step two?? Unlicenced payday loan

Date: Thu, 08/19/2010 - 19:27

Submitted by anonymous
on Thu, 08/19/2010 - 19:27

Posts: 202330 Credits: [Donate]

Total Replies: 6

Okay so thanks to the wonderful advice on this forum I have broke free of the vicous loan cycle I was in. I have cancelled all bank accounts and sent my revocations of W.A. ,and ceased all verbal contact with the people of zip19,northway financial, and their associates. After waiting quite some time I have gotten a response.
First let me inform you of the situation:
1)Resident of CA.
2)Had about thirty + successfully paid back loans to Zip19 ,with illegal interest(not principal) totaling upwards of 1700$.
3)I defaulted on my last loan of 1100$ and demanded that my account be closed "paid in full", as well as demanded a refund 350$. (following w letters to my state,and attorney general as directed)
I obviously let them know im a residednt of CA and my states specific loan laws and there response was:

If you take a moment to review the attached loan agreement, you will see that Northway Financial
Corporation Ltd. is a Financial Institution licensed and regulated in accordance with the Financial
Services Directive of the European Union (EU). As such, the laws of the Republic of Malta (member
State of the European Union), not the state of California, applies to its terms. We provided you with this
notice so that you would understand the terms of your loan.

Proceeded by a request to pay them 5 equal payments(totaling my principal)?? How do I respond ??

Please note I am not a resident of Malta, have never prescribed

Please note I am not a resident of Malta, have never prescribed to be a resident of Malta and have no Malta presence, as such am not subject to the Malta laws you detail. I will send you payments in the amount of whatever I can afford, when I am able to do so, however, I need a valid physical address to send payments, if you do not provide me with an address, you will not receive payments.

lrhall41

Submitted by Shazzers on Thu, 08/19/2010 - 20:46

( Posts: 17344 | Credits: )

TY shazzers as always :)

lrhall41

Submitted by on Thu, 08/19/2010 - 21:40

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wait,aren't you requesting a refund here?if so i wouldn't includ

wait,aren't you requesting a refund here?if so i wouldn't include the verbage about sending payments.i would use the part about not being a resident of malta,but i would put after that this.

being as i am not a resident of malta,and my states laws do prevail,i am seeking a PIF in lieu of a refund of the 1700 in illegal interest i paid to you.if my request is ignored i will file AG,FTC,and BBB complaints.also i will try to recoup the 1700 overpaid over the years.i will also forward any future emails to my AG as part of my complaint.

you see as you first posted the 1700 is interest only.that didn't include money towards the principle.you have paid these slime more than enough,and it's time to get some if not all of it back if you can.