. Let them know you are serious and done with them.
Trust me I spent many nights crying, even had to aruge with a so called attorney who didnt know this company was illegal!!! It truly does get better..takes time but it gets better:)
Chin up
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i2bcsi
Joined: 25 Oct 2007
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Posted: Sun Nov 04, 2007 12:06 pm Subject:
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How do they do this if they are illegal. I am just sick about this. What is a letter of validation. I am going to do whatever it takes to get this taken care of. I refuse to live like this anymore. So far three of the companies that i have loans with are illegal. How does this happen. Makes me sick. I hope it gets better, it can't get worse can it. Thanks so much
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tlmjcj
Joined: 03 Nov 2007
Posts: 84
Debtcc Points: 2010
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Posted: Sun Nov 04, 2007 12:14 pm Subject:
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A letter of validation asks them to provide many things to show that this is actually a debt by you and that it is a legal debt. It also asks them to show that they are a legal company with the rights to do business, collect monies etc.
An illegal company such as MTE or any of its DBA's can not show that they are legal in the usa, hence having no rights to give or collect loans.
Also it asks that they provide proof of your loan,payment history etc. Do not be fooled it is not asking for verifictaion of address or anything else, it is asking for them to validate the legality of this debt and their right to legally collect that debt.
What happened with me was that after the initial confrontation it was sold to yet another company who in turn turned it over for collection. No matter it was still an illegal loan hence making any attempt to collect it at that point mute!
I think Cannr, or finsfans or volleyball mom could explain that much better than myself, but that is the jist of what it is.
I know it is a complete nightmare and you feel like it will never end, but trust me if you can stand your ground, and hang tough for awhile you will soon be sleeping soundly again and believe it or not even smiling again 
Just listen to the good folks here they know their stuff, they saved me
CHIN UP
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i2bcsi
Joined: 25 Oct 2007
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Posted: Sun Nov 04, 2007 12:17 pm Subject:
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So do i write them and ask for this valadation letter or wait until they call. I cannot believe that this is allowed to happen. Oh don't kid yourself i will stand my ground. My life (as you well know) has been hell since these things and i will not crumble. I will fight till the end. Thanks again for your help. Hopefully cnnr will reply to my email and get me that letter of validation.
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