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Mutual Release

Date: Wed, 02/11/2009 - 12:12

Submitted by girlhilarious
on Wed, 02/11/2009 - 12:12

Posts: 22 Credits: [Donate]

Total Replies: 5


I emailed all my PDL companies with the letter suggested in this site (of course with the updates with my information). I received a XXXXXXXX statement which states that they do not have to abide by Nebraska law because they are in DE and they are a short term consumer loan lender. They gave me a month to pay the balance with a $120 interest fee.


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Here is some of the legalese used in the email:


Company Name makes short term consumer loans pursuant to licensure and regulation by the State of Delaware. pdl name removed does not maintain a business location in Nebraska. pdl name removed does not solicit customers in Nebraska. On advice of counsel, pdl name removed maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all significant contacts in the loan transaction occur within Delaware.

Despite our position stated above, and without obligation to do so, in the interest of resolving this matter without escalation and further expense, we are willing consider this matter resolved once you have complied with the terms of the settlement offer below
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What should I do? I haven't sent anything to the AG yet. Should I? I did file complaints with both the BBB and FTC. The NE AG requires snail mail so, I haven't been as fast acting with that part.[color=Red][/color]post edited..paulmergel


This is from your states Department of Banking and Finance. The Delayed Deposit Services Licensing Act was passed by the Legislature in 1994, giving the Nebraska Department of Banking and Finance the authority to regulate businesses commonly known as payday lenders. By state statute, these businesses are "Delayed Deposit Services."

My advise, call them, and verify that internet lenders have to be licensed also in that state. I am in Arizona, and they do, so I was able to just respond with the contact information of the Arizona Department of Financial Institute and the Arizona Revised State Statue that says the opposite.

Without knowing who your lenders are, whether they are legal or illegal ones, the best advise is to contact your state Not the AG's office, but Banking & Finance.

Good luck to you.

I was able to get three lenders off my back when I quoted the revised state statues and what the criminal penalty was for their illegal business practices.


lrhall41

Submitted by on Wed, 02/11/2009 - 12:55

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MODS PLEASE DELETE THE NAME OF THE COMPANY THAT SENT THE LETTER ABOVE...3RD & 4TH LINES DOWN IN THE LEGALESE....by posting the letter or portion thereof it may negate their offer.This company tends to cancel agreements as they ask that the terms and settlement remain private.
Why do you have to pay more? Have you not paid back the full premium yet? If you have repaid the initial loan amount, I would not agree to anything but a PIF. This company WILL give them.


lrhall41

Submitted by on Wed, 02/11/2009 - 13:18

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