Tribal lenders
Date: Fri, 08/12/2011 - 09:15
Tribal lenders can tell you Elvis is President but it doesnt mea
Tribal lenders can tell you Elvis is President but it doesnt mean it is true!
If they are not following california rules and regs, they are illegal.
I would recommend closing your bank account....illegal lenders find their way around blocks.
I just ran across this article from the Wall Street Journal rega
I just ran across this article from the Wall Street Journal regarding tribal lenders.
http://online.wsj.com/article/SB10001424052748703716904576134304155106320.html
it is an interesting article but from what I have been told by t
it is an interesting article but from what I have been told by the Fl office of financial regulation is that though they cannot stop them from making the loans to FL residents they can stop them from collecting on them. As FOFR stated if you choose not to pay them they would then have to sue you for the money. The only way they can do that is to take you to court where you live at which point the tribal laws no longer work. It is a catch 20 situation for the tribal lenders they can lend to anyone they want without fear of the states being able to stop them but at the same time if they try to collect in a state in which they did not have a license they are pretty much screwed.
I'd do as soaplady says, close your checking account or at least
I'd do as soaplady says, close your checking account or at least put it on deposit only status. These companies operate under several different names and even if you have an ACH block on one name, they might still use another.
I wwould definetly close my checking accounts or they will attem
I wwould definetly close my checking accounts or they will attempt to go in there under another name even post checks like you have written them! Protect your money close the accounts let the bank manager know what is going on. I would even change accounts and don't give out any information!
