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Posted: Tue Aug 12, 2008 2:56 pm Subject: VERY IMPORTANT QUESTION

I was just reading a post about our laws in Louisiana...It stated that for a lender to be legal, they had to have a physical address in our state to be able to have a license in our state. SO, if my lenders, aren't on that list, they are not legal in my state. Which means, my contracts aren't binding. So here is my question...If I have already paid them back at least what I have borrowed (which I had done on all 6 of them)..do I owe them still??? It also said on the post...to send the companies a letter, stating that they are not legal in my state, and I do not owe them any more money, because I have already paid them above and beyond the principle...Is this what I should do??? Need advice Please...thanks!!!! OH...NONE of the lenders are legal in my state!!!

Posted: Tue Aug 12, 2008 3:00 pm Subject:

If you have paid the companies back the principal amount that was placed into your account and these companies are illegal, then you don't owe them a penny more. Some people have been lucky as far as getting refunds if they have paid more, but I would be happy with a paid in full. I would copy the Attorney General on that letter and let them know you are filing a complaint as well.

Posted: Tue Aug 12, 2008 3:02 pm Subject:

ok...another question...if they arent legal in my state, then how was i able to get a loan with them??? that is what has me puzzled...i have paid all of them WAY more than the principle...thanks

Posted: Tue Aug 12, 2008 3:12 pm Subject:

LA doesn't license out of state lenders, but they are still legal as long as they are following LA laws.

What companies did you borrow from? There are a couple internet companies that would be legal in LA.

Posted: Tue Aug 12, 2008 3:21 pm Subject:

I borrowed from: Magnum Cash Advance, MyCashNow, Paychecktoday, oneclickcash, and ameriloan...I couldnt find any of them on the list of the legal companies...but i didnt see any internet companies on the list now that i think about it...thanks for the help

Posted: Tue Aug 12, 2008 3:23 pm Subject:

oh..and about them following louisiana laws...the max amt for la, is 350, and ive borrowed 1500 from magnum

Posted: Tue Aug 12, 2008 3:28 pm Subject:

Yeah, none of the companies you listed are going to be following any laws . . . .

Posted: Tue Aug 12, 2008 3:46 pm Subject:

thanks goudah...so what should i do???? im not sure which direction to go in...thanks again

Posted: Tue Aug 12, 2008 5:13 pm Subject:

You'll need to inform them your aware they aren't licensed to lend to La residents. I'm afraid you'll need to close your account in order to stop them from debiting your account. Follow the advice on your previous thread, that's what I would do. Smile

Posted: Wed Aug 13, 2008 7:03 am Subject:

I wouldn't say quite that - LA is a wierd state. Internet companies aren't "required" to be licensed like other states. But they are very much so required to follow LA laws.

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