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tn help?

Date: Wed, 11/17/2010 - 20:47

Submitted by anonymous
on Wed, 11/17/2010 - 20:47

Posts: 202330 Credits: [Donate]

Total Replies: 9


Ok, I've read everything I can find on TN and I'm still confused.
I have two internet lenders. They are;
1. 300.00 they have multiple names. It lists as VIP on the echeck...qloot on my phone and DMA Financial, Inc. for email. 90 interest every other week-- nothing toward principle
In all, I've given these people over 1900 dollars!
I've had this for nearly a year...I just can't get ahead enough to pay them down.

2. 500.00 from CCS Loan Company. 125 every other week plus 10% toward loan.
Thus far, I have paid 490. They let me skip a payment, but are set to start up again. I've had this one 3 1/2 months.

The problem is, I've lost my job (sept) and just can't keep up the payments. I'm willing to pay the balance on number two and even some interest but not at this rate. Number 1 I've just had enough of. Both are in violation of my state law on interest I think...
Here's the rub.......
I live in Tennessee right at the state border. However, my bank is in Alabama. Which do they follow, and does internet lending have to adhere to interest rates of the state or the rates of the state they are licensed in. All that said, can I stop payment on them? What should I do next?


You need to close your bank account and file a complaint against VIP with the AG, FTC and BBB in your state. You also need to revoke any wage assignments. Send VIP a demand letter for the $1,600.00 refund along with a paid in full letter. Being they are out of the country I don't know how much luck you will have but it's worth a try. I filed complaints against all of my PDL's as they were illegal lenders and so far 1 has refunded money and the second one has sent me an email wanting to work out arrangements for a refund. How successful you'll be with an out of the country lender not sure but at least try.


lrhall41

Submitted by Buzzette on Thu, 11/18/2010 - 14:26

( Posts: 401 | Credits: )


Ok, since they are licensed in NV and TN says internet lenders only need to be licensed in their resident state, I looked up NV law. What does this mean about rollovers: "Not specified (After the initial loan period expires, extension of the payment period beyond 60 days are not permitted)"
Should they have stopped debiting me after 60 days? Not sure what to do here.


lrhall41

Submitted by on Fri, 11/19/2010 - 07:17

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Quote:

Ok, since they are licensed in NV and TN says internet lenders only need to be licensed in their resident state, I looked up NV law. What does this mean about rollovers: "Not specified (After the initial loan period expires, extension of the payment period beyond 60 days are not permitted)"
Should they have stopped debiting me after 60 days? Not sure what to do here.

Not specified means there is no cap. The thing is, VIP Cash may have a license in NV, but it doesn't mean they will abide by the law, that is why you will need to contact the NV state Attorney General's office and file a complaint against them if they are not following the payday loan laws, I would also file a complaint with the regulating officials.


lrhall41

Submitted by Shazzers on Fri, 11/19/2010 - 08:05

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I've looked at the law in Nevada, and I'm not sure if they are following it or not (confusing reading). Anyone out there understand this better than me? These folks have charged me 90 every two weeks for 11 months on a 300 dollar loan? I've put a stop payment on the account and am in the process of changing accounts. Now what do I do to get rid of them? Also, do I go by the law in my state of residence or the state my bank account is in? (I live 6 miles from the Al border and bank in Al)


lrhall41

Submitted by on Tue, 11/23/2010 - 07:46

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