Rights to borrowing from pdl located out of USA?? Help!
So I've been researching a company called a2bcash.com. I borrowed $200 from them and their finance charge is $48 which is taken out of my account weekly. I recently discovered they are not licensed in my state of IL and emailed them to say that once the $200+finance fee has been paid through the weekly deductions, I will be revoking any and all ACH rights to them.
They emailed me back with the following:
The Loan Agreement, to which we have adhered to by funding the loan, detailed that your loan was subject to the Arbitration Laws of Malta, a fact by which you confirmed your understanding and acceptance of via the online signature you made. Please note, we are not a US company, have never prescribed to be a US company and have no US presence, as such are not subject to the US laws you detail. Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you consented to make payments via ACH until the loan was satisfied in full. Your loan account is currently in default due to returned payments. We will continue to make collection of all funds due and payable to enable the loan agreement to be satisfied, as per the original provisions. Regards, Customer Services
HUH??? I have not defaulted on the loan. The 3 payments I've made have all cleared in my checking account. For that, they are wrong. As for the Arbitration Laws of Malta, what in the world does that mean for a U.S. citizen?
God, I am SOOOOO stupid for not having done the research before borrowing from them. Stupid, stupid, stupid. What do I do now?
I borrowed $200. To date, I've made 3 finance charge payments of $48 (on 7/2, 7/9, & 7/16). I have no clue why they think I've defaulted. And this was their response to my request for them to call me to discuss my account as I wanted to discuss my legal rights (as I've learned about on this forum). No one calls, they have NO contact information on their website, and every time I go to their website to view my account info, I always have to re-set my password. I've reset it with the same one each time so I know I haven't forgotten it.