A few additional questions
Date: Wed, 07/07/2010 - 11:03
(apparently they didn't read it because it said not to contact me by phone) and one sent an email response. I have not responded to any phone calls or the email yet but I do have a couple additional questions.
1. Can an illegal internet loan company withdraw funds out of my new account based on having my social security number? I have seen posts on other threads where they have done this and I am worried they will access our new account.
2. I had a loan with Tremont Financial for $300.00 and paid them off a total of $602.54 and then got another loan with them for $500.00 and paid $250.00 do I legally still owe them $250.00. They sent me a really nice email basically saying they don't have to follow Nebraska laws because they are in South Dakota and all transactions are conducted in the state of South Dakota.
3. Am I understanding correctly that if the company is an illegal lender then the only money they are entitled to is the original amount of the loan.
1. No one can legally withdraw funds from your account unless yo
1. No one can legally withdraw funds from your account unless you give them permission in writing. That permission only extends to the specific account you give them permission to access. If the lenders access your new account, simply send a copy of the original document that gave them permission to access your old account along with a notarized statement (for your protection) stating you did not give permission to access your new account to the bank. The bank should then recredit your account.
2. You are correct, if a company is doing business in a state they are required to follow that state's laws regarding whether or not they can do business in that state and that state's license requirements.
3. You are also correct that if the company is illegal in your state, then the only money they are entitled to is the principal.
Quote:Originally Posted by OVLG Attorney1. No one can legally wi
Quote:
Originally Posted by OVLG Attorney 1. No one can legally withdraw funds from your account unless you give them permission in writing. That permission only extends to the specific account you give them permission to access. If the lenders access your new account, simply send a copy of the original document that gave them permission to access your old account along with a notarized statement (for your protection) stating you did not give permission to access your new account to the bank. The bank should then recredit your account. 2. You are correct, if a company is doing business in a state they are required to follow that state's laws regarding whether or not they can do business in that state and that state's license requirements. 3. You are also correct that if the company is illegal in your state, then the only money they are entitled to is the principal. |
In regards to question #2 I was confused as to how all transactions occured in the State of South Dakota when I live in Nebraska and the debited my checking account in Nebraska. Don't they have to have a liscense in Nebraska if they are serving clients in this state.