Due to financial hardship I was forced to take out couple of loans from Bigpicture loans. One of them was for $500 which I paid off and paid $968. The second one was for $1500 and I have already paid $840.48. After learning that they are illegal tribal lenders I revoked their ACH authorizations and emailed them that I want the over paid amount of the first loan to be applied to the principal balance of the second loan. This leaves a balance of $191.52 against my principal amount of $1500 for the existing loan. I proposed to pay it to them.
They emailed me back saying that given that they are two different loans and different agreements this is not possible and I am obligated to pay back the current loan, which according to them is $2400.85. They however, as a goodwill gesture, offer me a $241.33 savings on it.
Can anyone advice me how to proceed now. I am thinking of writing a reply stating the fact that I am not agreeing to their offer and only willing to pay $191.52.
Thank you all
This is the response I got today from Big picture loans:
'Please understand that The law that applies to situations where state and federal laws disagree is called the supremacy clause, which is part of article VI of the Constitution. The supremacy clause contains what's known as the doctrine of pre-emption, which says that the federal government wins in the case of conflicting legislation. We are following federal laws regarding your loan and we’re willing to work with you regarding the balance but unfortunately, we will not be able to dismiss the debt. Please reconsider working with Robert to resolve the account. You’re only 10 days past due at this time so we do have some time to work with you however, once the account is transferred to a 3rd party, any and all assistance that we can provide will not be transferable.'
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