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Posted: Thu Apr 13, 2006 8:27 am Subject: 1000loantillpayday (rio resources)

Just received this email from 1000tillpayday Now what should I do.
We have received your correspondence regarding your complaint with our
company. It appears as though you have misunderstood the terms of your
loan
agreement.

While the information that you have collected may apply to companies
that
have locations in your state, it does not apply to Internet Lenders. We
do
not have a physical location (office) in your state, therefore the same
restrictions do not apply to us. This is based on sound advice from our
legal department.

We lent you money in good faith, with the understanding that you would
abide
by the terms detailed on your loan contract. We upheld our end of the
agreement by crediting the funds to your account, and had good faith
that
you would uphold your end of the agreement in return.

While we believe that all terms and conditions of the loan agreement
have
been met on our end, it has always been our policy to make sure that
the
customer is happy and completely satisfied with our services. For this
reason, we are willing to settle with you for the difference between
the
$90.00 that you have paid and the $300.00 that we loaned to you, which
is
$210.00.

It has been a pleasure doing business with you. Your account will be
marked
�Paid In Full� once your agreement is received and the Lender will be
prepared to debit the $210.00 from your account at that time. We expect
this
offer will bring us to an amicable resolution.

Please acknowledge your understanding and acceptance of our proposal if
you
are in agreement with the offer detailed above. Once your
acknowledgement/agreement is received, we will expedite the issuance
and
mailing of your refund check to the mailing address listed above.

Thank you for your time and consideration in this matter.

and what refund would i be due if i owe them money

Posted: Thu Apr 13, 2006 8:31 am Subject:

How long ago did you send the letter to them? I have been waiting for a response from them for a week now.

Posted: Thu Apr 13, 2006 8:34 am Subject:

I just emailed them again yesterday and asked them why nobody would respond to my previous email and that I would appreciate a response. Tryed to fax them a letter yesterday but it wouldnt go through with the fax number i had for them

Posted: Thu Apr 13, 2006 8:50 am Subject:

my fax went through with the number I had. I am going to eamil them one more time and tell them i expect an answer by 10:00pm tonight. Maybe that will light their fire.

Posted: Thu Apr 13, 2006 8:57 am Subject:

I hope that works for you (tammy) do you know if they were right in stating in there email that it doesnt matter if they are licensed in the state of illinois.

Posted: Thu Apr 13, 2006 9:04 am Subject: 210

Isn't $210 a good deal if you got a payday loan of $300? So essentially, are you gaining back $90? If I'm reading this correctly, I'd say pay the $210 and get it cleared so you don't have any issues with them from then on. These payday loaners are a pain in the you know what and if they offer you a settlement for much less then what they loaned you, I'd be right on top of that.
As far as the letter saying they will send you the refund check...doesn't make any sense cuz they don't mention refund at all in their e-mail...and yes, plus you owe them money so where does the refund come from? They must be smoking something really funny.

Posted: Thu Apr 13, 2006 9:05 am Subject:

It does matter and Lisa Managan Attorney General in Illinois would be interested in this. They have to be licensed in the state in which they lend to. I think Illinois is one of the states that is trying to get them banned.

Posted: Thu Apr 13, 2006 9:53 am Subject:

anncraf2002,

I am not sure if they are right with their statement. But as a resident of Illinois, you have the right to seek protection against unlawful practices of payday/installment lenders.

http://www.idfpr.com/newsrls/021006ConsumerInstallLoanAct.asp

Also check your PM; I am just going to send you some information.

Posted: Thu Apr 13, 2006 9:56 am Subject:

yeah, definitely take the 210 deal. since you already paid 90...it totals only the 300 which you originally borrowed. Maybe it is illegal for them to operate in your state but they did loan you 300 bucks - so for both of you to come out even seems VERY and unusually fair.

Posted: Thu Apr 13, 2006 11:21 am Subject:

ann, they are wrong.. and they no it thats why the are offering the settlement, which does seem very fair (from a business point of view). I have not heard of any with payday loan laws that did not take the position that the law applies to internet lenders. Now the lenders will never admit to that because that would be an admission of a violation, however they know that if they try to enforce the contract and you fight back correctly, they are toast.

Posted: Thu Apr 13, 2006 11:54 am Subject:

any suggestions on how to fight them correctly. Dont get me wrong i have every intention of paying them back, but if they are wrong in the interest amount they can charge me in illinois then they need to be corrected on my amount that i owe them

Posted: Thu Apr 13, 2006 1:46 pm Subject:

anncraf2002, I got the exact same letter from Rio Resources except the amount of my loan was bigger. These guys must REALLY be doing some illegal operating if they are willing to write off debts so easily. Don't believe the part about the refund though. When I started bugging them about that, they renegged and said that I wasn't entitled to any refund. They were marking my account paid in full and closing it. I agreed so at least I would have one payday loan paid off.

Posted: Thu Apr 13, 2006 2:06 pm Subject:

iloveteaching did you settle with them or did they just mark you paid

Posted: Thu Apr 13, 2006 2:18 pm Subject:

annacraf do not let them debit you!!!! tell them that you will send a money order. revoke their autorization to put their hot hands in your account immediately!

question...have you ever borrowed from them before? if cummulatively over many loans you have paid more interest than what your state allows then you are entitled to a refund.

Posted: Thu Apr 13, 2006 2:53 pm Subject:

I have already been to my bank and they cant freeze all electronic debits the only thing i could do was put a stop payment on each one and that was 26.00 or wait and see if they debit tommorrow and then i can go in and have them reverse it without a charge. I have already emailed and faxed a revoke authorazation letter

Posted: Thu Apr 13, 2006 2:54 pm Subject:

I have also emailed the illinois attorney general and the dept of financial institutions. just waiting for a reply

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