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 Posted: Wed Jan 10, 2007 12:39 pm Subject: What can we do about excessive charges by m1y direct? |
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My wife and i are encountering the same threats from acollection company hired by m1y direct. We had to close her acct due to fraud by another loan company, and thought that she was paid in full to m1y direct. When she took the loan out she was told by jason that it is paid in 3 installments and then paid in full. If not paid in full they would take $75.00 off the total per pay period until the loan was repaid. It should had been paid off the first period in dec. Now they are saying we owe over $600.00 now or we will be charged with internet fraud. Can they do this?
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bobolet
Joined: 10 Jan 2007
Posts: 1
Debtcc Points: 45
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| Posted: Wed Jan 10, 2007 1:38 pm Subject: |
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These are internet payday loans right? I don't think they can charge you with internet fraud and no they can't do this. Do not give them ANY new bank information! If they keep insisting about he $600, I would ask them to validate it in writing and go from there.
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Lorri
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Joined: 27 Apr 2006
Posts: 1728
Debtcc Points: 20969
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| Posted: Wed Jan 10, 2007 1:59 pm Subject: |
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Speak to Jason again and ask for the PIF in writing. You have to end this matter here and show the document to the collection agency.
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PassionHunting
Joined: 30 Jun 2006
Posts: 514
Debtcc Points: 3674
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| Posted: Wed Jan 10, 2007 2:04 pm Subject: |
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Did the collection agency validate the debt? You should know about the account with the last payments and other information that authorizes this collector for collections on your debt.
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Trenity
Joined: 14 Mar 2006
Posts: 510
Debtcc Points: 6278
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| Posted: Wed May 23, 2007 7:30 pm Subject: |
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Do NOT GIVE THEM ANYTHING! Call you State offices and find out if M1Y Direct is allowed to do business in your state. If the Collectio people call back, record their threats! They cannot arrest you for anything, this is not a third world country,and you have not committed fraud!
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Guest
Debtcc Points: 100
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| Posted: Wed May 23, 2007 7:42 pm Subject: |
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Guest is right, if legal in your state, record the calls. If not, keep very good notes. If they told you that you've committed fraud, and you're going to jail, they've already broken the law -- violations of the fdcpa wich you can sue them for (worth at least $1000 per violation to you). Send them a letter (return reciept) demanding that they validate this $600 alleged debt, ie., how they calculated all the tacked on fees and/or interests.
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LawStudent
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