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 Posted: Wed Apr 02, 2008 9:49 am Subject: Response from Magnum Cash Advance
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I sent a letter to Magnum Cash Advance about my recently repaid loan; a loan that was originally for $990 and for which I repaid $1,810, and using a template I found here, I sent a complaint demanding a refund, referring to the Virginia laws limiting fees, and demanding a response within 24 hours.
I got a phone message this morning from Tom Kane (Cane? Kaine?), which was as follows:
He was calling to let me know they had received my letter and that they would make a response, but that it would be more than 24 hours, because they were "in the process of liquidating the company" (his exact words) and so it would take a little more time for a response.
That's interesting news to me; maybe another one of these places is biting the dust?
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starkllr2
Joined: 31 Mar 2008
Posts: 11
Debtcc Points: 506
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Posted: Wed Apr 02, 2008 11:46 am Subject:
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That dont sound good if they are liquidating the company?
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2045
Debtcc Points: 22599
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Posted: Thu Apr 03, 2008 3:31 am Subject:
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If they are liquidating the company, one could only wish it was because they were giving back all the money they have bled out of borrowers...
But that is probably not the case :/ Although I don't exactly understand what he might have meant by "liquidating" the company? Does he mean shutting it down/no longer doing business? It'd be nice if everyone's debts to them would just magically disappear, but it could be troublesome if they just all consider the loans defaulted and sell them straight to collectors.
I remember when First Bank of Delaware had to remove itself from Loan Mart stores in California. All loans automatically became due immediately in full. Luckily, my balance was low enough on the loan that I could pay it in full and be done with it, but there were grown men crying in the store because their balances were $1000 or more, and they couldn't pay it immediately, and were being threatened with collections and civil actions.
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Amaranth
Joined: 10 Mar 2008
Posts: 237
Debtcc Points: 3145
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