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Anyone heard of these guys? They are representing CACH, sending me a letter of collection.




"...whether they are legal in your state or not."

I agree with you West Texas, you should be not enter into a contract if you don't like the terms, but are you saying the lending company has the right to charge outrageous "illegal" rates or use "illegal" tactics of going about getting their money?

Sub: #21 posted on Thu, 07/27/2006 - 14:00

rjacobs2006 rjacobs2006

(Posts: 7 | Credits: )

YES.

If the consumer agrees to it than they do have that right. This is America is it not? Land of the free. No one holds a gun to the customers head and forces them to take the loan.

Sub: #22 posted on Thu, 07/27/2006 - 14:02

Unregistered


i'm pretty sure nowhere in any contract did it authorize said lending company to do anything illegally.

and if they can break the law, whats wrong with anyone trying to get out of their debts...it IS America and its many loop-hole, corporate laws. If its OK for the lending company to something 'illegally', why is it wrong for the borrower to try something 'legally' to get out of paying?

Sub: #23 posted on Thu, 07/27/2006 - 14:07

rjacobs2006 rjacobs2006

(Posts: 7 | Credits: )

If a lending company follows the contract to the letter than is not illegal. If both parties agree to the contract and both parties uphold the contract than nothing illegal has been committed. I invite anyone on this forum to find me a SPECIFIC state law that directly targets INTERNET LENDERS. Every AG's office I have spoken with, and every state law I have read pertaining to payday loans specifically mentions deferred deposit lending or orginating transactions from that state.

The truth is that no state cannot regulate a transaction that is done in cyberspace.

Sub: #24 posted on Thu, 07/27/2006 - 14:18

Unregistered


They may not be able to regulate internet loans, YET! But getting close.
Look on cashnet500's website , they don't loan to certain states, why? Because IT'S ILLEGAL! They are all getting sued up the wazooo.
Deferred Deposit, Money transmitters, all the same! They MUST have a license to do business in the state they are transmitting money to! No if's ands or buts!
Had these poor people known this, they never would have SIGNED the contracts!
The contracts are null and void.
Pdl's are exactly what the media says they are, "Predatory Lenders"!
New York State is suing the heck out of these pdl's one by one, and by god with our help,we will get every last one of them!

Sub: #25 posted on Thu, 07/27/2006 - 16:18

erzeke1 erzeke1

(Posts: 1145 | Credits: )

West Texas, It's not that people here do not pay attention, though sometimes it's obviuos that they don't. What is the point is really simple. These people were acting in good faith that the company they were dealing with was not only legit but acting in good faith for them as well; we have seen countless cases of unlicsened preditory lending which is illegal where ever you are. Personal jurisdiction means that the jurisdictioal laws of the location that the contract was signed are the laws which have to be followed.

BTW you should read Chapter 53 Article 15 of the NC General Statutes.

Sub: #26 posted on Fri, 07/28/2006 - 07:35

dcashwell3 dcashwell3

(Posts: 381 | Credits: )

Also, what exactly do you think a payday loan is. In my state it is defined as "deferred deposit lending".

Sub: #27 posted on Fri, 07/28/2006 - 07:41

dcashwell3 dcashwell3

(Posts: 381 | Credits: )

dc-

First the definition of Deferred Deposit Lending is "the act in which a loan company accepts a signed and post dated check" ACH loans are not deferred deposit loans.

What jurisdiction was the contract signed in? What state?

Sub: #28 posted on Fri, 07/28/2006 - 11:37

Unregistered


Erzeke-

Deferred deposit and what ever a money transmitter is are not the same. Internet loan companies access the NACHA ACH program to send these loans. And you are badly mistaken about having to be licensed in the state you are ACHing money into. If that were the case every bank that transferred money across state lines would have to be licensed in the state they are sending money to.

Sub: #29 posted on Fri, 07/28/2006 - 11:42

Unregistered


In my case the contracts were signed in NC. [quote]?? 53 165. Definitions.
(a) "Amount of the loan" shall mean the aggregate of the cash advance and the charges authorized by G.S. 53 173 and G.S. 53 176.
(b) "Borrower" shall mean any person who borrows money from any licensee or who pays or obligates himself to pay any money or otherwise furnishes any valuable consideration to any licensee for any act of the licensee as a licensee.
(c) "Cash advance" shall mean the amount of cash or its equivalent that the borrower actually receives or is paid out at his discretion or on his behalf.
(d) "Commission" shall mean the State Banking Commission.
(e) "Commissioner" shall mean the Commissioner of Banks.
(f) "Deputy Commissioner" shall mean the deputy commissioner of banks.
(g) "License" shall mean the certificate issued by the Commissioner under the authority of this Article to conduct a consumer finance business.
(h) "Licensee" shall mean a person to whom one or more licenses have been issued.
(i) "Loanable assets" shall mean cash or bank deposits or installment loans made as a licensee pursuant to this Article or installment loans made as a licensee pursuant to the Article which this Article supersedes or such other loans payable on an installment basis as the Commissioner of Banks may approve, or any combination of two or more thereof.
(j) "Person" shall include any person, firm, partnership, association or corporation. (1957, c. 1429, s. 1; 1961, c. 1053, s. 1; 2001 519, s. 1.)
[/quote]

Sub: #30 posted on Fri, 07/28/2006 - 12:01

dcashwell3 dcashwell3

(Posts: 381 | Credits: )

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