I have been reading a lot on here and decided to join. I have many payday loans out including tribal loans. I have sent one of the letters on here to one of the tribal lenders. I got a response from them shortly after. Here is what they said:
Thank you for your communication. Please be advised that Big Picture Loans, LLC is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally-recognized Indian tribe and sovereign government ("Tribe"). Because the Tribe regulates its own consumer financial services pursuant to Tribal law, state licensure and regulation is inapplicable to the Tribe, and, by extension, to Big Picture Loans, LLC.
Big Picture Loans
I know they are illegal. I just want to know if I have anything to worry about. I did tell them I would pay them the principal which is now $175 since I already paid them $75 already.
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.