totallyscrewed

If they are indeed illegal, they don't have a leg to stand on in court. All they can do to you is harrass you. You are due a pretty big refund from them. Even if you are not all that concerned about getting a refund, I would strongly suggest demanding one if you haven't already.

If you HAVE already demanded a refund (and, hopefully, a PIF letter), I would send them another letter reiterating that they are not legal lenders in your state, and have in fact collected $1050 in fees that they were not legally entitled to... and therefore THEY are in debt to YOU, and not the other way around. Demand that refund. Even if you don't get it, demanding one gives you a better negotiating starting point from which to get that PIF letter.

If in your first letter you said you were going to submit a complaint to your state attorney general, then make sure you actually DO so (it doesn't take much time at all, you can do it online), and then TELL them in your second letter that you already have reported them to the AG, and expect them to respond and remedy the situation ASAP.

They're illegal; play hardball with them.

I read a lot of people saying what is and isn't illegal and that "the law" requires refunds, etc. Is that automatically true in every state?

Laws very from state to state; however, you bring up a very good question. about whether the law requires refunds... I honestly don't know.

If your state requires that lenders be licensed in your state, then it follows that an online PDL that is not licensed is not a legal lender... I don't think it's the action of transfering money from one party to another that violates the statutes, I think it's the action of charging fees and interest. So from what I gather, if an online PDL that is not licensed in accordance with your state laws lends you money, they are not legally entitled to collect anything beyond the actual dollar amount they lent you. If you should choose not to pay them anything beyond that, their lack of legal lender status would make it difficult/impossible for them to use the court system to collect. Now, whether this means that they are legally required to give you a refund of anything over the principle, and that you could win a judgement against them for such... I honestly don't know.

Any wise helpful people here know the answer to that?

Edited to add: *snort*:lol: ask and you shall receive! Thanks Shazzers!

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