PA Payday Loans
Date: Tue, 04/20/2010 - 11:35
GECC is a corporation in good standing in the State of Delaware and a fully-licensed Delaware short-term lender. GECC does not do business in Pennsylvania, but did make a loan to you pursuant of your request made via the Internet into the State of Delaware. The loan provided was legal and compliant under Delaware law. In addition, GECC remains fully compliant with all debt collection laws and regulations.
It appears that, after careful review of your loan, a principal balance of $294.00 is currently outstanding. As of April 5, 2010 GECC made a voluntary decision to discontinue lending in the state of Pennsylvania. However, our records show your loan was originated on February 16, 2010. Therefore, we expect full repayment of the principal portion of your loan.
This payment must be received in our office no later than May 17, 2010 and should be in the form of a money order or cashier’s check to the address listed below. Upon receipt of the payment, we will mark the account paid in full.
It doesn't matter what they say, you have no presence in Delawar
It doesn't matter what they say, you have no presence in Delaware therefore their laws do not apply to you, your state law prevails.
I guess I am not following. Are you saying that it doesn't matt
I guess I am not following. Are you saying that it doesn't matter what state they are in, I am only bound by my state laws and if PA says they are illegal, then I am not liable?
Quote:Originally Posted by masieI guess I am not following. Are
Quote:
Originally Posted by masie I guess I am not following. Are you saying that it doesn't matter what state they are in, I am only bound by my state laws and if PA says they are illegal, then I am not liable? |
PA prohibits Internet payday loans, that doesn't mean you aren't liable to pay at least what you borrowed, it only means the likelihood of them suing you are slim to none because if they were to walk into a court of law it would be an open and shut case, and they know this is true. Pay them the amount you borrowed to begin with, less and interest, fees and payments made to them. Follow the guidelines HERE and you should be just fine.
I got my first "paid in full" from Cash Jar after my letter. Al
I got my first "paid in full" from Cash Jar after my letter. Although they said a bunch of stuff how I have to follow their laws, blah, blah, they marked it paid in full becasue they like to provide good customer service. They actually should give me a refund, but I'm not pushing it, this is good enough for me!
I spoke with a very helpful woman at PA Dept of Banking last week that explains the PA laws and advised me on handling. She was very impressed at the steps I already took based on advice from these forums and said I did exactly the right things.
Thanks all, hopefully more of these paid in fulls will come soon.