Author Topic: Dealing with Payday Loan Companies  (Read 14218 times)

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LUEser

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Re: Dealing with Payday Loan Companies
« Reply #15 on: June 19, 2010 10:13:52 AM »
In 06, when the question was asked, I would have said stay the away from arbitration. But now, I would say go for it. Against a pay day lender, I would try to get them to negotiate the contract terms to agree to arbitrate the claim in JAMS. If they agree, then they're in for a mean surprise. If not, elect arbitration anyway. Most of them have NAF or AAA listed as far as I can tell. And since NAF is shut down and AAA will only accept if you initiate. Perhaps a huge claim of wire fraud and RICO would get them to quickly shut up and go away and possibly put a(nother) check in your pocket.
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*I'm not a lawyer, just a consumer rights advocate.

zo10

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Re: Dealing with Payday Loan Companies
« Reply #16 on: October 17, 2010 03:18:18 AM »
Hi Luser,
Can you please explain how you can get them for wire fraud and RICO?

Sounds like a good idea  1217

LUEser

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Re: Dealing with Payday Loan Companies
« Reply #17 on: January 20, 2011 03:39:53 PM »
You probably can't actually get them with Wire Fraud or RICO. One, RICO is usually only taken up by the state ex rel the plaintiff. Wire Fraud, probably an overstatement, but Regulation E and ACH transfers could be added to the claim.

Only reason I recommended adding the Fraud and RICO claims is that you can claim exorbitant damages under them, and possibly add co-defendants. What this gets you are a lot of people who don't want to pay the 800 dollar AAA fee for a 230 loan they made. At that point, you have them at the whipping post, and can legally watch them spew money chasing unicorns fighting off claims that probably have no merit to begin with. But, they still have to fight them, or they get hit with them. It's really just a strategy to sink money out of their pockets and into the arbitrators' until they've had enough of you and pay you to go away or mutually walk away from the claims. Procedural issues are your friend in arb. Object to everything, and keep asking for clarifications and more definitive statements.
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*I'm not a lawyer, just a consumer rights advocate.

 

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