Not being licensed for PD lending in AZ is a crime!!!!

I don't recommend not paying them at ALL, but if you've paid enough fees to cover the amount you borrowed, I'd call it even.

This is similar to borrowing money from the mob. I don't feel guilty if the mob does not get their money back no matter how much I have paid them so far. I received enough harrassment and so did my 80 year old mom. So I call it even!

We need to wake up and start a movement against these illegitimate internet PD companies. If a similar statute exists in other states, these loan sharks need to be handed over to justice. We need to proactively let our state authorities know about these companies.

I admit we made a mistake but these people took advatage of our circumstances and our ignorance of our state laws. Submitting to these criminals is not the American way!

Also consult a lawyer to know if you are doing the right thing or not. I understand the trouble you faced. It seems you have tried to pay them back also but they keep charging, am I right?

I tried to pay them off thru CCCS cosolidation but they did not co-operate and none of them accepted the proposals. The law is very clear in AZ and all of these internet PD loans are void. The only ones that are abiding are the store-front ones.

It's funny when you talk to these internet ones. For example, (this is before I came across the statutes in AZ) I called ameriloan last week and the guy kept telling me they won't accept the proposal and they will garnish my wages because I live in AZ!!! :o

He wanted to talk to my lawyer, so I told him to give me his address and I'll hire a lawyer but he will need his address. He refused to give the address of their collection department and he kept saying they will garnish my wages. So I told him OK let me give you my new address because you will need it for sending the summons. He had no clue what I was talking about. So I told him that they will first need to take me to court and get a judgement and then garnish my wages. He disagreed. So I told him to at least write down my new address and he hung up!!!! :x

What a HEADACHE!!

I think they discussed about wage assignment. These lenders often use the term garnishment in place of assignment. Wage assignment does not require any court order. However, you can stop it. See for details-

http://forums.debtcc.com/forums/levy.html

Well I never signed any wage-assignment with any of them. I am also lucky that my employer has a very strong legal department and they will never let that happen.

I am continually amazed that people continue to struggle to repay unlicensed payday loan companies. It boggles the mind. I've written all sorts of reasons in various posts on this website about why that's not necessary, but people keep going nuts about consolidating the loans and stuff. Well after they've overpaid several times. Even licensed payday loan companies are exceeding their authority when they charge interest and fees in excess of what state law allows.

As to threats that they'll call the police, charge one with fraud or of uttering a bad check, and have one arrested, I simply can't believe that that threat is taken seriously. What, are they going to come here from Nigeria or Belize or Iran to swear out a complaint and appear as a witness in court? I don't think so.

Now they really can file bogus claims with credit reporting agencies, but the trick there is simply to write to the credit reporting agencies explaining exactly how much the principal was, how much the statutory fees could have been, how much was actually paid, and whether the lender was engaged in a criminal enterprise*, which you stopped funding as soon as you found out about it.

It's a misdemeanor everywhere that a license is required, I think, to operate a payday loan company without a license. That's true of almost everything that requires a license. But, before you go to the police about it, consider whether they're going to want to pay the cost of extradition of someone you can't really identify from a country with whom the U.S. has no diplomatic relations, much less an extradition treaty. There's a reason why these people are operating out of Belize and the Bahamas, I think.

I don't know who's getting all that money, maybe Al-Quaeda or Cuba, who knows? But it's definitely illegal, and it's a safe bet that all that money is going somewhere that the American People wouldn't approve of. I wouldn't pay them a dime. Let them file suit if they don't like it, and I'd tell them that when they call on the 'phone. (Just make sure you're right before you take such action.) 'Course, litigation is what I do for fun and profit, and not everyone enjoys it as much as I do.

* -- Federal law defines "loan sharking" as making loans at unreasonable rates of interest in violation of state laws governing lending. A pattern or practice of loan sharking is a criminal violation of the Racketeer Influenced and Corrupt Organizations Act (RICO).