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I made the mistake of taken loans out with these two companies. I have a loan with Spotloan for $800 and with My Back Wallett for $600. I recently discovered that these loans are illegal in the state of NJ. I still owe principal on these which I am willing to pay in installments that I can afford; but these companies are refusing that option. I was looking to see if anyone had any advice on how to proceed.

It does appear with the recent settlements by Western Sky that the tribal defense by these companies is no longer going to be valid.

Thank you in advance for any advice.

if both illegal lenders won't let you pay the principle only and via money order you don't deal with report them first to the FTC then your AG.btw how much was debited by each lender thus far?see since both are tribal and illegal in every state anything debited gets deducted from the principle.example:

spot loan debits 200.00 three only owe 200.00 as again rollover/fee debits are illegal as well,and those get deducted so try and figure out how much.or little you truly owe,but file the complaints,and i'm guessing you closed/secured your account so if i'm wrong let me know.

Sub: #1 posted on Thu, 06/26/2014 - 05:42

paulmergel paulmergel
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Thank you for your response.

I filed a complaint with my AG yesterday and I will file with the FTC today. I have paid Spotloan $234.54 and My Back Wallett $300 thus far. I actually offered to settle with them by paying twice what they say the current principal is in lower monthly installments and they refused.

I did close the account they had access to which I notified them about earlier this week.

I guess tomorrow when they don't get their money, I should just be prepared for a ton of harassing phone calls to me and and references I listed?

Thanks again.

Sub: #2 posted on Thu, 06/26/2014 - 06:48


Should I notify these companies that I have filed complaints with the AG and FTC/CFPB?

Sub: #3 posted on Thu, 06/26/2014 - 08:06


(Posts: 2 | Credits: )

it's up to you,but as far as the amount not pay them a penny more than the principle,and do not give them your new bank info.that is what they want so they can bleed it and leave you drowning in NSF red ink.file the complaints and communicate via email only.once they block you(and they most likely will)report every call they and any bottomfeeder makes.

Sub: #4 posted on Thu, 06/26/2014 - 08:12

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15512 | Credits: )

Welcome to the forums! Although we do advise community members to pay only the principal on a illegal loan, since you did have use of the money, since you state this loan is illegal in your state, you would not technically have to pay anything back.
With that being said, since the lender rejected your attempts to do this, IMO, you have fulfilled your obligation to them. Will they blow up your phone lines? Probably. Will they tell you that you are going to jail? Yup. Stay strong and know that they are just trying to scare you into paying their illegal fees!

Sub: #5 posted on Thu, 06/26/2014 - 20:11

kscornell kscornell
(Posts: 4409 | Credits: )

exactly right K represent!

Sub: #6 posted on Fri, 06/27/2014 - 06:00

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15512 | Credits: )

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