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Debtconsolidationcare.com - the USA consumer forum

We're getting to them folks!

Date: Wed, 05/03/2006 - 21:00

Submitted by erzeke1
on Wed, 05/03/2006 - 21:00

Posts: 1145 Credits: [Donate]

Total Replies: 6


I went to cashnet500's website and they have added a long list of stipulations on their loan applications now..This is hysterical!
They listed the states they do not loan to, about 5 of them now and a disclaimer that they are a company out of Utah and that if you do not want to abide by Utah laws then do not accept a loan from us!

That was definately not on there a few months ago when I took a loan from them...This is getting good. I really think we should all file lawsuits against these crooks, cause they're starting to get scared!!! LOL


I (interestingly) found an old statement (from August 2005) from United Cash Loans and on it was a statement that reads

Quote:

Governing Law: By obtaining this loan and or renewal of this loan thereafter, both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in whcih the Lender is located, regardless of which state you may reside, and you consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lender is located over all matters rlated to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.


Isn't that interesting that in August 2005 they would have that on their on their agreements but some others I have from a few months before it doesn't have that on there and they don't seem to follow the laws at all. AND the interest rate on the August 2005 statement is 353.23% and on the older ones the interest rate is 782.14%, hmmmmmmm? What's the interest rate allowed? Surely not that....

I am glad that we are getting some of them but I think we need to get them all. I personally don't know what I would have done if I had not found this site and all of you to help me get out of the mess I was in. Let's keep after them and bring them down!


lrhall41

Submitted by CycloneFan on Thu, 05/04/2006 - 06:04

( Posts: 1155 | Credits: )


Look at the chart at this link. The permissible rates of interest in a state are given there.

http://legis.wisconsin.gov/lrb/pubs/wb/00wb7.pdf

If a company is charging more than the interest caps, you should inform the law enforcement agency in your state. The payday loan companies assume that the person will never get this information in hand. But they need to know, we have our facts straight and we are well informed.


lrhall41

Submitted by john on Thu, 05/04/2006 - 12:06

( Posts: 1231 | Credits: )


I've seen some other things that are similar in my loan agreements but it's hogwash. The loan orginates in the state of the consumer. The consumer's state laws must be followed. I have heard that from many different states regarding complaints that I have filed over the last few months. United Claims to be from Nevada or Oklahoma and they are not licensed in either state. Bite me!


lrhall41

Submitted by Cow & Chicken on Thu, 05/04/2006 - 13:30

( Posts: 3571 | Credits: )