Payday loan troubles
Date: Thu, 02/12/2009 - 13:13
I loaned from "www.cashtransfercenters.com" and have gotten help from the forum. I defaulted on the loan on purpose and put an ACH on my bank account. They have sent a collections letter that states this:
"This outstanding amount has been listed on your Teletrack Report and, at this time, is negatively affecting your credit score. This may result in the loss of any credit privileges extended by creditors who use Teletrack. This may also have a negative effect on any existing credit where the creditor is a Teletrack subscriber. Pay this loan in full in one payment and your Teletrack score will be updated."
Oh, it also says at the bottom of the letter...
"*Northway Financial Corporation Ltd. is licensed by the MFSA to provide lending services under the Financial Institution Act 1994."
I thought they were illegal. Are they still allowed to do this with Teletrack?
"This outstanding amount has been listed on your Teletrack Report and, at this time, is negatively affecting your credit score. This may result in the loss of any credit privileges extended by creditors who use Teletrack. This may also have a negative effect on any existing credit where the creditor is a Teletrack subscriber. Pay this loan in full in one payment and your Teletrack score will be updated."
Oh, it also says at the bottom of the letter...
"*Northway Financial Corporation Ltd. is licensed by the MFSA to provide lending services under the Financial Institution Act 1994."
I thought they were illegal. Are they still allowed to do this with Teletrack?
Teletrack is a reporting center for PDLs and rent a center place
Teletrack is a reporting center for PDLs and rent a center places. All they did was report that you did not pay a PDL. They are pretty worthless as they let illegal lenders report to it.
It does not go on your credit report.
Quote:"*Northway Financial Corporation Ltd. is licensed by the M
Quote:
"*Northway Financial Corporation Ltd. is licensed by the MFSA to provide lending services under the Financial Institution Act 1994." |
Well goody for them. The MFSA is: Malta Financial Services Authority. Just reply to them like this:
Please note I am not a resident of Malta, have never prescribed to be a resident Malta and have no Malta presence, as such am not subject to the Malta laws you detail. Have a nice day! :)
I was curious about this loaner so I called them up and asked we
I was curious about this loaner so I called them up and asked were they legal in Illinois. She said yes, when I know they are not. She directed to a webpage called payday lend for me to verify that they are legal. What a joke. The webpage does not look legal. What are these people think we are?
