Contract Law

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I was speaking with a neighbor last night listening to her complain about bills and thinking of using a payday loan. I came clean and told her the mess I had created and what I was doing to try to clear it up. She was sympathetic and I think I stopped her from doing the pdl thing. But when I got home from work tonight...she left a note on my door saying a friend of hers was a para-legal...and he said if you signed a contract, even if it was over the 'net...you are required by law to fulfill it.

Does that negate everything we are trying to do?? I am getting more confused by the minute here...Help!!!




No, because these places are breaking the law. Illegal contracts are considered null and void by courts.

Sub: #1 posted on Fri, 07/06/2007 - 14:35

goudah2424 goudah2424

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Goudah is correct.Just about every court has ruled an illegal contract is null and void.That is why they threaten the world and don't go to court.

Sub: #2 posted on Fri, 07/06/2007 - 15:09

cajunbulldog cajunbulldog
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How often do these ipdls turn you over to collection agencies or garnish wages...??

Sub: #3 posted on Fri, 07/06/2007 - 15:31

Morningstarr430 Morningstarr430

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They almost always turn you over to some type of collection agency.If you revoke your banking and employment assignment,they cannot garnish without a court order.If they are illegal in your state,they will not go to court.

Sub: #4 posted on Fri, 07/06/2007 - 15:44

cajunbulldog cajunbulldog
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ok...at the top of the Indiana Law for pdls...it says legal...is that just if they comply with the interest laws..because none of them are licensed. Darn..I wonder how much it would cost to hire a lawyer to explain it to me ..

Sub: #5 posted on Fri, 07/06/2007 - 16:59

Morningstarr430 Morningstarr430

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You would have to go to Indiana's dept of Financial Institutions license database.You then check each individual lender name against their list.

Sub: #6 posted on Fri, 07/06/2007 - 17:20

cajunbulldog cajunbulldog
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Cajun is right..They ain't going to court. I have never ever seen an internet PDL sue anyone, ever

I think what you;re seeing simply means that PDLS are legal in the state of Indiana. However, they must each be licensed, and I'm willing to be none of them are.

Sub: #7 posted on Fri, 07/06/2007 - 17:23

finsfan13 finsfan13
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That would COST money, hey, they only steal money!

Sub: #8 posted on Fri, 07/06/2007 - 18:07

bflow30 bflow30

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Thanks...to Cajun, Cannr, Fins and Goodah...I think I just need a few days to recoup and stop thinking about them...then maybe I will feel stronger...:)

Sub: #9 posted on Fri, 07/06/2007 - 18:08

Morningstarr430 Morningstarr430

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I did look up each one under every dba I could find and none of them are listed in licensed lenders.

Sub: #10 posted on Fri, 07/06/2007 - 18:11

Morningstarr430 Morningstarr430

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