William Mashburn- LTS Management/XPress Cash

I am a recent 'victim' of Loan Shop Collection's practices of debiting a bank account for past monies owed to them... with no authorization or warning. I've posted about this several times and thanks to the kind people on this board, I've learned that what LTS Management/XPress Cash did was illegal.

I found William Mashburn's contact information on this board and emailed him about my situation. I received the following response back from him on 6/25/08:

Sarah,
Thank you for your patience in awaiting my response. I apologize for my delayed reply; I was out of town for the last week. I hope you received a reply from the “Out of Office Assistant” feature.
I do apologize for the frustration you have experienced in repaying this loan and I think your objections are reasonable. There is a clause in the original loan contract which authorizes the debits from any financial institution for which you provide information in the event that your loan status becomes “delinquent”. This is done for our protection and is included in all contracts. Without such a clause, anyone could open a checking account, receive a loan, close the account, and, then, The Loan Shop has no avenue by which to receive the funds. I understand this situation does not describe your loan situation but it should explain why the clause is necessary. By signing the loan agreement and accepting the loan, you agreed to the terms of the contract and authorized this debit. It was necessary to initiate this debit due the fact the from the date you had received the loan (December 24, 2004) until the $390.00 debit was completed on June 20, 2008, you had failed to make a payment; you had paid a total of $0.00.
I am not certain how you have handled this situation with your bank and I have yet to receive any confirmation from our bank that the payment has been returned to you. Please let me know what you envision as the most agreeable resolution. If the payment is not being returned to you through your bank and you are OK allowing The Loan Shop to keep the payment and have you account considered Paid In Full, that is one option. If it will be returned as unauthorized, what payment arrangement will work best for you to repay the $390.00? Please let me know what I can do for you to help both parties resolve this matter and I will be happy to assist you.
Again, I apologize for the delay in my response. I look forward to your reply.

Sincerely,
William Mashburn
The Loan Shop Online
Phone: 888-265-5074 x3497
Fax: 800-383-3309

Basically, he's saying that what they did was perfectly fine. Today, I responded to him stating that what they did was NOT legal nor are they licensed to lend in the state of IL. As well, I have paid more than $0 (as indicated in his response) just through the roll-overs and finance fees I incurred when I had this loan. I asked that he promptly resolve this matter by refunding the $390 and email me my account's roll-over history (which I will confirm with my old bank) or else I will file complaints with the FTC, the Illinois Department of Financial Institutions, the Illinois Attorney General's office, and the Office of the State Banking Commissioner in Kansas (where LTS/XPress Cash is supposedly located).

I hope to get this resolved. I understand that I'm not perfect, I most likely took this loan out and then closed my bank account resulting in a default, and should have repaired the damage long ago. But their collection practices are disturbing... and I know I'm not the only one. Loan Shop Collections is all over this board...

*sigh* Here's to hoping...

I'm glad you did this, even though it sounds as though Mr. Mashburn has blinders on and is going to stand by this useless company. I do hope you will follow through with your complaints, and if I were you, I would send a copy of your complaint to Mr. Washburn. I would also submit an article to : theconsumerist.com, they published an article for me and I forwarded the article to the company I was complaining about. lol Just submit an article about your experience with this pdl, and even the letter you received from Mr. Washburn to: tips(at)consumerist.com. Good luck, I hope it all works out in you favor!

You are all dumb.
None of this shit is really illegal. You signed a contract (did you not?) You gave them your bank info. You borrowed money, knowing there were fees and payment deadlines involved, you are the ones who don't want to pay the money back. So who is the real crook?

Also you are dumb for not looking at what you're typing you said Mashburn and Washburn in the same posts. You are dumb.

ADP, go away. You obviously have no idea what you're talking about. Which offshore, illegal payday loan company do you work for?

actually by calling up one thing on a post,but ignoring the actual facts you are the dumb one.let's review.

1)the contract is worthless as the lender is not licensed.
2)while the contract is worthless,there is a law called the EFT(electonic funds transfer act)if a person revokes a places ACH debit rights then it don't matter what the worthless contract says.
3)just the fact that you call us crooks says to me that you are a humanoid who works for this bottomfeeding pdl or slime collector.
4)that makes you the crook.

NUFF SAID!!!!!!!!!!!!!

Loan shop just did it to me to on 11/10/2010 they went into my bank account with out my knowledge. I have reported them to bbb hopefully we get some justice that wasnt the bank I use with them.