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Guest · Posted: Fri May 23, 2008 6:53 am Subject: ARBITRATION LAWS OF MALTA??? HUH??

I got this from their website today. I mean what are these pple talking about. They state they are not in the US so the payday laws do not apply to them. What is this supposed to mean?? I paid them $148 towards a $200 loan. In the past I overpaid them $800 on a $200 loan. I closed my account and am requesting a PIF! Enough is enough

Reply by 365fastcash:

The Loan Agreement, to which we have adhered to by funding the loan, detailed that your loan was subject to the Arbitration Laws of Malta, a fact by which you confirmed your understanding and acceptance of via the online signature you made. Please note, we are not a US company, have never prescribed to be a US company and have no US presence, as such are not subject to the US laws you detail. Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you consented to make payments via ACH until the loan was satisfied in full. Your loan account is currently in default due to returned payments. We will continue to make all reasonable attempts to make contact and to attempt collection of all funds due and payable to enable the loan agreement to be satisfied, as per the original provisions. Regards, Customer Services

Posted: Fri May 23, 2008 7:08 am Subject: reply

malta?you have overpaid them by a bunch.they can't do a thing to you except call and threaten.that's it. keep us posted,we can help you with this.

Posted: Fri May 23, 2008 7:14 am Subject:

Since when did a US citizen become subject to Malta's laws. That is a big load of bull & I tell them if they are not subject to Us law,you are not subject to theirs either.

Posted: Fri May 23, 2008 8:25 am Subject:

They must be affliated with CashTransferCenters, because one of their contact addresses is Malta.

Posted: Fri May 23, 2008 8:28 am Subject:

why cant I read/see the replies to this post?

Posted: Fri May 23, 2008 9:15 am Subject:

**Updat**Ok, it is me -guest logged in. They r telling me that they are a non us business and they do not fall under us laws..lol. They said that they do not fall under FTC or AG. They said I fall under their Malta laws nad have to pay. They keep stressing they are non us, and that they have no number for me to call them. Unreal!! They said no moneygram, only want my bank info. A Scam to me!! I said you are not getting my bank info again. I offered to pay them settlment they said, no I said o well! I am reporting to BBB, FTC, VA SCC.

The thing is these guys are all verbal internet companies. I cannot locate them on BBB. No phone number or address!

Posted: Fri May 23, 2008 9:59 am Subject:

If they are not located in the US, then they have no business lending into the US. Let me guess - they loaned you between $200 and $500, right? Most of the internet lenders will lend around $250 to $300, and then make you pay outrageous fees and keep you paying forever.

DO NOT, under any circumstances, give them your bank info. Block their access to your bank account, or close it and open another account, and don't give them the info. If they have access to your bank account, they will debit you to death.

The majority of LEGAL payday lenders are required by law to provide you a physical, hard copy of your contract - a verbal contract does not count, regardless of what they say.

They MUST follow the laws of YOUR state to lend into you your state - no exceptions for out of country lenders. They are not operating legally in the US, and they know it. They are trying to exploit the fact that many people do not know their rights when it comes to international lenders. They are counting on you to not know that they can't pursue you legally.

Call their bluff. If they threaten to send their "legal team" after you, go them one better - tell them to have their "legal team" meet you on the courthouse steps, and you'll be there - with your own legal team, including the county prosecuter, state's attorney general, a rep from the BBB and the state police.

Don't let them intimidate you - they don't have a legal leg to stand on and they know it. They are trying to force you to pay by telling you that their laws are the only ones that matter - they are absolutely wrong.

Posted: Fri May 23, 2008 10:33 am Subject:

Thanks. I wrote this in that very same thing in respone. They must think I am a rookie..lol. I did much research om the laws. They even admitted they were a "NON-US" company..lol! Unreal! I closed my account over 2 weeks ago and opend one at a totaly new bank. Sent letters to all my PDL and have filed complaints to five that I have overpaid by hundreds! I believe all of them are no liscenced in my state VA. See my post as guest on 11 payday loans below:

http://www.debtconsolidationcare.com/paydayloan/pdl-overpaid.html

Posted: Mon Jun 02, 2008 4:29 pm Subject:

Hello All,
I sent 365fastcash my response as follows:
May 30,2008 To whom it may concern, Your company continues its attempts to debit my account with ACH transactions. I have sent a revocation letter to your company May 22, 2008. Your current illegal interest rate charges are unacceptable and I plan on reporting this matter to my legal representative.

They replied with this:
The interest charges are completely legal and are in line with our competitors. As already explained, we will continue to require payment, by ACH, until the loan is satisfied as per the loan agreement. We have now been advised that the account on file is closed, you are obligated to provide new checking account details to allow payments to be made. Regards, Customer Services

Are they smoking? I am not sending them any information ever again. They are stubborn and still refuse to send me a mailing address to their company. I am thru with contactimg them on this matter.

Guest · Posted: Mon Jun 02, 2008 4:36 pm Subject:

If you have in hand your letter revoking ach and they continue to attempt ach on your account, now is the time for you to contact the pdl's ach processor. Will your bank's customer service do a conference call to the pdl's processor with you on the line?

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