Internet's first get-out-of-debt community - 135,000 members

I've been noticing a lot of people seem to be fighting their loans the same, regardless of if they are legal or illegal.

This could have some bad reprucusions . . . . The loans that are legal could use the court system to collect. Illegal loans could never win a judgement, unless you ignored it.

When you are dealing with a legal internet company, you have a lot more channels to go through if there's a problem then with illegal companies.

If you need to revoke your ACH authorization, just send them a letter. They will not continue to debit your account. If they did, they could lose their license. Legal companies will usually follow the law to the T. They are not like illegal companies who will not stop until forced. You shouldn't ever be contacting the processor unless you have ALREADY revoked authorization with the company, and they are continuing to debit. It should not be the first step, it should only done after you've given the company a chance to do the right thing. Otherwise, the processors will soon stop helping because they are getting complaints about companies that can prove they've never even been contacted about the problem.

This is my thing - I want all companies to follow the laws - Each state's laws. I will not condone punishing companies that do follow the laws. I don't beleive in sabotaging companies that are following every law, when it's obvious they could get away with not doing so. These companies should be looked at differently then the illegal ones.

They need to be dealt with completely differnetly then illegal ones.

Posted: Wed May 21, 2008 7:40 am Subject: reply

exactly,the one legal storefront of mine.ALL CREDIT LENDERS,yes they took a garnishment against me because i couldn't invoke the EPP.my income wasn't enough to do it at the time.all credit tried to work with what i could pay but chose to garnish,i didn't fight it.that is the only one that acted reasonably and legally.

Posted: Wed May 21, 2008 7:43 am Subject:

Another thing - When the lender is licensed, your state's regulatory authority has options to make them comply with the law if they aren't. It's illegal companies they have more trouble with.

With legal companies you have many avenues to go down if the company does something they shouldn't. It's the total oppsoite of the illegal companies.

momw22000 · Posted: Wed May 21, 2008 7:47 am Subject:

This is probably a dumb question but how where do you find out which companies are legal and which are not? Is there a list on each state's website?

Posted: Wed May 21, 2008 7:49 am Subject:

Each state's website should show licenses.

Also, you can ask here and people can help look for them.

Momw22000 · Posted: Wed May 21, 2008 7:58 am Subject:

Are any of these legal? I have not contacted ACH processors, but I have sent form letter to each that I have overpaid. I live in Massachusetts, where would I find them listed?
Cash Direct
Cash First
Arrowhead
Total Lending
Loan Shop
Loan Point
500 Fast Cash
One Click
CTC
ameriloan
Cash Net/NLS
M1Y
My Paycheck

Posted: Wed May 21, 2008 8:03 am Subject:

You can Check Here by state. Smile

Posted: Wed May 21, 2008 8:06 am Subject:

I haven't checked, but by looking at those company names I'd venture the guess that none of them are licensed.

Another thing - You have to be careful when searching for a license. Sometimes it's under another name, like the companies corporate name. And sometimes companies are CSO's, not pdl's, and then they don't need a license, only a registration with the Sec of State.

momw22000 · Posted: Wed May 21, 2008 8:15 am Subject:

What are CSO'S? How do I search the State website for this, it does state that PDL'S are prohibited in MA, but I don't see a list of legal lenders...

I am not sure if it is useful but you might want to check out this site
www.whois.com

Just type each website under the search and it will display the site owner's name and addresses Smile

Posted: Wed May 21, 2008 8:16 am Subject:

Most pdl's are registered in whois as Domains by Proxy . . . . Not much help.

Posted: Wed May 21, 2008 8:18 am Subject:

None of them will the licensed in MA because MA doesn't license these types of companies.

momw22000 · Posted: Wed May 21, 2008 8:25 am Subject:

I just got a response from Cash Direct saying i was in collections, I over paid by 18.00 by paying the extension fee weekly, then they sent a copy of the loan docs which i have. What do I tell them now? I told them Ma laws prevail but that didn't matter.

Posted: Wed May 21, 2008 8:27 am Subject:

goudah....question about ohio laws. Are internet payday loans illegal there or is it that if licensed elsewhere they are legal?

Posted: Wed May 21, 2008 8:43 am Subject:

Internet loans are not illegal - But they would need an Ohio license. There are legally licensed internet companies that operate in Ohio.

momw22000 · Posted: Wed May 21, 2008 8:55 am Subject:

If I paid the principal amount by paying rollover fees for months would that mean I do not owe anymore on these PDL'S? I am very confused by all this it is very overwhelming!

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