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Tribal lenders



jnichols

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Sub: Tribal lenders
Mon, 15/08/2011 09:10

What is the situation with "tribal" lenders - I know there are several. The one I'm beginning to deal with is Redstone. I'm in CA and as far as I can tell they are not licensed in my state. I understand they claim immunity from state laws. I stopped an ACH transfer to them today and will be sending them a letter (they are impossible to reach by email) but I know the phone calls will start coming from them next week. What is the best of course of action in dealing with them?



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SOAPLADY
SOAPLADY


Debt Samaritan
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Sub: #1 Seems to be another echo in here....Mon, 08/15/2011 - 09:10



Seems to be another echo in here....

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com...imitation.html


Sub: #2 I wwould definetly close my checking accounts or they will attemMon, 08/15/2011 - 08:25



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!

I just want to be debt free!!!! One Day at a Time!!!


ugglywump
ugglywump
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Sub: #3 I'd do as soaplady says, close your checking account or at leastMon, 08/15/2011 - 05:56



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.


tousi76
tousi76
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Sub: #4 it is an interesting article but from what I have been told by tSat, 08/13/2011 - 12:36



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.


jnichols
jnichols
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Sub: #5 I just ran across this article from the Wall Street Journal regaFri, 08/12/2011 - 12:07



I just ran across this article from the Wall Street Journal regarding tribal lenders.

http://online.wsj.com/article/SB10001424052748703716904576 134304155106320.html


SOAPLADY
SOAPLADY


Debt Samaritan
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Sub: #6 Tribal lenders can tell you Elvis is President but it doesnt meaFri, 08/12/2011 - 09:29



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.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com...imitation.html


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