LoanShop/LTS Management-How to proceed
Date: Wed, 02/04/2009 - 11:24
My account has since defaulted for a about 3 months. They have started to call my job over the past 3 weeks to collect. They are extremely rude and pushy. I've asked that they not call me here as it puts my job in jeapordy. Each time they call they say them must hear back from me by 4pm or the will take further action with my HR department and then follow up with an email.
I emailed them today attempting to settle the matter at the original principle ammount of $300 via moneygram. The refused and said I now owe $930 and my only payment option is with my checking account and they refuse to respond via email with me I have to call them.
Any recommendations on how I should proceed? I live in Chicago but I believe they operate out of Deleware so I'm not sure which state law stands...
Any help is very much appreciated!!
They claim to operate out of Delaware but the last time I checke
They claim to operate out of Delaware but the last time I checked the Delaware Bank Commissioner's site they weren't even licensed there. Illinois has a pretty good track record of going after internet lenders that aren't licensed in Illinois, regardless of whether they are licensed elsewhere, so you may want to contact your state's regulator.
reply
i can attest to that being from IL myself.file AG and FTC complaints against this bottomfeeder.you have paid them there loan back.you owe nothing more.also give a wage assignment revocation letter to your HR or payroll person.
Illinois law state that the lender must have a license in Illino
Illinois law state that the lender must have a license in Illinois.
I do not find Loan Shop in the license database.
I am going to say they are probably Illegal. you only owe them the principal which was $300.
I would contact your AG.
Loanshoponline is an illegal unlicensed lender. I dealt with th
Loanshoponline is an illegal unlicensed lender. I dealt with them myself and recieved a paid in full paying the principal only. I sent them a C & D letter and it worked. I know the C & D letter is suppose to be for third party collectors but in my case it worked like a charm.
[quote=kfstaff24]What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]
[/quote]
Quote:Date: Name Of PDL Your Name City, State Accoun
Quote:
Date: Name Of PDL Your Name City, State Account # After doing research regarding Internet payday loan laws in the State of _______, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of _____ in general: Your State Information I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected. I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents. The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments. I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office. I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted. Sincerely, Your Name CC: Better Business Bureau Ohio Attorney General Federal Trade Commission |
Thanks for the advice, I'll post the outcome after this has been
Thanks for the advice, I'll post the outcome after this has been resolved :-)
I used the above template with Loan Shop/LTS and it worked. Of
I used the above template with Loan Shop/LTS and it worked. Of course, I was so stupid to have not found this site until I had rolled over the loan in the tune of $2700 on a $300 loan. I wish I would have found this site sooner, but none the less the letter/email worked.
That is great news Guest did you try for a refund?
That is great news Guest did you try for a refund?
I have a payday loan from this company. Will the letter work in
I have a payday loan from this company. Will the letter work in the state of CA? Are they legal here? Do I send them this letter and fill in the blanks with state of CA?
I dont think they are legal anywhere. The letter worked for me
I dont think they are legal anywhere. The letter worked for me and the guest above my post. Its worth a try.