Question: Recieved a response from Zip 19
Date: Fri, 07/02/2010 - 15:19
"If you take a moment to review the attached loan agreement, you will see that Northway Financial
Corporation Ltd. is a Financial Institution licensed and regulated in accordance with the Financial
Services Directive of the European Union (EU). As such, the laws of the Republic of Malta (member
State of the European Union), not the state of North Carolina applies to its terms. We provided you with
this notice so that you would understand the terms of your loan."
They offered me a settlement plan of 5 payments of $130 each. How should I respond to this? I mean I looked back and have paid over $1000 on a $650 original loan, so I don't think I owe them anything else.
Thanks
Something like Dear Sir, North Carolina statute ? 53‑
Something like
Dear Sir,
North Carolina statute ? 53‑166 requires that any lender making a loan for less than $10,000 in the state of North Carolina must be licensed by the North Carolina Commissioner of Banks. Since I have been unable to find your license with the State of North Carolina, and you have informed me that you do not hold a license with my state, I am not required by law to repay you more than the principal amount, which I have already done. Please send me a check for $450, the amount I have been charged in excess of what you are legally allowed to collect.
Sincerely,
It doesn't have to be this exact wording, but statute cites always help.
Ha! I wouldn't give them another dime! What are they going to do
Ha! I wouldn't give them another dime! What are they going to do, sue you? I think not, they aren't even located in the U.S.
This is the email I would send back:
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.
