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Posted: Mon Feb 12, 2007 10:48 am Subject: AMERILOAN refuses to settle

Today i received an email from ameriloan stating that i needed to refer to my contract (which they won't provide me a copy of) stating that they do not have to abide by KY law (referring to Kentucky Rev. Stat. Ann. § 368.010 et seq. laws: Maximum Finance Rate and Fees: $15 per $100 Finance Charge for 14-day). I have already placed a complain with the KY attorney general and KY office of financial institutions. What should be my next step? I've offered to pay the principle that I owe ($120) which is the balance after I've subtracted all the overcharges in finance fees. They denied my offer. Please help

Posted: Mon Feb 12, 2007 10:50 am Subject:

What was the response from the KY attorney general, if you got one? You need to follow up with them, tell them this company is refusing to follow the laws of the state they are lending into, and refusing to provide you a copy of the "contract".

Posted: Mon Feb 12, 2007 10:52 am Subject:

Hey gobigblue I'm dealing with ameriloan as well. I haven't filed a complaint w/the AG yet, I'll have to do that today.
Sounds like you covered all your bases, I don't know where you'd go from here.

Posted: Mon Feb 12, 2007 11:07 am Subject:

I believe the letter from the AG stated they've acknolwedged my complaint and would be contacting their company to resolve the issue. It took over a month to get the letter from the AG once I filed the complaint. I'll contact them again today and see if they can expedite this.

Posted: Mon Feb 12, 2007 11:44 am Subject: ameriloan

I wouldnt do a darn thing. ameriloan aka Rio aks MTE refuses to follow the law. If they are not licensed to do business in your state and paying state taxes there to do business they dont have a legal leg to stand on. I would tell them this. This i8s one company you cant back down from. Keep up the fight stay in contact with your AG. Best Wishes KYSIDE38

Posted: Mon Feb 12, 2007 11:48 am Subject:

Check Ameriloan if they are licensed in your state. It is wrong for any company to do business in any state without a valid license. Once you have their information and know that they are not licensed in your state, you will be proving a point by paying only the loan principal. You won't have to pay any interests.

Get the receiver code of this loan company and send a money order with your due amount. The receipt will confirm that you owe no more towards the loan.

Posted: Mon Feb 12, 2007 12:06 pm Subject:

Chuckles says to follow the good advice that has already been given. You will also need to file complaints in the state where the lender is located. Also check to see if they are licensed in their state to loan money as well. Chuckles says to keep up the good fight Smile

Posted: Mon Feb 12, 2007 2:57 pm Subject:

thanks. i did find that they are not licensed to do business in KY.

Posted: Mon Feb 12, 2007 5:00 pm Subject:

there's a BIG one in your favor. They aren't licensed, therefore you are not obligated to pay back anything more than what you borrowed, plus the interest rate allowed by your state. That's the moral obligation, from my point of view - and please keep in mind, that's my opinion only, not the law.

Posted: Wed Feb 14, 2007 8:51 pm Subject:

Ameriloan has been a real pain in the behind to deal with--they will not leave me alone after being repeatedly told I am going with Langhorne. Geez!

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