Share post
Debt Consolidation Forums Payday Loan help forums

Need Payday Loan Advice in Vermont

member profile picture
Posts: 1
Credits: 0

I took out 4 internet payday loans about a year ago from CLK Management (Ameriloan, USFast Cash, United Cash Loans, and 500Fast Cash).  I'd used these services in the past and had always paid my loans in full, though it was always a struggle as many of you probably already know.  But I've had enough.  Times are tough and just paying the mortgage and holding down a job is challenging.  I've paid these people many times over at ridiculous interest rates.  I closed my checking account and began to do some research.  I found that internet loans are illegal in Vermont and that CLK claims that an Indian tribe grants these loans so they are not subject to the laws of the US.  I am receiving threatening calls.  I know they cannot put me in jail and that they do not report to the traditional credit agencies.  I know they use fear and intimidation and that working out reasonable settlements with them is next to impossible.  I am contemplating just ignoring them.  Can they do anything to me?  What is the track record of CLK in suing people in other states?  Anyone have any Vermont-specific info?  I wrote to the banking commisioner who only confirmed that internet PDLs are illegal in our state.  No further advice was offered.  Not sure what to do at this point.  Thanks in advance for any advice.

Internet payday loans are illegal in the state of Vermont. I'm glad that so far these lenders haven't been able to debit your account but there is something you need to keep in mind. When dealing with payday lenders who have ALREADY broken the law by lending to residents of a state where they aren't suppose to; anything goes with them. They WILL change their names and withdrawal as much as they possibly can in the future, AND, they will continue this tactic until they bleed you dry. Therefore, it would be in your best interest to CLOSE that account and open an entirely new one at a different bank. Your account will NEVER be safe again since these lenders have the information. They are ruthless and think they are above the law. CLICK HERE to find out how to deal with illegal lenders, please read it thoroughly and do NOT skip any steps.

Sub: #11 posted on Sun, 09/06/2009 - 10:46

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17344 | Credits: )

Page loaded in 1.329 seconds.