Legal Question in Credit and Debt Law in Iowa

I need some advice on some internet payday loans. I had paid some off and found that they were not legal in the state of IA due to having to hold an IA license. I closed my account the other day and defaulted on 5 loans. I paid one of the 445 on a 350 loan. I paid one of them 190 on a 300 loan and the other 3 have not made a payment. I sent an email stating I would pay them back the amount borrowed by money order to a physical address if they provide it to me. It is my understanding that I may or may not be obligated to pay these debts and none of the lenders have a license to lend in IA. Some are overseas. What advise can you give to me as far as if they call and try to collect or say I owe up and beyond a certain amount? Any advise would be helpful. Thank you


Asked on 5/22/10, 11:33 am

1 Answer from Attorneys
Robert Luedeman solo practitioner

In order to collect from you they'll first have to obtain a judgment in the courts of Iowa, unless you agreed to something different. If they sue you, hire an attorney. Of course, legal or not your credit report is going to take a hit if you don't pay.

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Answered on 5/25/10, 11:57 am


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