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Posted: Wed May 10, 2006 9:54 am Subject: My Reply from 500fastcash

any advice from all the wise people here?

Ms. *****,

We are in receipt of your letter dated 05/09/06. Your account WILL NOT be considered paid in full.
All the terms and conditions of this loan were met by us. You accepted a deposit of $300.00 into your own bank account for your own personal use, at your request. You agreed to the terms when accepting the money. Since you were a repeat customer, we know you were well aware of these terms. If they were not acceptable, you should not have accepted the money in your account with the intent of non payment under the reasons stated in your letter.

Only one debit of $90.00 was paid before your bank account was closed. Despite your DEMANDS, we will reduce your balance to the $300.00 deposited into your account waiving all fees and bank charges we have incurred due to your account problems and failure to make good on the account balance.

We will give you credit for the 90.00 already rec'd and your balance is now $210.00. You have until 06/10/06 to pay this reduced balance or make arrangements with this department to pay the balance in 2 payments.

If we receive no payment or hear from you regarding payment arrangements, then the account will go back to our accelerated collections dept for the full amount due of $480.00. It can be reported at that point to outside credit reporting agencies.

Please call 1-800-410-5568 to make arrangements.

500FastCash Compliance Department
Fax: 1-800-803-9310
Email: compliancedepartment(at)500fastcash.com

Posted: Wed May 10, 2006 10:02 am Subject:

That is about the same response we got on hubby's account with United Cash Loans. File complaints on them with everyone you can think of and they'll write it off. I filed a complaint with the better business bureau and United Cash Loans wrote the rest of his off. Keep at them. Don't call them, it's not worth your time or effort.

Trying to Rationalize · Posted: Wed May 10, 2006 10:09 am Subject: I don't understand your dilemma

You should not have sent a letter demanding PIF when you had only paid one fee. You cannot cry predatory lending until they begin charging you more than your state allows. It sounds like they are offering you a pretty sweet deal by waiving any additional fees and giving you a month or so to pay back the balance. If you plan on sending another letter, it should be one proposing a payment arrangement of some sort.

I know that someone in this forum is going to reply with the whole "but they are not licensed in your state" line of thought, but if you do not pay back at least what you borrowed, you are in the wrong and there is no disputing that. Save up over the next month and get it over with.

Posted: Wed May 10, 2006 10:11 am Subject:

You have a loan from 500fastcash, so the company will insist you to pay it back. I think they are also willing to wipe off the additional charges and fees and asking you for the balance of $210 after deducting the first payment.

If you do not pay them in the first place, then they threat you with the collections department and reporting negatively in the credit report. So, I guess, if this is a legitimate loan, it must be paid back.

Posted: Wed May 10, 2006 10:12 am Subject:

I have paid this company $1280.00 for $300.00 in loans. Explain to me how they have the right to do what they do...my state law is 17% per 100, they have far exceeded that amount. They also are not licensed in my state to begin with. This is not my only dealing with this company.

Posted: Wed May 10, 2006 10:16 am Subject:

Then don't pay anymore! You didn't mention earlier how much was paid earlier. You must ask for the itemized statement from the company showing your previous payments.

If the company had been decent enough, they should have posted your previous payments in the mail offer. But they sound shady in the mail. You must be having your bank records to prove all the payments made by you in the past. Now, you have a legal stand and you don't need to pay anything more than the legitimate deal.

Trying to Rationalize · Posted: Wed May 10, 2006 10:19 am Subject: Current Account

C_stephanie:

The email referred to past loans you may have had with them. You cannot include the money you paid on past accounts toward the balance of your current loan; that does not make any sense.

Posted: Wed May 10, 2006 10:24 am Subject:

but I can expect them to refund all the money they overcharged me on the previous loan? Im sure it's over $210.00.

Posted: Wed May 10, 2006 10:27 am Subject:

"Trying to Rationalize"

Stephanie is talking about the current loan only. She is not mixing up with the previous loans if she had taken in the past. She has paid $1280.00 for $300.00.

Can't a customer request from the company about a statement of the past payments made. I guess, the truth will come out immediately. Stephanie, get all your bank statements of the past payments done on this particular account. The facts will come out and the ball will be in the court of 500fastcash.

