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 Posted: Mon Jan 21, 2008 9:00 am Subject: Cash Transfer Centers - PLEASE HELP ASAP
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I have defaulted with Cash Transfer Centers. I just received my first email from them on 1/18 telling me that my payment did not go through.
I have done some research on this forum, but unfortunately, I don't have the time to read through pages and pages of posts because I only have computer access at work and can't risk my job over it.
I know that Cash Transfer Centers will contact your employer, and I am hoping to stop this before it happens. Where do I start? Can I get the letters out right away? Where do I find them?
I am in Iowa. I have a $600 "loan" and they are now telling me I owe them $850 (normal repayment each pay period was $762). I have been reloaning each pay period since the middle of September, so I have paid them at least twice as much in interest alone as the amount of the "loan".
My bank will not allow me to close my account if I have a negative balance, and if I want to put a stop payment on something, it is $31 each time, and I can only do that if I have the money to do it.
Please help point me in the direction of where I need to start. I am sick to my stomach about this whole thing. I'm so glad I came across this forum.
Thanks in advance!
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captainjoesgirl
Joined: 21 Jan 2008
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Shazzers
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Shazzers
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Posted: Mon Jan 21, 2008 9:17 am Subject:
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It is an internet site. just add a dot com after the name of the company with no spaces in between the words.
I have their address and they aren't even in the US - they are located in Malta, wherever that is.
I will try to figure the actual amount of interest paid, but a ballpark right now is right around $1200.
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captainjoesgirl
Joined: 21 Jan 2008
Posts: 24
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Posted: Mon Jan 21, 2008 9:22 am Subject:
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If this company is in Malta, then chances are that they are not even licensed in this country. All you morally need to repay is the principle amount borrowed.It seems that you have already paid them back more than you owe Please read the sticky regarding closing your account. It is the ONLY way to stop them .If you can not close your account have your bank put a hard debit block on the account. Do not put a stop on it. It will do no good. They use many different names to take your money, so if they see one name is stopped they will go in under a different one.
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kashzan
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Joined: 11 Jul 2007
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Shazzers
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Posted: Mon Jan 21, 2008 9:41 am Subject:
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CTC is very illegal...they will try to envoke the Wage Assignment you signed when you took out the loan.
Fill in the blanks on this letter and sent to CTC today! Then take it to your bank and advise that according to the Electronic Funds Transfer act, you need to stop the ACH drafts from CTC.
| Quote: | DATE
Name of PDL
Address
After doing research on internet payday loan laws in the state of YOUR STATE, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE in general:
INSERT STATE LAWS
Your company should actually not issue loans to YOUR STATE residents at all as you are not licensed in YOUR STATE
I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.
The legal amount that could have been charged to my loan is the principal amount of $XX even if your internet pay day loan was legal in YOUR STATE. I only owe $XXX to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $XXX to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.
I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
YOUR NAME
SSN
Cc:
Better Business Bureau
Federal Trade Commission
YOUR STATE State Attorney General
YOUR STATE DFI |
Certified Mail
Fax
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4177
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Posted: Mon Jan 21, 2008 9:43 am Subject:
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Here are your laws:
| Quote: | Iowa State Information
Legal Status: Legal
Citation:
Iowa Code Ann. § 533D.1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
apr for 14-day $100 loan: 433%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
http://www.idob.state.ia.us/ |
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volleyballmom
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Posted: Mon Jan 21, 2008 9:46 am Subject:
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The mailing address is Malta but the actual call centre and collections is in Surrey, BC.
Their physical address is listed below.
E-Care Contact Centers
Cash Transfer Centers
400-15225 104th Avenue
Surrey, BC
V3R 6Y8
This is their phone number.
(604) 588-2260
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volleyballmom
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Posted: Mon Jan 21, 2008 9:51 am Subject:
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And adding to what Volley said about the Wage Assignment: it is IMPERATIVE that you call your payroll dept TODAY about stopping this wage assignment--as I bet you my next paycheck they will try to do it.
Cash Transfer Centers is part of the umbrella of the companies controlled and owned by Sonic Payday, which is one of the worst offshores out there--and is notorious for trying to invoke it.
What you need to do is either walk over or fax to Payroll a letter with your name, ssn,employee number if you have one, saying that "I revoke any voluntary wage assignment I have signed with CTC effective on today's date"--and get the name and extension number of the person who confirmed that payroll had your documentation.
Good luck and keep us posted, OK? And do this SOON!!
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kscornell
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Posted: Mon Jan 21, 2008 9:53 am Subject:
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And please get that account closed asap
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kashzan
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Posted: Mon Jan 21, 2008 9:54 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Volleyball mom is 100 percent on this! I have had a lot of experience with them. They will send a wage assignment to you employer very fast. If that fails they will send you a settlement offer under a different name but it is still them. It is usually for more than half of what they say you owe. You can take it or choose to fight. They are totally illegal as they are based in Canada and Malta and are licensed nowhere that am aware, so they really can't win.
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frogpatch
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Posted: Mon Jan 21, 2008 10:09 am Subject:
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Ok, I have the letter printed out and ready to go. Should I email a copy as well?
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captainjoesgirl
Joined: 21 Jan 2008
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Posted: Mon Jan 21, 2008 10:11 am Subject:
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I mailed and e mailed. I would not do anything until your bank account is taken care of. If you send them anything before that, they will go in and debit till the end of time. We never send the pdls letters until our accounts and money is safe.
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kashzan
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Posts: 5458
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Posted: Mon Jan 21, 2008 11:05 am Subject:
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Captain Joes, maybe your bank will do a "deposit only" status so that nothing can go through. These guys are sneaky and send paper checks through. At least if it is deposit only you can get it to the positive and close it. Also file complaints with the better business bureau and your state attorney general. Wouldnt hurt to file with the ftc, they seem to be looking into these slimeball offshores. Good luck to you!
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stargzr
Joined: 26 Nov 2007
Posts: 270
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Posted: Mon Jan 21, 2008 2:20 pm Subject:
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I am an expert with regards to CTC (E-Care Contact Centers is their parent). Send the letter to CTC via Registered and/or Certified. Make sure that you have proof that the letter was sent. Send the letter to the address in Surrey, BC. Get E-care Contact centers to sign for the letter. This will be your receipt.
They are based out of Canada. Malta address is for mailing purposes only. The mail is then sent to either Winnipeg, MB or Surrey, BC. Also, if you use their live chat feature, you are screened to see if you live in US or Canada (they use the IP address that your ISP uses (computer). They are a nasty company to deal with but when push comes to shove (hard) they back down.
Canadian authorities in British Columbia and the other provinces are investigating them to see of wrong doing. That is one of the reasons why they closed up shop dealing with Canadian customers.
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PDLInvestigator
Joined: 24 Feb 2006
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Holy moley, THAT'S just rediculous! If you can't close your account because you are in the negative, then my suggestion would be for you to GO to your bank and put a hard debit block on it so they can't take anymore of your money!
