Rio resources/mte financial ordered to stop lending!!!!
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#178
02-19-2007, 10:10 AM
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Please read this!
I, too, was in the same predicament as some of the rest of you were, running low on money and I ended up with more payday loans than I could handle. Before I knew it, it felt like my life was spiraling out of control. I finally started googling and found sites like this one with advice on how to get myself out of the situation. So many people had information about different laws that these types of companies were breaking, etc., so I took their advice and used the forms that they had posted to try to settle my debts with the companies. No one responded to me except Rio. They were willing to waive my finance fee due at that time and settle for my $300.00 principal balance. In deciding whether or not to accept their offer, I found this blog and read all of the postings about the letter from the OCCE. Dealing with legal issues as a profession, I decided to research some of the information that he had provided in his letter and found some of it to be false and misleading, which is what prompted me to post on this blog. Mishele, you are right – the cease and desist letter only applies to Oklahoma residents, so the rest of you are out of luck. Oklahoma Consumer Credit Code, which can be found by clicking on the following link, ..... http://www.oscn.net/applications/OCI...p?CiteID=65733
states the following: (8) Notwithstanding other provisions of this section (a) except as provided in subsection (4), this act does not apply if the buyer, lessee, or debtor is not a resident of this state at the time of a credit transaction and the parties then agree that the law of his residence applies; and (b) this act applies if the buyer, lessee, or debtor is a resident of this state at the time of a credit transaction and the parties then agree that the law of this state applies. Most pertinent is (8)..... (a) & (b) (below). (8) Notwithstanding other provisions of this section (a) except as provided in subsection (4), this act does not apply if the buyer, lessee, or debtor is not a resident of this state at the time of a credit transaction and the parties then agree that the law of his residence applies; and (b) this act applies if the buyer, lessee, or debtor is a resident of this state at the time of a credit transaction and the parties then agree that the law of this state applies. What this means is that if you have applied for a loan on the internet, you are required to abide by the terms of your loan agreement. If you are not a resident of Oklahoma and your contract does not state that the lender agrees to abide by the laws of the state that you reside in, you are still bound by the terms of the agreement. Unfortunately, the company doesn't have any legal responsibility to consider your loan null and void. They can, in fact, proceed with collection efforts. I also found out that it is run out of an Indian reservation, so they have no obligations to statutory laws whatsoever. After finding this out, I went back and agreed to the offer that they had made to me to avoid paying all the collection fees that I would have had to pay if I was turned over to a collection agency. It was the best way to resolve the issue, albeit a hard lesson learned. Pay close attention to what you sign up for because there is not always an easy way to get out of these things. Payday loans are not long term loans, although they can end up that way if you don't pay them off early in the term. Most of these kinds of loans charge finance fees every time you extend the loan, so you could end up paying more than what you expected. 
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#179
02-19-2007, 01:48 PM
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Hi All,
I am being harrassed by MTE Financial for a $200 loan for which they already debited my account $310. I live in Indiana and I did not apply for this internet loan. They tell me they do not need to comply with Indiana which appears to be true. Does anyone know where this company is located and incorporated? Thanks, Bev
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#181
02-19-2007, 05:28 PM
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traci,
I had a couple of their DBA's crawl out of the woodwork after a year. I have severely overpaid them so I filed complaints in Oklahoma and that is the response they sent back to me. I have refiled complaints in my state as well.
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#182
02-23-2007, 06:03 AM
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RIO Resources loan
I have tried to get them so that I can pay them off, however, I have not been successful in doing so. The take money out of my account every two weeks. This is crazy. Help, I live in Cincinnati, OH can we stop them in Ohio also.
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#183
02-23-2007, 12:50 PM
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How much have you paid them so far? How much was the original loan amount?
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#184
02-23-2007, 02:16 PM
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Im having the same problem with MTE they take money from my account 2times a month and i have no contact info for them please help has been going on for about 4-5 months now i live in brooklyn ny please contact my email cauce not sure how to find this blog again
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#186
02-24-2007, 06:23 PM
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mtefinancial aka tendollar aka rio resources
I thank very much in miami oklahoma i tryed to send in there adderess but it did not get on this page but great wook . Now im going after 500fastcash and oneclickcash,all there are in miami oklahoma all three of them deposit ther money in the same bank, iknow this to be a fact, bremer bank. Thank you scotch.. From ohio..
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#191
02-27-2007, 06:42 AM
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So where do we stand with all this? Are loans in all states null and void, or just Oklahoma loans? Has there even been a definitive answer?
*edit: I live in PA, and although I looked at the state-by-state info page, I couldn't determine whether or not payday loans are legal.
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