Legal and illegal lender questions
Date: Fri, 04/03/2009 - 21:54
I have already changed my bank account, but I still have questions regarding how to handle the lenders. All of my loans are internet loans. I live in Utah and have already done some reading about Utah payday loan laws and have spoken some with people at the Utah Department of Financial Institutions.
I have loans with CashNetUSA, which I know is a legal lender and have already been able to make very reasonable arrangements with them. I also have a loan with Cash Central which I was told by the Utah DFI is a legal lender in Utah and have been given the number of someone there that is authorized to make payment arrangements.
It is the rest of them that I am having problems with, they are:
Good Time Cash (Red River) $300 Paid $ 270
US Fast Cash - $300 Paid $270
500 Fast Cash - $300 Paid $270
Second Wallet - $300 Paid $90
Instant Wages $200 Paid $0
Kingston Financial $200 Paid $0
First West Coast (Atlas) $350 Paid $0
First of all, I want to and intend to pay all of these lenders the principal amount I owe them, plus at least one amount of interest payment, and one NSF charge. It will just take a while to do.
I was told by the Utah DFI that none of these lenders(other than CashNet & Cash Central) are legal in the state of Utah, but I did find an Atlas Financial listed on their site as a registered lender. I am not sure if it is the same company or not, since the one listed on the DFI site has an address in Bountiful, UT, but when I spoke with a representative of Atlas or First West Coast, or whoever they are, he said they were located on the West Coast, not in Utah, and actually in speaking to a previous representative, I was given an address in British Columbia for them.
• Does anyone know if they are the same company as the one listed on the Utah DFI site?
• Also, if they are a legal company, can they continue to add NSF charges to my account with them if I have already told them that the account no longer exists?
• When I spoke to their representative he was very nice until I told him that I could not pay it all back in 4 payments. He then refused to continue trying to make any other arrangements and told me that he would be sending a letter to my employer. If he is a legal lender is he allowed to do that?
• Can PDL lenders call your place of work and leave a message that includes the name of their company?
• Does anyone know if any of the companies I listed go by any other name underwhich they might be listed as a legal lender in Utah?
• Do any of you have addresses for any of the following lenders?:
US Fast Cash
500 Fast Cash
Second Wallet
Instant Wages
Kingston Financial
• Can a PDL lender(legal or illegal) insist that you pay in a particular way, or can I mail payments to them in the form of a money order even if they say they don’t accept payments that way?
One of my concerns in contacting the lenders is that I want to be certain they are illegal lenders, before accusing them of being so.
Any help you can offer will be appreciated.
Sorry for my wordiness.
Quote: Can a PDL lender(legal or illegal) insist that you pay in
Quote:
Can a PDL lender(legal or illegal) insist that you pay in a particular way, or can I mail payments to them in the form of a money order even if they say they don???t accept payments that way? |
The ball is in your court, they can't sue you, they CAN turn it over to collections but usually the CA is a bottom feeder who isn't well versed in the law, or who chooses NOT to follow the law. You have the FDCPA to back you up when it comes to bottom feeders, just make sure you understand them, educate yourself on the FDCPA, you can google it and learn how to use it to protect yourself.
At first glance, USfastcash and 500 fast cash aren't legal. I believe those two are the same company with different names. I'm not certain about the others, though you should keep checking back for more replies.
Also, you may try using the search box located in the upper right hand corner of this forum, it displays a lot of useful information.
Legal Lender in Alaska?
I have already searched the database to see if my online lenders are legal in my state of AK, but I think it may be outdated (2005). Can anyone tell me if these lenders are licensed in AK?
Pack Mgt.
MMG Holdings
USFastCash
Ameriloan
Red River(CSG)
Kingston Fin.(PTC)
Red River is illegal everywhere, they are on an Indian Reservati
Red River is illegal everywhere, they are on an Indian Reservation and they do not have a license to lend.
Many of the illegal companies are location in the US but either do not have a license or only have a license in the state they are located in.
I did not find any of those names on the list of legal lenders in AK. For a company to lend to a resident of AK they must be licensed. If they are not then they are considered illegal/unlicensed.
The statute and laws may be from 2005 but it is still the ruling unless the law changes. The list that I found seems current.
Quote: The ball is in your court, they can't sue you, they CA
Quote:
The ball is in your court, they can't sue you, they CAN turn it over to collections but usually the CA is a bottom feeder who isn't well versed in the law, or who chooses NOT to follow the law. |
Just to clarify on this statement.
A legal lender can take you to small claims and will receive a judgment 99% of the time. You will want to avoid this as you will be responsible for the lenders court costs and generally a statutory interest.
If I misunderstood you Shazz, please let me know.
Thanks for your responses. I am finding the legal lenders, such
Thanks for your responses. I am finding the legal lenders, such as CashNetUSA and CashCentral to be very reasonable to work with, you just have to talk with someone who has enough authority to make arrangements that will work for both of you.
The illegal lenders are a different story. They won't admit they are illegal and refuse to try to make reasonable payment arrangements.
Quote: The ball is in your court, they can't sue you, they CAN
Quote:
The ball is in your court, they can't sue you, they CAN turn it over to collections but usually the CA is a bottom feeder who isn't well versed in the law, or who chooses NOT to follow the law. Just to clarify on this statement. A legal lender can take you to small claims and will receive a judgment 99% of the time. You will want to avoid this as you will be responsible for the lenders court costs and generally a statutory interest. If I misunderstood you Shazz, please let me know. |
I meant the illegal lenders, I re-read what I wrote and can see where it would be taken the wrong way, thanks for catching it!
Did it do any good going to the attorney general? how would I ge
Did it do any good going to the attorney general? how would I get hold of ours in Florida??
Did it do any good going to the attorney general? how would I ge
Did it do any good going to the attorney general? how would I get hold of ours in Florida??
The AG can help for any legal lenders that are breaking the law.
The AG can help for any legal lenders that are breaking the law. They may not do anything right away for the illegal ones but they can use complaints to start a cease and desist if there are enough.
FL [url-http://myfloridalegal.com/]AG[/url]