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Guest · Posted: Fri Aug 01, 2008 9:20 am Subject: Help!! Need advice...

Okay, I've received my first response from the letters I sent out... Its from Impact Cash, I haven't paid them anything yet, but they want me to still pay the amount of $260 to "settle", but I only borrowed $200. I can't send them a full $200 now, any suggestions on my response to them? Thanks for all the help, I truly could not get through this mess without the people here...

Here's their response:

"We are sorry to hear that you are not satisfied with the experience you have had with our company. We are willing to settle with you on your account for the amount of $260.00, which is the principle balance of $200.00 plus one fee of $60.00 for the cost of processing and funding your loan. I have included the Ohio state laws that you are referring to below.

Citation:
Ohio Rev. Code Ann. Â§Â§ 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Our payment mailing address is;

Impact Cash USA
PO Box 3206
Logan, UT 84323

Thank you,

Dan N.
Account Services
Impact Cash USA
1-800-707-0102 ext. 8005
Monday-Friday, 8-5pm (MST)
accountservices (@) impactpayments.com

*You must notify this office within 30 days after receiving the first notice if you dispute the validity of the debt or any portion thereof or the office will assume the debt is valid. This communication is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.*"

Posted: Fri Aug 01, 2008 9:23 am Subject:

sorry... I forgot to log in, that was my post

Posted: Fri Aug 01, 2008 9:26 am Subject:

They aren't licensed to loan to Ohio residents, all you owe them is the principal amount you borrowed, deduct what you have already paid them from the $200.00, send them payments with money orders through USPS only, certified return receipt mail. Inform them this is what you have decided to do, and you will need a physical address to send payments, no address, no payments. Very Happy

Posted: Fri Aug 01, 2008 9:28 am Subject:

Whoa, hold on a minute, that letters sounds like a debt collector? Ahhhhhhhhh, send them a validation letter, via email and USPS certified return receipt! What the heck is their deal anyway???!!! Is this in house collections or what? Surprised

Posted: Fri Aug 01, 2008 9:30 am Subject:

Posted: Fri Aug 01, 2008 9:54 am Subject:

Okay... remember I'm clueless Wink

what should the letter say?

Posted: Fri Aug 01, 2008 10:00 am Subject:

Basically, what this is, is a dispute in response to the email they sent to you, they are the ones that included the little paragraph about "This communication is from a debt collector", sooooooooo, how else can a person take it other than what they have said? My point here is, if they care to indentify them self as a "Debt Collector", then I would treat them as one. What baffles me is the fact that they are using the same address as the Original Creditor (Impact Cash), so they kinda asked for this. Very Happy

Anyway, this is how I would handle it, it seems they're playing some games with you, trying to get more than they are entitled to receiving. Wink

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