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jan_shc
Joined: 04 Jan 2007
jan_shc's page
Posts: 4
118 Magic Points
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Subject: Internet loan companies - collections - Tennessee
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Mon Jan 08, 2007 5:22 pm
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Put your question here ...
The State of TN does not license any internet loan companies; therefore am I obligated to pay these companies beyond what I've already paid them (a fortune). Can a collection agency for them sue me? |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Tue Jan 09, 2007 1:08 am
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| Find out the total payments you have paid on the loans. The companies need to be licensed in the borrower’s state for running a legitimate business. As you have confirmed them not licensed in your state, pay back the principal amount only. The collection agency cannot sue you on their behalf because the lender will be asked to prove their business before any actions are taken against you. If you end up going to the court, this point is to be used as your legal defense. How much have you paid on these accounts? Go through your bank statements and pay the outstanding balance. |
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J Davis
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Subject: internet loans in TN
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Tue Jan 09, 2007 1:03 pm
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| thank you so much. Except for one I have paid the principal and about 3x over that. |
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george
Joined: 06 Jul 2006
george's page
Posts: 75
2859 Magic Points
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Tue Jan 09, 2007 7:21 pm
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Here is the law in TN. Calculate the charges on your loan account. Recite the laws to the lenders whom you have paid excessive amount.
You need to claim for a refund from them. If they sound hard, file your complaints with the Secretary of State & the Attorney General and request investigations on the payday loan company. Check out from this list whether your loan company is licensed in your state or not: http://www.tennessee.gov/tdfi/compliance/Lic_DP.html
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Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville, TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018 |
George |
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jheenah townsley
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Subject: payday loan companies licenced in tn
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Wed Feb 18, 2009 8:47 pm
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| How do I know if an internet loan company is licenced in tn |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Thu Feb 19, 2009 10:08 am
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Hi Jheenah
Internet based payday loan companies are legal in Tennessee so long as they are licensed in any of the states in US. You can find the list of the pay day loan companies licensed in Tennessee, if you visit the link
http://www.tennessee.gov/tdfi/compliance/Lic_DP.html#A
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Where there's a will, there's a way !! |
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joan
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Subject: payday loans
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Wed Mar 10, 2010 8:23 pm
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| can you be sued or wages garnished for not paying off your payday loan? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 376
7254 Magic Points
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Subject: payday loans
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Thu Mar 11, 2010 7:45 am
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Hi joan,
Yes, your lender can sue you and garnish your wages for not making payments on payday loan. However, to avoid this, whenever you find that you are unable to pay the balances, you can contact the lender and try to work out a plan.
However, payday loan laws vary from state to state. Thus, you can check the laws of your state.
Hope this helps.
Regards,
Aaron
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