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 Posted: Wed Jun 06, 2007 1:05 pm Subject: Phone call from Cash Direct Express |
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Wow, I sent a email last night to Cash Direct Express requesting for a refund and that my account be marked as paid in full. A rep from the company just left a voicemail on my cell. She said they did receive the letter and they were investigating it and would respond in about a week. Well, that is really prompt. She sounded courteous at least and left me her extension as well. I hope this is a good sign they are willing to work with me. I am just really surprised that acknowledged my email so quickly.
Here is a copy of the letter I emailed them:
| Quote: | Tuesday, June 5, 2007
Cashdirectexpress/GECC
300 Greenview Rd. Suite 204
Newark, DE 19711Phone: 866-432-2562
To Whom It May Concern:
RE: Loan ID: xxx-xx-xxxx
I am contacting you concerning my past due loan (SSN # xxx-xx-xxx). It is my understanding that in my state, the state of Wisconsin , you are not licensed to do transactions with me, and you have not been following the state of Wisconsin's payday loan laws, and regulations, which is required by law that you follow when dealing with customers in my state. You are and have been charging a higher interest rate than which is allowable. I will be reporting this to the BBB and my Attorney General.
Now, to explain this situation to you—
It has come to my attention that my original loan -- the first loan I took out with your company on 7/20/06 for $300 was overpaid and not made in accordance to Wisconsin consumer lender laws and regulations. Since you are not licensed by the Department of Financial Institutions (DFI)'s Division of Banking, the state agency that licenses and regulates companies that make consumer loans in Wisconsin, you cannot charge more than 18% interest per annum. Thereby, according to Wisconsin's loan regulations, the maximum chargeable fees for a loan in the amount of $300 is $54 in the state of Wisconsin. I therefore only owed your company $354. I paid $675 for this loan in excess and unlawful interest fees, an excess totaling $321; therefore, Cash Direct Express/GECC owes me a refund for $321. But I am not expecting a refund in this amount because I took out a second loan on 11/2/06 for $200. This loan now currently is in default. According to my state’s laws, the maximum fees on this account are $36, and so I owe your company $236 on this fourth loan. In addition, as per Wisconsin law, I lawfully owe you a NSF fee for the returned check in the amount of $15; therefore, for this second loan, I owe your company a total of $251. On this loan, I have already paid $176, and I had sent a payment by check for $40 with one of your debt collection agencies (you may verify this at 866-433-1008); therefore the lawful amount I owe you is now $35.
This is what I expect you to do – apply the $321 overpayment from the previous loan to this one bringing down my balance of -$286. Therefore, I expect a refund in the amount of $286 AND my account marked PAID IN FULL and closed with all collection activity to cease.
As a reminder, your company must comply with the laws of the state in which your customers are residing. Here is a copy of Wisconsin’s deferred presentment transactions laws for review:
Section138.09(1m)(a), Wisconsin Statues:
(a) Before any person may do business under this section or charge the interest authorized by sub. (7) and before any creditor other than a bank, savings bank, savings and loan association or credit union may assess a finance charge on a consumer loan in excess of 18% per year, that person shall first obtain a license from the division (DFI). Applications for a license shall be in writing and upon forms provided for this purpose by the division.
This statue is applicable to payday loan companies as well.
What if the check returns?
Lender can charge $15 as NSF charge; no criminal prosecution can be taken against the customers based on return check (per Wisconsin worthless check law, a check given to secure a loan isn't "worthless"). Check presentment limit: two times.
So, as you can see, your company provided unlawful interest payments with the first loan that I have paid off in excess and offered me terms that were unlawful for the second loan. I appreciate your prompt attention to this matter, and I look forward to settling this account with you. |
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joshua1987tree
Joined: 01 Jun 2007
Posts: 482
Debtcc Points: 7999
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| Posted: Wed Jun 06, 2007 1:13 pm Subject: |
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You letter sounds good! I hope you get what you want from them!
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Wed Jun 06, 2007 1:28 pm Subject: |
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Stay strong with them! They will try to strong arm you but hold your ground!
_________________
Passion...it is born...and though uninvited, unwelcome, unwwanted...like a cancer, it takes root. It festers. It bleeds. It scabs...Only to rupture and bleed anew. It grows...it thrives...until it consumes. It lives...and so it must die....in time.
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Wed Jun 06, 2007 1:34 pm Subject: |
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I'm going to use your letter (with changes appropriate to my situation) to send to United Cash Loans and One Click Cash - I've sent them 3 letters each already but maybe the quick response luck of your letter will rub off on me!
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miranda62743
Joined: 02 May 2007
Posts: 33
Debtcc Points: 1074
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| Posted: Wed Jun 06, 2007 2:04 pm Subject: |
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Sometimes, these places will respond too fast but in other cases, they keep you waiting for long time. Stick to your guns. If you are aware of the laws of your state and know these companies are violating the laws, you will be in a better position. Send a copy to the attorney general also for immediate results.
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Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
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| Posted: Wed Jun 06, 2007 2:12 pm Subject: |
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Yeah, I will send a copy to my AG as well. I am not going to bet money on a refund, but if they mark it pif, that is one less one to worry about shelling more money. Also if they mark it PIF, I will fax a copy to the CA and that will be one less CA off my back as well. 
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joshua1987tree
Joined: 01 Jun 2007
Posts: 482
Debtcc Points: 7999
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| Posted: Wed Jun 06, 2007 2:13 pm Subject: |
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Good luck Miranda! Hope you get fast results soon!
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joshua1987tree
Joined: 01 Jun 2007
Posts: 482
Debtcc Points: 7999
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| Posted: Wed Jun 06, 2007 3:01 pm Subject: |
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Good luck to you. At least you have received a somewhat positive response from them. I struggled with them for months and finally got a PIF letter.
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CowampChicken
Joined: 20 Dec 2005
Posts: 3675
Debtcc Points: 36194
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