I had sent a complaint into the Missouri division of finance in regards to being harrassed about my boyfriend

Question

loan. So basically they told me his private info and continued to harrass me for payment. I called the division of finance and they told me to submit a formal complaint both for myself and on behalf of him (since he is on a job site out of state) Today I received a letter form them addressed to he and I and it is a copy of what they sent to the person in charge at the company (a payday loan company) it reads as follows:
Dear Ms ?:
This office has received a request for assistance on behalf of SO and So (my boyfriend). As you can see from the attached materials (our complaint) that we have received, there are some questions raised concerning the way the loan was handled. We question the validity of any contract involving someone who is a the outset not involved in the loan. We would appreciate your review of this account and your advice concerning what has taken place. We would be especially intrested in whatever remedial action might be appropriate. WHAT DOES THIS MEAN????

Answer 1

It means the company is being asked by the State to explain their actions in this matter. Unless you haven't told us the whole story (like maybe you co-signed for the loan) they should stop harassing you.

Your deadbeat boyfriend is another matter entirely. Why don't you tell him to pay his debts so you don't have to keep answering phone calls from his creditors?

Answer 2

It means that the DFI :

1. Has informed the payday loan company that it has received a complaint.

2. Wants to know some specifics about the way the loan was handled, and why you are being harassed for payment.

3. Wants to receive an answer to their questions as well as what corrective action will be taken, and if they (payday loan company) have some suggestions as to how the issue can be resolved.

I would recommend that your boyfriend begin/ continue to make payments as in the past. If he cannot afford to pay the scheduled amount, then he should inform the payday loan company, in writing, why he can't comply. In the letter he should state that he recognizes his obligation and is willing to make "alternative payments", if they (the loan company) would show "good faith" by suspending the interest for a period of time (3-6-12 months), in order that his payments would go to drawing down the principal.

Answer 3

My thoughts are that YOUR problems are over. However - your boyfriend still owes the debt and should get it resolved.

Any lender should never discuss "details" of any business transaction with anyone other than a signed obligator on their contracts.

The DFI (Dept of Financial Instituations) is the governing body / regulator of a Payday Loan Company. At least that is who regulates them in my state & evidently that must be the case in Missouri as well.

The DFI will probably follow thru on this. If they do not, I would follow up with the DFI in 2 weeks for a resolution update.

What it means was your question - I think the DFI is expecting corrective action to be implemented immediately by the lender.

Good luck. And have your boyfriend contact them ASAP to work out repayment arrangements.