Spotloan info (owned by Indian tribe)
Date: Thu, 10/04/2012 - 07:29
1.) Would the Treaty Of Ft. Laramie apply to all Indian tribes or just the ones within that treaty with the Sioux and their partners?
2.) If I signed a contract that was with a licensed lender in my state & paid on it for awhile and then that company closed out & became another overnight (which is what happened in this case essentially), and if that new owner is NOT licensed with the state of my residence (which it is not), isn't that contract null/void just on the fact alone that Zestcash is no more & the new one isn't allowed to loan money or collect on loans here?
Also, in reference to my question up top, going over the loan pa
Also, in reference to my question up top, going over the loan papers we signed way back in early June of this year, it explicitly states that the loan is made with Zestcash and it has their terms/agreements which were legal and their CA address. Once we were just switched over to Spotloan back in July 2012, we just automatically got the notice about it and no loan agreement was re-signed (even if it was it wouldn't have been legal).
What do y'all think?
Quote: 2.) If I signed a contract that was with a licensed lend
Quote:
2.) If I signed a contract that was with a licensed lender in my state & paid on it for awhile and then that company closed out & became another overnight (which is what happened in this case essentially), and if that new owner is NOT licensed with the state of my residence (which it is not), isn't that contract null/void just on the fact alone that Zestcash is no more & the new one isn't allowed to loan money or collect on loans here? |
Are they servicing the loan or collecting on it?
With regard to the indian tribe thing, I believe that applies to all tribes but I am not sure. You'd have to look at the case law. Most lawyers wouldn't even know that.
Zestcash provided us with the money and then Spotloan took over
Zestcash provided us with the money and then Spotloan took over and just collects on it. Before they took over, Zestcash received some payments from us too. However, Spotloan has only collected and they're unlicensed. I talked to a lady from the state today and she said that the courts may disagree with my thinking of how they're unlicensed and I don't have to repay them. That's not what I meant while talking to her but what I mean is they owe us money now, and really, they owe us since July because our loan was with Zestcash who was licensed. I'm only asking back for what we've overpaid since we've paid off the principal already.
To be honest with you I would drop it. First of all as the lady
To be honest with you I would drop it. First of all as the lady from the state says it is hard to say whether or not you can be sued for the balance. I would just drop this, especially since it is an indian lender who are very unlikely to even refund blatantly illegal loans.
I would except they owe us money. If it turns out that they'll p
I would except they owe us money. If it turns out that they'll put a PIF on it then so be it, something's better than nothing I suppose. On the phone the lady told me they had no jurisdiction over them and that they're indeed doing business here illegally since they're not licensed. For right now I'll just await any replies from them and see how long the floating boat will rock back and forth.