Product: Payday loan, title loan, personal loan, or advance loan

Approximately 30 days ago I was informed by tally as were tens of thousands of other consumers that they were going out of business. At the time they said that there was a successor to accept payments and to carry out the terms as set forth in the original loan agreement and line of credit. Tally 's function, is to pay off high interest credit card debt with credit card companies and bill it back to the consumer at a lower interest rate. It has come to light the Tally 's interest rate is significantly higher than the original creditors interest rate, making this a gigantic Ponzi scheme. One of the reasons for the company 's failure at this point is because of the financial fraud committed by tally. They have victimized consumers Nationwide and we are at just at the tip of the iceberg. However it has also come to light, that tally has been allegedly unable to find a buyer and has failed to place the incoming funds and a receivership to protect those assets normally used to pay off credit card companies on behalf of consumers. It has also come to light and I suspect, that tally has taken money and not paid it to the credit card companies putting the proceeds into their General operating fund or otherwise misappropriating the funds. This is a revolving line of credit which means that based on Tally 's Communications to me, I no longer have access to that revolving line which violates the terms of the agreement signed nearly four years ago. The danger of fraud and even a likely bankruptcy at this point, is substantial and likely. And, until such time as a receivership or a court appointed receiver is put in charge of Tally 's assets, it is unsafe and unwise to continue to make payments to this entity. In the meantime, the automated reporting system will report to the credit bureaus that these payments are not being made on time however they're not keeping up with their end of the deal and keeping the credit line open under the original terms which they can not change legally. Any information that they convey to the credit bureaus would be inaccurate at the very moment that they breach the agreement, which is the case here. There are tens of thousands if not hundreds of thousands of consumers right now affected by this there are multi-million maybe even XXXX XXXX or more in consumer funds that tally has in their General operating account and they are using those funds for day-to-day operations rather than paying off the credit card companies that they're supposed to be doing on behalf of the consumers. This may turn out to be one of the largest failures leading to massive fraud against consumers that our country has ever seen. At this point, any money I would have paid to them will not be paid to them directly but will be held in escrow until such time as a receiver is in place and that receiver adopts verbatim the agreement that I have with Tally, including the restoration of the line of credit. This will turn out I fear to be a catastrophic case for both the United States and the cfpb, this stretch is far beyond even the United States from what I understand. If assets are not frozen and seized now by the federal government the losses to the consumers of the United States will mirror those losses of 2008, when you combine the losses to the major creditors that were supposed to be paid off by the credit line company and the money that tally is likely to misappropriate. As it stands today tally has failed to pay or fulfill, its obligations under the terms of our agreement.