Posted: Wed May 10, 2006 10:37 am Subject:

I agree with "Trying_to_Rationalize"...It really doesn't make sense to include past loan payments in your current one. I have a few loans I'm dealing with right now that I took out a month before I learned about consolidation, so I had only made one payment on each of them. I am not trying to dispute those because I knew what I was getting into borrowing again from these companies. I was desperate, and I needed the money. I know that all these PDL's are taking advantage of people like me, but until they are all made completely illegal, all we can do is try to fight them the best way we know how, and pay for the ones we know we owe. By them erasing your fees, they are in fact admitting that their Interest rates are outrageous, and in fact are completely erasing the interest from your current loan. That means that the recent $300 you borrowed from them was given to you interest free. You should accept the deal to pay that back in 2 installments, and then be DONE with them.

On a related note, I had an account with 500fastcash, I have been emailing and faxing them letters like crazy for the past 2 weeks. On my most recent loan, which I took out in December, the loan was $250, plus $75 fee. I had paid $535 since December, so I asked that my loan be marked PIF, and be closed. I did not receieve any response for 2 weeks. Then, yesterday, I decided to file a complaint with the BBB on them. This morning I got a call from 500FC saying that they have "responded several times to my emails" and that my account has been "closed and marked paid." When, in fact, I never received a single email from them.

Now, I'm not suggesting that you file w/ the BBB, because you still owe on this recent loan. So, pay them pack this last time (you'll never see that money from the $1280 you paid anyway). So, relax, and pay them...it's the best thing really. Then, you can report them to the BBB or Attorney General for illegal lending...at least then you won't owe them any more money, and we'll make another positive step towards getting rid of these awful companies!

Good luck!

Trying to Rationalize · Posted: Wed May 10, 2006 10:39 am Subject:

The email the 500FastCash sent stated that she had only paid $90 on the current account. I am assuming that if they are providing her information in WRITING, that they would verify the accuracy of that before sending it out as it could be used against them later. If she had previous loans, I would think that they would be considered separate ACCOUNTS. I'm only trying to say that she shouldn't get her hopes up for a refund of any kind.

She could retain an attorney and file suit, but that would end up costing a whole heap of money and would not be emotionally worth it in the end. Sometimes, it is better to cut our losses and move on.

Posted: Wed May 10, 2006 10:44 am Subject:

I understand what you are saying David, but hey, you cant fault a girl for trying. After dealing with these companies for over a year, and certainly not just 500fastcash, you feel like you literally have been raped. I know that this company violated my state laws, that is undisputable, but is it worth much more effort for $210.00, probably not.

Posted: Wed May 10, 2006 11:18 am Subject:

Actually what I think c_stephanie is trying to do is recoup some of what she overpaid on the previous loan.

For example, if her state only allows 17%, and no rollovers, then 500fastcash is in two violations on top of not being licensed to lend. If she paid $1280 back on a $300 loan, and her state only allows repayment of $51 in interest. Being generous and disregarding common non-rollover clauses, say it took 6 months to repay the $300- then she would have to repay $612 in interest. Since she paid back much more than that, according to her state law (which does prevail) then she is within her rights to ask for a refund. In lieu of a refund, I think asking them to mark the rest of the loan paid in full is an equitable solution.

And even if the loans are considered separate accounts, she still paid more than what is legally allowed. The issue isn't marking off a loan because you don't want to repay, but being returned money that was charged illegally.

Guest · Posted: Wed May 10, 2006 12:47 pm Subject:

Well, maybe there's a way to negotiate the overpayment to pay her account in full on this loan. Depending on how long ago her recent loan was, they may go for it. However, since this is a new loan and the previous was paid in full upon their satisfaction, I highly doubt it.
I have to agree that most of our situations are because of the consistent account debits above and beyond the original loan amounts.
My disputes with these companies have been over the exorbitant interest and fees beyond the principal amounts, that's why these companies have decided to forgo any other collections.
I say pay the $210 and settle the account permanently, it's a reasonable offer, and will save you some headaches.
Just my humble opinion guys, please don't bash me for this.

Posted: Wed May 10, 2006 1:05 pm Subject:

Well, in my state, not being licensed for payday lending is a crime of class 1 misdemeanor and the contract is void and uncollectible (including the principle). I would not pay them back a red cent no matter how much I have paid so far. That's how I aproach these criminals. They want to take me to court, oh yeah, let's do it babie. We'll see who will win. Evil or Very Mad

When it comes to these criminals, you gotta fight hard. The other day, QuickPayday was literally begging me to just pay them the principle. What happened to the threats they used to make before I became familiar with my states' laws?! Laughing

Bottom line: educate yourselves about your state laws and fight them hard and hit them where it hurts most: the legality of the whole thing.
Do not give up or give in.

Posted: Wed May 10, 2006 1:07 pm Subject:

You are very correct AZ Payday Loan Avenger. We do need to know our rights and stand up for ourselves.

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