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Lakota Cash

Date: Thu, 10/13/2011 - 09:56
Submitted by lynnearagon on Thu, 10/13/2011 - 09:56
Posts: 4
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I received a loan in the amount of $500 from Lakota Cash a few months ago and have paid a total of $417.50 toward the loan, to date. I found out that the loan was illegal, closed my checking account they had access to, sent them letters revoking the wage assignment and informing them that I know they are not licensed in California and my intention to just repay the remaining $82.50 only. I received an email response from them saying that I owe the full balance (principal plus interest) of $647.50 and attached copies of the signed agreement.

Do I just keep driving home the fact that I only intend to repay the principal balance since they loan was illegal in the first place? What's the most effective response in this situation?


This regulatory agency below can help you too.

California Department of Corporations
Financial Services Division
1515 K Street, Suite 200
Sacramento CA 95814
Phone: (866) 275-2677

Be sure to file a complaint with them. Also, when you send your illegal lender letter to Lakota, be sure to revoke wage assignment authorization and then give a copy of your letter ot your HR/Payroll department at work.


Submitted by OhioGal1 on Thu, 10/13/2011 - 12:01

OhioGal1

( Posts: 5253 | Credits: )


Thanks for all of the helpful information, I really appreciate it! So I have been going back and forth with "Kayla" at Lakota for a day now and this is the most recent correspondence from her (after I informed her that the loan was illegal, I am governed by CA laws not tribal laws etc etc):

I will be forwarding your account to further collections, due to the fact we are unable to reach an agreement. If you have any additional questions or concerns, please don???t hesitate to contact Lakota Cash at 866-971-4477 x7050 or you can reply back to this e-mail.
Thank you,
[COLOR=#7030A0]Kayla B[/COLOR]
Lakota Cash
Recovery Account Specialist
Customer Service Specialist
6:00 am - 3:00 pm MST
PO Box 128
Timber Lake, SD 57656

My question now is: I still owe $82.50 for the principal, do I go ahead and send a Money Order to them for this amount or wait until they confirm that once they receive that my loan will be PIF?



Submitted by lynnearagon on Fri, 10/14/2011 - 09:29

lynnearagon

( Posts: 4 | Credits: )


do not do it until they agree you only owe that amount.if you haven't filed the AG complaint yet do so,and don't give them a dime until they acknowledge you only owe the 82.50.let them send it to an outside collector.they can be DV'D easy as pie.


Submitted by paulmergel on Fri, 10/14/2011 - 12:17

paulmergel

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Just filed the complaint with the AG, do you think I should file with the BBB and FTC as well?

Just out of curiosity, what happens after a DV letter is sent to the outside collections agency?


Submitted by lynnearagon on Fri, 10/14/2011 - 12:41

lynnearagon

( Posts: 4 | Credits: )


I am dealing with these people as well. I explained my family situation and the legality of their company in Oklahoma and was put through to a woman named Michelle that represented Lakota Cash.

I explained to her that I have paid back the full principle balance and will not be paying any more. I have taken out numerous loans with this company of the years and they have gotten $1000's of dollars out of me and my family for these loans.

She said their Indian laws do not apply to Oklahoma but that considering my family situation and my long term history with their company I needed to e-mail a [EMAIL="Michaelh@lakotacash.com"]Michaelh@lakotacash.com[/EMAIL] who heads up their collections department.

She told me to explain my situation and that they should be able to get the account closed and paid in full. Not sure if this is going to work or not but I have paid them back the full principle amount so they are not getting another dime out of me.

She seemed nice and I thought it was funny when she said they wouldn't be putting anything negative on my credit report. She also scoffed at the idea when i told her they actually owe me a ton of money. She tried to give me some 7 virtues of their tribe BS and I just asked her to keep it to herself and all I want is this account closed.

If this works I will let you know what this guy "michaelh" says.

Good luck to you.


Submitted by rbh3472 on Fri, 10/14/2011 - 12:43

rbh3472

( Posts: 8 | Credits: )


Here is the response I got back from MichaelH:

Dear Mr. XXXX

Cheryl has filled me in on the negotiation that you agreed to. I will have
your account filed under paid in full. If you need any other information
please contact me at 866-971-4477 ext. 7040. Once again your account will be paid in full as of 10/14/2011.

Michael H


Now remember I paid back the principle amount of the loan. So at least they took that and my account is now closed. Might want to try emailing him as it worked for me.

Good luck


Submitted by rbh3472 on Fri, 10/14/2011 - 14:00

rbh3472

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