I have been reading the forums for a while and finally decided to register and post my info. I have several online payday loans outstanding. Some are legal, and others I'm not so sure about. I have often heard on here that loan companies from offshore/tribal are never legal. Does this also pertain to Louisiana? The law here states that online lenders do not need to be licensed, but DO need to follow state laws regarding terms, fees etc. If these offshore companies are illegal in other states, would they be illegal here as well? How can I be sure? The loans that I have and am specifially referring to include Bottom Dollar, Alpine Group, Plain Green, Rise Credit, and MyPayDayLoan.com. In addition, Bottom Dollar and Plain Green have indicated that they have sold my account to a third party collection agency. I do not want to send a Debt Validation or C/D letter until I know for sure the legality of these loans. PLEASE HELP ME!!!!!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.