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I have paid spotloans $950 so far for a loan of $2000, I plan on paying only the principal back as I have sought advice on this forum before, but after contacting spotloans they refuse to agree on this, stating that I must pay the interest & fees as well that have already accumulated.

What are my options?
What will happen if I say F U and just stop paying back my principal?
I don't take kindly to scammers and from what i've seen they've taken double what people have owed them time and time again.
I already know your stance on this behavior, but I am seeking what legal action I am liable to in such a scenario, not for your moral advice.

Thank you!




They can do nothing, at least legally. Your original plan is correct. You only need to pay back the principal amount.

You can take legal action against them.

Sub: #1 posted on Thu, 11/07/2013 - 11:17

ditchdebt ditchdebt

(Posts: 577 | Credits: 243.94)

Don’t worry mate..they can’t do anything. Don’t share any personal information with them. Close down your old bank account and open a new one to stop debiting money from your account.

Sub: #2 posted on Thu, 11/07/2013 - 18:26

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the two above especially ditchdebt are stupid.the one above me doesn't read the post,and ditchdebt is wrong in that you can't take legal action against a tribal lender.now as long as you have secured your account you are in control.if they don't agree to you paying the 1050 left and at your convenience,and with an address then yes screw em,but make every reasonable attempt to do so.

Sub: #3 posted on Thu, 11/07/2013 - 18:49

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Thank you for the clarification paul, i dont want to leave any stone unturned. Am i at any risk if this loan was technically a consumer installment loan? Would the illegality of their lending remain the same or is this some loophole they can use to somehow be observed as a legal lender in illinois? I notice that consumer installment loan seems to be the new flavor used by these scamming scum

Sub: #4 posted on Thu, 11/07/2013 - 19:55

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nope no tribal entity is legal no matter what they call it.

Sub: #5 posted on Thu, 11/07/2013 - 20:07

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

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