Not paying UNLICENSED PDL companies.....

It seems you'd have to take them to court to recoup the money you've paid.

where did you find this info for mn? I live in mn also and want to know the website you found this information on, thanks!

most if it I found from links on this site. Under the debt consolidation and settlement forum there is a sticky with all the state laws. Also, look up MN statute thats listed. It gives all the information on what licensed lenders can and cannot do, also info on unlicensed lenders.

Can they really do all this. I received this email today. I did have to close one bank account because they were taking out 89.00 every week and sometimes twice a week and when I contacted them they could not send me an original loan document or when it was taken out. I also went through the bank and they were not able to get any information either.

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They are feeding you a line of bullpuckey!They cannot arrest you,or file charges. Most won't file suit because their companies are so close to being illegal themselves.The only thing he said that has a grain of truth is being reported to tele-check.If you are in there,you will find it hard to get another pdl,like we want one right! Your bank can and will report you to chex systems for overdrafts and nsf fees making it difficult to open another checking account.

What a bunch of crap, It is against the law for them to threaten you like that unless they intend to pursue it. You need to read the link on debt collection at FTC.gov do a search for fair debt collection and read the federal law. You should also forward them a copy. This is ridiculous.

Have you paid back your principle, what you borrowed, how much did you borrow, how much have you paid back? If you have they would look like real fools in front of a judge trying to explain why they charge so much. I think the most they would do is continue collection efforts. I do believe their is a fine for threatening like that, you need to report them to your attorney generals office and file a complaint with the ftc.

Fed,
If a collector violates the fdcpa,you can get your money one of two ways,settlement with collector or court. If you prove he broke law,you are entitled to $1K statutory plus costs,plus attorney fees,& any actual damages. Bass is getting sued in Florida,just seen it on my Pacer account.

Cajun - I bet it was just a typo, but telecheck and teletrack are 2 different reports.

Telecheck is one that banks and stores use to report bad checks.

Teletrack is the one you are thinking of that would make it hard to get another pdl. It's a subprime reporting agency. It's mainly used for pdl's, rent a center type places, and other subprime loans. Nothing that you aren't really better off not getting.

I wonder what kind of penalties there are for "internet racketing." I've never heard of such an offense :roll:

How can you be reported for check fraud. That is a crime, and unless you have been charged and convicted, (which you never will be because you have not committed a crime), so I would love to see how they report somebody for a crime they have never even committed. These people and their nasty scare tactics in order to collect money. Basically tell them you are going to file extortion charges against them, because this type of behavior amounts to just that. And there have been collectors prosecuted and convicted for this behavior.

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The last case of a collector to be prosecuted and convicted on extortion charges was a man in Arizona. A victim of his abuse reported him to the prosecutor and an investigation was done. Well, not only was he convicted he got sentenced to a few years in prison, 5 years probation after that, and then had to pay back his victims to the tune of more than $200,000.

Now that is a happy ending. Too bad a lot of people had to suffer before someone did something about it.

This e-mail is full of evidence. It has given the threats in writing, and these are false threats being used in an attempt to take money. That is called extortion. How nice of her to do this for you and sign her name, not to mention the ip address can be traced.

I agree with Steelers, and based on the grammar in the email, it seems like you're not dealing with the sharpest tool in the shed, if you get my drift. Also, it leads me to wonder if this is one of those offshore companies that think they are above US law.
However, getting back to not paying on the PDL because they're not licensed...my take on this is that anyone needs to payback the principal, because we did borrow it after all.
What the PDL company does NOT have a right to do is charge outrageous interest rates and fees and make false threats on top of it, ala Bass and Associates. That is my problem in a nutshell with these companies.