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 Posted: Fri Aug 03, 2007 7:05 am Subject: Letter from Magnum Cash Advance
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This is a email that I received from Magnum Cash Advance.
| Quote: | This letter is notice that the above loan is now in default. This default has occurred as the result of the closure of your account at STATE CREDIT UNION. Your non-payment is a violation of the Consumer Loan Agreement and Promissory Note which you signed.
Your account is being forwarded to a national collection agency. If you do not respond to their attempts to contact you, your default will be reported to the major credit bureaus (Experian, Trans Union, and Equifax), which will severely impair your ability to obtain credit in the future.
To avoid these actions, you must contact me within five (5) business days of the receipt of this letter. This notice will serve as evidence against you in this matter, and will be employed in any legal proceedings against you.
Very Truly Yours,
Collections Department
Collections |
I responded by telling them they could not put this on my credit report and that they are illegal in NC according to the Attorney General's office and ask for their license to operate in NC. Did I do right?
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sfate
Joined: 19 Jul 2007
Posts: 39
Debtcc Points: 1565
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Posted: Fri Aug 03, 2007 8:01 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Yes. How much did you borrow from them and how much have you paid them so far. Did you send that by certified mail?
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3695
Debtcc Points: 30814
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Posted: Fri Aug 03, 2007 8:22 am Subject: Magnum email
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Sorry, that was me.
This time I borrowed $400.00 I have paid any and couldnt this month. I borrowed $300.00 last month and paid $485.00 Then the month before I borrowed $700 and paid $1080.00 that's when I got behind. So, I haven't paid any on the $400.00 should I because I won't be able until next month.
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Its me Sfate
Guest
Debtcc Points: 100
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Posted: Fri Aug 03, 2007 8:43 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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I defaulted on a loan and they almost immediately turned me over to afni for collection. A woman called me at work and I told her I needed validation on this and she should wait until she got my certified letter. Her resonse was, "why prolong the inevitable. I am not a rookie at this you know." I sent the letter requiring them to show how much I paid so far and proof that their client was licensed in the State of Florida etc. That was in February. Never heard from them again. I guess I really prolonged the inevitable.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3695
Debtcc Points: 30814
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Posted: Fri Aug 03, 2007 8:49 am Subject: frog
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frog, you go!  You gotta love it when you request validation and they disappear into thin air! sfate, take frog's advice. Send them a debt validation letter sent certified return receipt. With luck, maybe they'll disappear on you, too!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Fri Aug 03, 2007 9:07 am Subject:
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They seem pretty inconsistent. I defaulted last year and got a few emails from their in-house collection dept. Sent my state's pdl laws and informed them that they were in violation and that I had way overpaid interest on previous loan with them. I never heard another word. I read somewhere a few months ago that they were being investigated by state (West Virginia?) AG office, but don't know what came of that if anything.
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Tiffany99
Debt Samaritan
Joined: 15 Jun 2006
Posts: 1064
Debtcc Points: 19133
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Posted: Wed Jan 23, 2008 2:17 pm Subject:
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I have a $435 loan and haven't paid anything. *I live in IL* I have a scheduled payment arrangement set up but honestly guys I'm really strapped for money. Any thoughts?
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krisT
Joined: 17 Sep 2007
Posts: 139
Debtcc Points: 3502
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Posted: Wed Jan 23, 2008 2:23 pm Subject:
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Kris is this company licensed in your state
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Jan 23, 2008 2:46 pm Subject:
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I searched idfpr.com for licenses and it didn't have any results... Now wwhat?
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krisT
Joined: 17 Sep 2007
Posts: 139
Debtcc Points: 3502
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Posted: Wed Jan 23, 2008 9:18 pm Subject:
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Kris, sounds like they might not be legal anywhere. Did you check the BBB site?
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stargzr
Joined: 26 Nov 2007
Posts: 270
Debtcc Points: 2690
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Posted: Thu Jan 24, 2008 6:20 am Subject:
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BBB Reliability Report for
Magnum FundingNo BBB Rating
BBB issues Reliability Reports on all businesses, whether or not they are BBB accredited. If a business is a BBB Accredited Business, it is stated in this report.
Find out more about this business:BBB Accreditation
BBB Rating
Business Contact and Profile
Products and Services
Company Management
Additional Locations and Phone Numbers
Licensing
Customer Complaint History
Government Action(s)
Advertising Review
Industry Tips
BBB Copyright and Reporting Policy
BBB AccreditationBack To Top The BBB has no information regarding BBB Accreditation at this time.
BBB RatingBack To Top The BBB has sent two requests for basic information to this company but, as of today, has received no reply. Any customer complaints brought to the company's attention have been properly addressed.
This business does not meet BBB criteria for a satisfactory or unsatisfactory rating. Any BBB concerns about the business are stated in the report.
