Magnum Cash Advance

I have a current loan of 400 through magnum cash advance, and I am getting ready to dispute the interest and finance charges as I don't believe they are lisenced in the state of Ohio. Has any one had any experiances with this company? Are they willing to settle fairly easy or do I have to be perpared to fight?

As far as I know Magnum Cash Advance is not a licensed lender in Ohio. That’s why you are liable only for the principal, no fees and interest. Close your bank account to stop unauthorized withdrawal. Ask them for the refund, if you have overpaid them.

spacblank is right,but you have to know that anything debited in"rollovers,or fees"by an illegal gets deducted from the 400.00.example:

you say you borrowed 400.00.they debit 105.00 three times.you only owe 85.00 to them.so just you only owe the 400.00 and as spaceblank stated you might be entitled to a refund.close the account as spaceblank advised.

Okay so I decided to start following the steps of dealing with unlisenced payday lenders as listed on this site, however I've ran into a HUGE problem with Magnum Cash Advance, its like they were ready for this type of thing. Firstly theres no email or mailing address for me to contact them with only a phone number, so I called the phone number and explained the situtaion to the person on the line and they simply told me that I am obligated under the disclosure policy as it was my choice to take a loan with them in the first place so theres nothing I can do but pay what I owe them as stated on the site, so I went in and and read the disclosure which stated:

"Borrower is responsible for complying with any local statutory obligations that may exist in their state or area with respect to any transactions with ICA dba Magnum Cash Advance. If we approve your application, the disbursement of funds will be in compliance with ICA policy and headquarters in the BVI. ICA follows the laws of the BVI to govern this transaction. The laws of the BVI governing consumer loan agreements may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement based on the laws of the BVI, you should apply for a loan at a provider located in the city, state, or country where you live. All aspects and transactions on this site, including your loan approval will be deemed by ICA to have taken place in the BVI. This transaction shall be regarded by ICA as governed in accordance with the laws of the BVI without regard to its conflicts of law principles, regardless of the order in which the parties agree. The Agreement shall be deemed by ICA as executed at our location in BVI as designated herein. Your acceptance of our service confirms your prior acceptance of this Agreement. ICA follows the codes, statutes and laws of the BVI to govern this entire transaction"

Am I just screwed or is there still something I can do?

your state laws are all that matters.their contract is worthless so any clauses,provisions,and sections are worthless as well.follow the sticky and just know they will lie through their teeth.again not licensed therefore illegal,and their contract is worthless.

Okay, so I really don't want to deal with the customer service reps when it comes to telling them I'm revoking their rights to my checking account as they keep telling me its in my contract with them to pay, and I can't find a email or a mailing address to this company, what should I do? I'm closing my bank account and notifying my bank of them but I feel I really want that written/email proof that I sent magnum a notice as well, should I just wait and see what happens after they can't withdrawl from me?

do not talk to the drones as again they will lie and threaten.wait until they email which they will when the debit is rejected.if not no biggie use any info you have to file the complaints.

Thank you guys for all your helpful information, this forum has been a blessing! I just returned from my bank, I went in and spoke with a teller about my situation and she was extremely helpful and understanding. She advised me not to close my current bank account, but instead had me fill out paperwork to hard block the creditors I did not want debiting from my account, she said they would more then likely try to come through as a different name however if they did that she told me to come back in and they would refund the money in full and file fraud paperwork against the transactions which would help my cause.

If for some reason this method doesnt work, I will have them close my bank account entirely however since I have so much going on with it I would rather just fight the transactions, and since my bank seems to be on my side and always have been then I'll see how this works. I'll update when/if I hear from magnum when they find they can't take from my account.

SarahT-

When I dealt with Magnum I believe I faxed them my docs using a free online faxing service. The response I received came from Mgmt@mycallcenterservices.com. Hope that helps.

Wow thanks for the info! How easy is this company to deal with? I don't mind if they call and harrass me on my home/cell but I can't have them calling my work place and thats what I'm most afraid of! Any advice would be most appreicated!

They issued me a PIF letter within a couple of days of my faxing the letter. They were a little snotty about it, but I never received any calls from them or further collection activity. Good luck!

Magnum responded pretty quickly with a PIF letter, although they were a little snotty about it...transaction governed by the laws of BVI, blah, blah, blah. I never received any calls at home or at work directly from Magnum. I can't be sure whether they shared my info with the scammers who call people threatening legal action that you will see information about on this website. Good luck!!

I did alot of research on this company over the past couple days and have actually managed to get the real companies address from this email sent by a magnum employee after I requested a copy of my contract since I wanted to go over it, I made alot of calls and a manger finally told me they couldn't give it to me as it wasn't in their possession. This is a response sent to me via email as I requested.

Dear Sarah Castor,

We are in receipt of your request dated January 13, 2012. Call Center Services is an independent outsource call center provider for International Cash Advance, Inc. (ICA), doing business as Magnum Cash Advance. Since we are only a call center, we do not have access to your files. Should you require these documents please mail your request to:

ICA Management Inc. Attn: Melanie Lewis
dms House
20 Genesis Close
PO Box 31910
Grand Cayman KY1-1208
Cayman Islands


Sincerely,

Barry Doyle
Magnum Cash Advance
Customer Service Department
Hours of Operations: Monday to Friday 9:00 AM-6:00 PM EST
Questions, Concerns or Updated Information: login to "my account" at magnumcashadvance.com

So Magnum is actually a company called ICA, and they run another company "military financial" as one of the employees made the mistake of calling me back from that line and was confused about which account I actually had lol. I'm still working on sending them out my letter, but will have it faxed as well as send a letter directly to the company as well by friday.

the contract is worthless as they located in the british virign islands.you need to look over your bank info and dtermine what if anything you owe.then either try to pay via money order,or demand a refund,or a PIF.asking for the contract is a waste of time and money.they are illegal,and you know it.send a new letter via email outlining your position.

I want to say THANK YOU for everyones help on here!! I recieved a letter back from magnum today and they are in agreement to let me pay back the principle on the loans and let me know they would not be in further contact with me!! I DID IT!! YAY!!!