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Payday Loans NJ Illegal (both parties)



MSF

Sub: Payday Loans NJ Illegal (both parties)
Tue, 20/07/2010 12:21

I just found out it is illegal to offer and accept Payday Loans in NJ. Basically, I am a just as guilty as the financial institution. One of the loans was sold to a collection agency. The initial loan was 300.00 and now they are trying to collect on 525.00. What is the best way to proceed with this without getting myself in trouble.

The collection company did send a letter, which I received yesterday stating they bought the loan. I was going to send a debt validation letter but not sure that is the best route considering the entire thing was illegal. My initial thought was to send a letter with a copy of the law and offer them 300.00 (initial loan)

Any suggestions?

Thanks



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Unregistered

Sub: #1 Quote:Originally Posted by ballplayersmomdid national credit conTue, 07/20/2010 - 12:21



Quote:
Originally Posted by ballplayersmom
did national credit contact u via email or mail? i am sure i will also be hearing from them shortly and wondered how they will approach me at first


First via phone call. I asked if they sent any kind of correspondence and they said they mailed me a letter. I told them when I received the letter I would be back in touch. They called me again today and I told them they would be hearing from me shortly.

I sent the DV today.


Sub: #2 did national credit contact u via email or mail? i am sure i wilTue, 07/20/2010 - 08:33



did national credit contact u via email or mail? i am sure i will also be hearing from them shortly and wondered how they will approach me at first


paulmergel
paulmergel


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Sub: #3 Quote:Originally Posted by AnonymousThanks. Sending the letter tTue, 07/20/2010 - 07:08



Quote:
Originally Posted by Anonymous
Thanks. Sending the letter today. I guess these collectors expect to spook individuals into just handing money over blindly.


exactly right my friend.that is why sites like this exist,because a while ago they had their way,and people did just pay not knowing these places have no right to anything.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


Unregistered

Sub: #4 Quote:Originally Posted by paulmergelhmmm.i would include verbagTue, 07/20/2010 - 06:51



Quote:
Originally Posted by paulmergel
hmmm.i would include verbage like that but word it like this.
it has come to my attention that you have bought a debt considered illegal in my state.(put your state laws here).therefore i am requesting the following
1)proof of the legality of the debt.
2)proof i owe the amount you say i owe.
3)your license to collect this debt.
also any calls after receipt of this letter will be recorded.compliance with this letter will result in resolution.anything else will result in me filing AG,and FTC complaints.
that is how i would do it,but admit nothing until they give that info.


Thanks. Sending the letter today. I guess these collectors expect to spook individuals into just handing money over blindly.


paulmergel
paulmergel


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Sub: #5 Quote:Originally Posted by AnonymousThe woman on the phone alreaTue, 07/20/2010 - 06:24



Quote:
Originally Posted by Anonymous
The woman on the phone already threatened to sue me. I told her if she was trying to intimidate me it wouldn't work and that I would be in contact with them shortly.

I was about to tell her just because I was in a financial bind does not mean I am stupid, but I kept the conversation short and sweet :-)

Should I include the following in the DV letter:

1)they acknowledge you only owe 300.00 not 510.00,and they can't keep jacking that up.
2)agreement that by paying the 300.00 this debt will be paid.
3)agreement that payments can be sent via money order,or prepaid debit.

Should I also include NJ law showing PDL is illegal.


hmmm.i would include verbage like that but word it like this.

it has come to my attention that you have bought a debt considered illegal in my state.(put your state laws here).therefore i am requesting the following

1)proof of the legality of the debt.
2)proof i owe the amount you say i owe.
3)your license to collect this debt.

also any calls after receipt of this letter will be recorded.compliance with this letter will result in resolution.anything else will result in me filing AG,and FTC complaints.

that is how i would do it,but admit nothing until they give that info.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


Unregistered

Sub: #6 Quote:Originally Posted by paulmergeloh boy,national credit adjuTue, 07/20/2010 - 06:01



Quote:
Originally Posted by paulmergel
oh boy,national credit adjusters is one of the most notorious pdl collection bottomfeeders out there.they are required by fderal law to validate this debt.you do not owe anything over the 300.00 borrowed.send the DV letter with something stating that since MESA legally can't charge interest.neither can they,get these things in writing(which this bottomfeeder won't provide).
1)they acknowledge you only owe 300.00 not 510.00,and they can't keep jacking that up.
2)agreement that by paying the 300.00 this debt will be paid.
3)agreement that payments can be sent via money order,or prepaid debit.
those are important.above all else do not give bank debit,check info,or cc info.do a serach in the bar top for national credit adjusters,you will see what scum you are now dealing with.


