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 Posted: Thu Oct 19, 2006 5:42 pm Subject: Need information on state laws regarding validation letters |
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Us Fast Cash sent me a settlement offer by email and a letter by regular mail about a week ago. they are saying that I owe them $385.00 but will settle with me for $125. According to my bank records, I borrowed $300 from them and I have paid them $421. I don't know if they are licensed in my state (I don't think they are). Today I emailed them a validation letter, also requesting that they mail me a copy of their business license, etc. I got a very rude email from them this evening saying that they do not have to send me any information and that if I didn't pay the settlement offer by tommorrow they would send my account back to collection and that I would be responsible for the full $385. They also said they would report my account to the credit bureaus. Legally if I request the information on my account do they have to send it? I tried to look up some information on Alabama Attorney General's website but it is under construction. I need information on where to find state laws on this. Is there a law that says they have to abide by the laws in my state? I'm going to call them tommorrow but I need information first. They really pissed me off. They also made the comment "don't believe everything you read on the internet"
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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| Posted: Thu Oct 19, 2006 5:53 pm Subject: |
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I know that in OH the pdls are required to post their state license so that the consumer can see it. They are going to tell you that they don't have to follow your pdl laws, stick to your guns. Have you filed your complaints with the AGs office yet, if not, I definately would do this and let them know this fact. Yes, if you are requesting debt validation they have to provide it, as much as they would like to believe they are above the law, they are not. I don't know what stand your state takes but there are many states who will go after these pdls, but you won't know until you file your complaint. I know the AG's office does contact each company listed in the complaint. Also they should be able to tell you if they are licensed in your state, but I'm willing to bet you that they are unlicensed.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5316
Debtcc Points: 71262
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| Posted: Thu Oct 19, 2006 7:12 pm Subject: |
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They were very unprofessional and there was no name on the email. They said they would respond to any formal complaint the same way they responded to me! I am going to file my complaints in a few minutes.
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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| Posted: Thu Oct 19, 2006 7:35 pm Subject: |
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Most definately, I highly doubt they are going to respond to the AG in the same manner. They are just trying to intimidate you into not filing one.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5316
Debtcc Points: 71262
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| Posted: Fri Oct 20, 2006 3:44 pm Subject: |
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Here's some disturbing news, for me any way. I called the Alabama Banking Department today (the place that makes the regulations for payday loans). I ask them if internet payday loans had to be licensed in my state to do business in my state. The answer is a big "NO". They told me that it is not specified anywhere in the laws or regulations that they have to be licensed in my state it is just recommended.
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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