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Arrowhead Investments in Iowa

Date: Thu, 08/14/2008 12:04

I took a loan out with Arrowhead Investments over the internet, I have paid back the principal. They sent me to a collection company and are now demanding payments. What are the steps I need to take with the collectors? Is Arrowhead legal in Iowa? Please help

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Total Replies: 18

someone should be along soon who knows the laws in iowa, in general arrowhead is not licensed anywhere and if this holds true for your state , since you have already paid the principle you may have an easier time resolving the issue

Sub: #1 posted on Thu, 08/14/2008 - 12:25

jj
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(Posts: 1057 | Credits: 107.78)

I need to know how to get it away from the collection agency

Sub: #2 posted on Thu, 08/14/2008 - 12:26

Unregistered

Can someone please give me advice!!!!!!!!!!!

Sub: #3 posted on Thu, 08/14/2008 - 12:58

Unregistered

since it is likely arrowhead is illegal,this CA is too.what is the name of this CA?

Sub: #4 posted on Thu, 08/14/2008 - 13:01

paulmergel
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(Posts: 15511 | Credits: 1357.03)

Capital Recovery Associates

Sub: #5 posted on Thu, 08/14/2008 - 13:03

Unregistered

Iowa State Information

Legal Status: Legal

Citation:
Iowa Code Ann. ???? 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
apr for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources

Sub: #6 posted on Thu, 08/14/2008 - 13:07

cdollar

(Posts: 228 | Credits: 56.57)

type in capital recovery associates in the search box on the right.you will find out all you need to know about this bottomfeeder CA.

Sub: #7 posted on Thu, 08/14/2008 - 13:08

paulmergel
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(Posts: 15511 | Credits: 1357.03)

the legal status says legal does that mean I owe the debt? and they are a legal agency, how do I go about transferring it back to Arrowhead since they are illegal and disputing the debt with them

Sub: #8 posted on Thu, 08/14/2008 - 13:15

Unregistered

It doesn't necessarily mean they're legal. I don't see that they are licensed in Iowa per the Iowa banking site. According to the law, even if they are legal in Iowa, you can only borrow up to $500 and you can't re-loan or rollover, so if they are rolling over (as I know they surely are) they are operating illegally.

Sub: #9 posted on Thu, 08/14/2008 - 13:21

cdollar

(Posts: 228 | Credits: 56.57)

like my state of IL.pdl's are legal too,but must be licensed in the state and follow the usury laws.neither arrowhead or CRA are legal in IA.send DV and C&D letters to CRA.then they will give it back to arrowhead.how much of your loan have you paid?we advocate paying back what you borrowed only on an illegal loan.

Sub: #10 posted on Thu, 08/14/2008 - 13:22

paulmergel
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(Posts: 15511 | Credits: 1357.03)