Sending letters

truwoman, you asked if the company is licensed in their state of location do they need to be licensed in YOUR state? According to most states, yes. The internet lender will tell you no, because they think they are covered under the Commerce Clause and similar federal rules that allow federally chartered banks and credit card companies to set policies according to state of physical location, regardless of where they lend in. And from the court cases I have looked up, the court system agrees that by transacting business with a consumer, over the internet, the companies are bound by the laws of the state of the consumer.

This is a link to the IN division that oversees payday lenders:

http://www.in.gov/dfi/education/small_loan_license.htm

Wait, I found an online database for IN:

http://extranet.dfi.in.gov/dfidb/lenderbytype.aspx

scroll down to "revoked" and "small loans lic/payday lender", "small loan lic/pending", maybe even check under "surrendered small loan" for the names of the companies. Good luck.

Dana

Personally I think it's more effective for use with a collection agency but I would ask the payday lender for a list of all activity on your account. You can use that list as a basis to figure out how much you may have overpaid according to IN state law.

Thanks for getting back to me. I appreciate all the help I can get. I will never use these services again!

I think we all feel the same that we will never use these services again. It was a hard lesson learned in our case!

That is very true. It's tough because you feel like you made the best decision at the time, may have had no other choice, but it quickly becomes a huge problem.

Good luck to everyone. :)

Should the letters be sent out first before contacting T&C or any other debt consolidation company? I wouldn't want to sign up with them and the lenders mark my accounts as paid in full.

I would go ahead and contact T&C if I were you. They can at least help get the process started especially if you have other debts to include. Most of the rep's at T&C are aware of the letters that we have been sending to the internet pdl's so they know of the success we've had. I think if you cancel you will get your initial fee back plus it's only $155 and I know I was paying a lot more than that in fees on pdl's.

I have their phone number but does T&C have an email address?

truwoman31,

I just pm'd you the T&C email address.

I think there's a a problem with the site but I'm talking to a rep now.