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National Bank Loan Act

Date: Mon, 03/09/2009 - 21:10

Submitted by anonymous
on Mon, 03/09/2009 - 21:10

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Total Replies: 7


i sent out my cease and desist letters today and one has already marked me pif. a couple of the others are claiming to be in nevis west indies and us law doesnt apply to them according to the national bank loan act (whatever that is). Is there such a thing? they say they are not in the U.S. but say it is a federal law that and ny state law doesnt apply to them. How can they use our federal laws if they are not even in this country? Paradise Cash aka VIPLoan and OSL loans are saying this to me. What should I tell them?


Hi denise,

They are lying. Every business that operates in the United States must adhere to US law. If the state of residence has other specific laws, then these take precedence. These payday loan companies are either ignorant or outright liars.

Check out: Nevis Marketing.
And OSL Marketing.

There is no National Bank Loan Act.There *is* a Federal Loan Act, which is from 1938 and started the Savings & Loan industry. There is a National Bank Act of 1864 which started the Federal Reserve Bank. Neither of these have anything to do with a bottom feeder payday loan company.

I hope this helps,

chrys


lrhall41

Submitted by Chrys Henderson on Mon, 03/09/2009 - 23:39

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i meant to put it as national bank act. I did send them an email this morning after i spent last night looking into it and have not heard back yet. but as i said earlier i received a pif the same day i sent it yesterday and it is all thanks to you guys. I really wish i had found this sooner, i could have saved alot of money and headache.


lrhall41

Submitted by on Tue, 03/10/2009 - 10:20

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i have taken a loan from hdfc bank.it was a loan of amt.rs200000.when i first took the loan, i paid a sum of rs88000 in one yr.after one yr they top up my loan by giving me a cheque of rs52000 and my emi have been increased.(new emi was rs7300pm) after paying 7insatlment i met withan severe accident but still i paid another 15 instalment that is toatl of 22emi. unfortunately from feb2009 i cannot pay them anything due to my accident the buisness which i am doing was also stopped.now the bank want to take legal action what i will do now. if to pay i will try to pay the principal amt but not the int.amt please help me. thanking you anindya


lrhall41

Submitted by on Sat, 09/19/2009 - 07:47

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Quote:

Originally Posted by Anonymous
i have taken a loan from hdfc bank.it was a loan of amt.rs200000.when i first took the loan, i paid a sum of rs88000 in one yr.after one yr they top up my loan by giving me a cheque of rs52000 and my emi have been increased.(new emi was rs7300pm) after paying 7insatlment i met withan severe accident but still i paid another 15 instalment that is toatl of 22emi. unfortunately from feb2009 i cannot pay them anything due to my accident the buisness which i am doing was also stopped.now the bank want to take legal action what i will do now. if to pay i will try to pay the principal amt but not the int.amt please help me. thanking you anindya


Where are you located?


lrhall41

Submitted by Shazzers on Sat, 09/19/2009 - 08:38

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