Is Hydra Fund an illegal loan company in Texas

I evidentally have a on\'line loan with Hydra fund the amount is 300. They have ach debited my account for a total of $450. I read online that it is illegal in Texas and I closed my account and sent two certified letters to cease and desist collecting and or calling, however, both came back as \"unable to forward\" 4/11/12 I received a :legal: call stating that I will be served law suit papers because of bad checks. I called the company, which answered \"Amway\" and said I did not have any bad checks. I was informed that they had tried to withdraw funds 6 times!! They would have been informed that the account was closed on the first withdraw now I have been threatened and said that it is being turned over to Williamson County hot check division, I did inform them that they were an illegal company and I have paid the principal amount back of the original $300 but in fact paid $450. They said they will cease the lawsuit if i paid the $300 again. I told them no. I contacted a debt counseling co and was advised to just pay the principle and then close the account. Can they legally take me to court when in fact i sent out two letters to addresses that they provide but are not good? I saved my phone msg just in case but I feel very threatened by this seeing online that they are an illegal company, when I originally looked it up it is an offshore company out of New Zealand.......What are my options?

4 Answers

Are these people legal?


Yeah….Soaplady is right. Illegal lenders won’t be able to take any legal action against you. You are liable only for the principal amount. Ask them for the refund, if you have overpaid them. Look at this page to know about how to deal with illegal lenders:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallende...


Offshore lenders are illegal as well. File a complaint with the FTC as well.


You have paid the principal...you owe nothing more.

Stay off the phone....report them to your state ag's office

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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