Business Contact and ProfileBack To Top File Open Date: 12/18/2000
Phone Number: 888-756-2607
Fax Number: 866-406-6844
Email Address: info(at)militaryfinancial.com
Web Site Address: magnumcashadvance.com
magnumfunding.com
militaryfinancial.com
BBB Accredited Business Status:
This is not a BBB accredited business
Type of Business: Loans
Additional Business Names:
Magnum Cash Advance
Military Financial Network
Products and ServicesBack To Top The BBB has no information regarding Products and Services at this time.
Company ManagementBack To Top Additional company management personnel include:
val taylor.
Additional Locations and Phone NumbersBack To Top This business also uses the following names, addresses and/or telephone numbers:
Military Financial Network
1403 Foulk Rd Suite 203 (888) 756-2607
Wilmington, DE 19803
(866) 406-6800
Magnum Cash Advance
Magnum Funding
This is not necessarily a complete list.
LicensingBack To Top This business is in an industry that may require licensing, bonding or registration in order to lawfully do business. The BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. These agencies may include the Delaware Banking Commission.
Customer Complaint HistoryBack To Top Complaints against this business concern Billing or Collection Issues, Refund or Exchange Issues and Service Issues.
When evaluating complaint information, please consider the company's size and volume of business. The number of complaints filed against the business may not be as important as the type of complaints and how the business handled them.
The BBB processed a total of 8 complaints about this business in the last 36 months, our standard reporting period. Of the total 8 complaints in the last 36 months, 4 of those were closed in the last 12 months.
Complaints Concerned
Service Issues: 1
Outcome of the complaint -
Resolved: 1
Refund or Exchange Issues: 3
Outcome of all complaints -
Resolved: 3; |[2 - Company resolved the complaint
issues. The consumer failed to acknowledged acceptance to the
BBB.]|
Billing or Collection Issues: 4
Outcome of all complaints -
Resolved: 4; |[3 - Company resolved the complaint
issues. The consumer failed to acknowledged acceptance to the
BBB.]|
Government Action(s)Back To Top The BBB has no information regarding Government Action(s) at this time.
Advertising ReviewBack To Top The BBB has no information regarding Advertising Review at this time.
Industry TipsBack To Top Those "cash until payday" services sound helpful, but they could push you farther into debt.
With payday loans, a consumer gives a credit or debit card or writes a check payable to the lender for the amount he or she wishes to borrow plus a fee. The lender gives the borrower that amount minus the fee. The lender then waits until the borrower's next payday, when the borrower can do one of three things: allow the lender to cash the check or charge the account, redeem it by paying cash to recover the loan plus a fee, or roll it over by paying the fee to extend the loans for two or more weeks. Fees charged for payday loans are usually a percentage of the face value or a fee charged per amount borrowed (lenders may charge anywhere from $15 - $50 dollars for every $100 borrowed). By rolling the loan over you may be obligated to pay a finance charge (a dollar amount) and the annual percentage rate or apr (the cost of credit on a yearly basis). Typically, the APR is extremely high and can be increased with a missed, late or partial payment.
Under the Truth in Lending Act, the cost of the payday loans - like other types of credit - must be disclosed. Among other information, a consumer must receive, in writing, the finance charge and the annual percentage rate or APR.
The BBB, along with the FTC, advises consumers to consider other possibilities before deciding on a payday loan:
If you need credit, shop carefully. Consider a small loan from your credit union or a small loan company, an advance on pay from your employer, or a loan from family or friends.
Ask your creditors for more time to pay your bills. Find out what they will charge for that service - as a late charge, an additional finance charge, or a higher interest rate.
Make a realistic budget, and figure your monthly and daily expenditures. Build some savings - even small deposits can help - to avoid borrowing for emergencies, unexpected expenses or other items.
If you need help working out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. There are non-profit groups that offer credit guidance to consumers for little or no cost.
If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough funds to make it to the next payday.
BBB Copyright and Reporting PolicyBack To Top As a matter of policy, BBB does not endorse any product, service or business. BBB Reliability Reports are provided solely to assist you in exercising your own best judgment. Information in this BBB Reliability Report is believed reliable, but not guaranteed as to accuracy. BBB Reliability Reports generally cover a three-year reporting period. BBB Reliability Reports are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted the BBB for a BBB Reliability Report.
BBB reports may not be reproduced for sales or promotional purposes.
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krisT
Joined: 17 Sep 2007
Posts: 139
Debtcc Points: 3502
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Posted: Thu Jan 24, 2008 10:44 pm Subject:
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ok so that wasnt very helpful. Maybe if you call the state agency that oversees payday loans in Illinois they can tell you for sure if they are licensed.
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stargzr
Joined: 26 Nov 2007
Posts: 270
Debtcc Points: 2690
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