The Loan Shop/Viking

Send them a validation letter, make them prove up all thier claims. Also include a partial cease & desist, to limit thier contact to mail only. That way if they continue to collect upon it or call you, you have them on violations and could sue them if you wanted to.

Goldenblast, I did what you stated and sent the letter off yesterday to every fax # and email address I had for this company. Kenneth Combs called my phone again, #866-669-3430. He left a message saying this is an important call for (me) and that I needed to reach him immediately because this was a serious matter that if I do not call him back he would have to send it somewhere else? He said this is a collection call and this is an attempt to collect a very serious debt that is owed by me. He mentioned something about having my social security number. Anyway my question is, has anyone ever experienced one of these loan sharks to get access to new bank accounts and if so how did they obtain them?

Let them send it to wherever they want. You do not legally owe them anything and they would have to sue you in NJ where they are not licensed. Unfortunately the fdcpa does not apply in these situations because they are not a third party collector but I am sure there are state laws that have been broken. You might consider finding an NACA attorney who will handle this on a contigency basis. They do exist! I have one!

This company has a very high rate of interest (for a $500 loan, the interest each month is $300 unless you pay it all off the first month and it is $150). I have taken a loan from them in the past and they ask you if you understand the terms and the repayment options. It is very possible in two months the interest would have increased that much. If you did reply affirmatively AND you sent back the loan agreement, unfortunately, they probably would win the money in court because I believe they must follow the laws in the state in which they do business, not in your state because you are technically crossing state lines to do business.

(I am not advocating using this company because they do charge a horrendous lending fee.)

if you believe that we are bound by the laws of the lender then your wrong.the state law of the borrower prevails.thanks for stopping by though.btw we don't advocate taking pdl's period.