laws on out of country lenders
Date: Sun, 01/27/2013 - 08:12
Online lenders? I didn't know about that part until I tried to contact these people! I had fraud go through my bank account had to close it and couldn't get this info to them. Now I am getting nasty threatening calls from some guy claiming I am going to be arrested. Is there a site to turn them or him in?
Hi and welcome,
Hi and welcome,
The only sites you can turn them into are your state's attorney general's office and/or the Federal Trade Commission. Before you do that, however, it would be smart to confirm that they are unlicensed to do business in Virginia.
You can do this by going to your state gvt website and checking for a business license. If they are not there, they're illegal.
As to the threats, this is a very common scare tactic that these lenders use. They count on their victims not knowing the law and hope to scare you into getting you to pay up.
If they are in fact
If they are in fact unlicensed to do business in your state then they are in fact illegal - they must be licensed in Virginia to do loans there.. If that is the case you only owe principal borrowed minus any fees already paid - you will still want to revoke their ACH authorization.. and by no means give them your new bank account information - pay them only by money order... Let us know and we can help guide you - here is a link to look at for assistance... http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