The woman on the phone already threatened to sue me. I told her if she was trying to intimidate me it wouldn't work and that I would be in contact with them shortly.

I was about to tell her just because I was in a financial bind does not mean I am stupid, but I kept the conversation short and sweet :-)

Should I include the following in the DV letter:

1)they acknowledge you only owe 300.00 not 510.00,and they can't keep jacking that up.
2)agreement that by paying the 300.00 this debt will be paid.
3)agreement that payments can be sent via money order,or prepaid debit.

Should I also include NJ law showing PDL is illegal.


paulmergel
paulmergel


Posts: 15246
Credits: 122817.12453883 Send message to paulmergel

Sub: #7 Quote:Originally Posted by AnonymousNCA - National Credit AdjustTue, 07/20/2010 - 05:42



Quote:
Originally Posted by Anonymous
NCA - National Credit Adjusters

The first line of the letter reads:
This letter is to inform you that National Credit Adjusters, LLC (NCA) has purchased the above referenced account; we are not collecting for Mesa Financial. NCA owns the account you created with Mesa Financialand has a financial investment in it.....

As of the date of this letter, you owe $510.00; because of interest, late charges and other charges that may vary from day to day, the amount due on the day you pay may be greater than the amount on this letter. hence, if you pay the amount shown above, an adjustment may be necessary after we receive your payment.

Original PDL: Mesa Financial, for 300.00


oh boy,national credit adjusters is one of the most notorious pdl collection bottomfeeders out there.they are required by fderal law to validate this debt.you do not owe anything over the 300.00 borrowed.send the DV letter with something stating that since MESA legally can't charge interest.neither can they,get these things in writing(which this bottomfeeder won't provide).

1)they acknowledge you only owe 300.00 not 510.00,and they can't keep jacking that up.
2)agreement that by paying the 300.00 this debt will be paid.
3)agreement that payments can be sent via money order,or prepaid debit.

those are important.above all else do not give bank debit,check info,or cc info.do a serach in the bar top for national credit adjusters,you will see what scum you are now dealing with.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


Unregistered

Sub: #8 Quote:Originally Posted by paulmergelall right almost there.now Tue, 07/20/2010 - 05:25



Quote:
Originally Posted by paulmergel
all right almost there.now who is the place collecting now?again send the DV letter.do not let them try to lie,and strong arm you.believe it or not.you are in control here,not them.yes we always advocate paying what was borrowed.but do it on your terms.meaning they let you pay with money orders,and it's what you can afford.not what they tell you to pay.


NCA - National Credit Adjusters

The first line of the letter reads:
This letter is to inform you that National Credit Adjusters, LLC (NCA) has purchased the above referenced account; we are not collecting for Mesa Financial. NCA owns the account you created with Mesa Financialand has a financial investment in it.....

As of the date of this letter, you owe $510.00; because of interest, late charges and other charges that may vary from day to day, the amount due on the day you pay may be greater than the amount on this letter. hence, if you pay the amount shown above, an adjustment may be necessary after we receive your payment.

Original PDL: Mesa Financial, for 300.00


Cool_Abyss
Cool_Abyss

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Sub: #9 Agreed!Mon, 07/19/2010 - 11:42



Agreed!

"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-


paulmergel
paulmergel


Posts: 15246
Credits: 122817.12453883 Send message to paulmergel

Sub: #10 Quote:Originally Posted by AnonymousThe 300.00 must be re-payed.Mon, 07/19/2010 - 11:30



Quote:
Originally Posted by Anonymous
The 300.00 must be re-payed. I know that plus I don't welsh.

I hate collection agencies.


all right almost there.now who is the place collecting now?again send the DV letter.do not let them try to lie,and strong arm you.believe it or not.you are in control here,not them.yes we always advocate paying what was borrowed.but do it on your terms.meaning they let you pay with money orders,and it's what you can afford.not what they tell you to pay.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


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