Contract Law


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I was speaking with a neighbor last night listening to her complain about bills and thinking of using a payday loan. I came clean and told her the mess I had created and what I was doing to try to clear it up. She was sympathetic and I think I stopped her from doing the pdl thing. But when I got home from work tonight...she left a note on my door saying a friend of hers was a para-legal...and he said if you signed a contract, even if it was over the 'net...you are required by law to fulfill it.

Does that negate everything we are trying to do?? I am getting more confused by the minute here...Help!!!




cannr

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Sub: #1 morningstarr
Fri, 07/06/2007 - 19:46

morningstarr, you will not find them as licensed in your state. Internet pdl's are illegal. They can not be licensed in your state. I don't care what your neighbors friend says. These are internet pdl's. They are located in another state, not your state. The pdl laws everyone refers to when refering to your state are the laws for licensed pdl's (store fronts). Yes, these are legal. They abide by your state laws. The internet pdl's are NOT. They are not legal in your state, they are not licensed in your state. They are not even located in your state. Don't freak. And listen to these people. They're not going to sue you or take you to court. They can't. They're illegal. And if they turn you over to collections, have your documentation ready. They're going to collect on an illegal loan??? These ipdl's should not even be lending to residents of your state. That's the biggest point of all. They are in the wrong. Not you. They should never have lended the money, as they are not licensed in your state. The broke the law.




Morningstarr430

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Sub: #2 I did look up each one under every dba I could find and none of
Fri, 07/06/2007 - 18:11

I did look up each one under every dba I could find and none of them are listed in licensed lenders.

If you think you can, you can...if you think you can't, your probably right...




Morningstarr430

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Sub: #3 Thanks...to Cajun, Cannr, Fins and Goodah...I think I just need
Fri, 07/06/2007 - 18:08

Thanks...to Cajun, Cannr, Fins and Goodah...I think I just need a few days to recoup and stop thinking about them...then maybe I will feel stronger...:)

If you think you can, you can...if you think you can't, your probably right...




bflow30
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Sub: #4 That would COST money, hey, they only steal money!
Fri, 07/06/2007 - 18:07

That would COST money, hey, they only steal money!

bflow30




finsfan13

Posts: 6934
Credits: 65210.6

Sub: #5 Cajun is right..They ain't going to court. I have never ever see
Fri, 07/06/2007 - 17:23

Cajun is right..They ain't going to court. I have never ever seen an internet PDL sue anyone, ever

I think what you;re seeing simply means that PDLS are legal in the state of Indiana. However, they must each be licensed, and I'm willing to be none of them are.

26.2
Detroit Marathon, October 2009




cajunbulldog

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Sub: #6 You would have to go to Indiana's dept of Financial Institutions
Fri, 07/06/2007 - 17:20

You would have to go to Indiana's dept of Financial Institutions license database.You then check each individual lender name against their list.

Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.




Morningstarr430

Posts: 2330
Credits: 41028.05

Sub: #7 ok...at the top of the Indiana Law for pdls...it says legal...is
Fri, 07/06/2007 - 16:59

ok...at the top of the Indiana Law for pdls...it says legal...is that just if they comply with the interest laws..because none of them are licensed. Darn..I wonder how much it would cost to hire a lawyer to explain it to me ..

If you think you can, you can...if you think you can't, your probably right...




cajunbulldog

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Credits: 42498.15

Sub: #8 They almost always turn you over to some type of collection agen
Fri, 07/06/2007 - 15:44

They almost always turn you over to some type of collection agency.If you revoke your banking and employment assignment,they cannot garnish without a court order.If they are illegal in your state,they will not go to court.

Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.




Morningstarr430

Posts: 2330
Credits: 41028.05

Sub: #9 How often do these ipdls turn you over to collection agencies or
Fri, 07/06/2007 - 15:31

How often do these ipdls turn you over to collection agencies or garnish wages...??

If you think you can, you can...if you think you can't, your probably right...




cajunbulldog

Posts: 4859
Credits: 42498.15

Sub: #10 Goudah is correct.Just about every court has ruled an illegal co
Fri, 07/06/2007 - 15:09

Goudah is correct.Just about every court has ruled an illegal contract is null and void.That is why they threaten the world and don't go to court.

Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.




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