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I need help understanding for payday loans

Date: Sun, 05/27/2007 - 03:56

Submitted by watermiler
on Sun, 05/27/2007 - 03:56

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Total Replies: 3


I just found out 2 of the internet payday loans i have from United Cash Loans and Magnum cash Advance has a desist and refrain order against them in my state of California.

Quote:
magnum order says they are ordered to desist and refrain from engaging in the business of offering or making deferred deposit transactions without getting a license from the commissioner or otherwise be exempt.
United Cash loans order says the same thing exept it also says if within 30 days, after the order is served , a written request for a hearing is filed and no hearing is held within 30 days thereafter, the order is rescinded.

They were both dated 2006

Does anyone know what this means? does it mean since they are not licensed in my state i don't need to pay them? they are both telling me they are going to report me to the major credit bureaus. They also won't accept any payment plan.
Please if anyone knows it would be great because I want to send them another letter and need to know what to write.


So you have checked on the Dept of Corp website and it says that there are no active licenses for these companies as of today? Then these companies are blowing smoke you know where with their threats. File complaints with the California Attorney General and Dept of Corporations against them. You are only legally obligated to pay back what you borrowed and nothing else.


lrhall41

Submitted by kscornell on Sun, 05/27/2007 - 08:32

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File those complaints with the Attorney Generals office consumer division ASAP. Also they are blowing smoke with there threats. KYSIDE38


lrhall41

Submitted by KYSIDE38 on Mon, 05/28/2007 - 21:19

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