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Arrowhead Investments in Iowa

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I took a loan out with Arrowhead Investments over the internet, I have paid back the principal. They sent me to a collection company and are now demanding payments. What are the steps I need to take with the collectors? Is Arrowhead legal in Iowa? Please help




someone should be along soon who knows the laws in iowa, in general arrowhead is not licensed anywhere and if this holds true for your state , since you have already paid the principle you may have an easier time resolving the issue

Sub: #1 posted on Thu, 08/14/2008 - 12:25

jj jj
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I need to know how to get it away from the collection agency

Sub: #2 posted on Thu, 08/14/2008 - 12:26

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Can someone please give me advice!!!!!!!!!!!

Sub: #3 posted on Thu, 08/14/2008 - 12:58

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since it is likely arrowhead is illegal,this CA is too.what is the name of this CA?

Sub: #4 posted on Thu, 08/14/2008 - 13:01

paulmergel paulmergel
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Capital Recovery Associates

Sub: #5 posted on Thu, 08/14/2008 - 13:03

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Iowa State Information

Legal Status: Legal

Citation:
Iowa Code Ann. ???? 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
apr for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources

Sub: #6 posted on Thu, 08/14/2008 - 13:07

cdollar cdollar

(Posts: 228 | Credits: 56.56)

type in capital recovery associates in the search box on the right.you will find out all you need to know about this bottomfeeder CA.

Sub: #7 posted on Thu, 08/14/2008 - 13:08

paulmergel paulmergel
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(Posts: 15505 | Credits: 1356.46)

the legal status says legal does that mean I owe the debt? and they are a legal agency, how do I go about transferring it back to Arrowhead since they are illegal and disputing the debt with them

Sub: #8 posted on Thu, 08/14/2008 - 13:15

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It doesn't necessarily mean they're legal. I don't see that they are licensed in Iowa per the Iowa banking site. According to the law, even if they are legal in Iowa, you can only borrow up to $500 and you can't re-loan or rollover, so if they are rolling over (as I know they surely are) they are operating illegally.

Sub: #9 posted on Thu, 08/14/2008 - 13:21

cdollar cdollar

(Posts: 228 | Credits: 56.56)

like my state of IL.pdl's are legal too,but must be licensed in the state and follow the usury laws.neither arrowhead or CRA are legal in IA.send DV and C&D letters to CRA.then they will give it back to arrowhead.how much of your loan have you paid?we advocate paying back what you borrowed only on an illegal loan.

Sub: #10 posted on Thu, 08/14/2008 - 13:22

paulmergel paulmergel
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(Posts: 15505 | Credits: 1356.46)

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