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Posted: Sat Aug 11, 2007 12:29 pm

After 3 mos. of revoking the ACH for 500Fastcash and them reporting me to Teletrac I got an email offering a settlement of $95 (they owed me in overcharges $70) should I pay them they say if I do they will remove derrogatory info. from records and will send me a paid in full letter. I am afraid to settle because then they are going to comeback with settlement letters from 3 other pdl they have under United, Quickcash etc and they all have refunds coming back but I know they will not refund them. What should I do? Thanks

Posted: Sat Aug 11, 2007 12:39 pm

Spanish -

you have a couple of choices here:

1) Accept the offers, and hope that they follow through with their promise to mark your loan paid in full and remove derogatory info. Keep in mind, though, these companies can be pretty shady, and I wouldn't put it past them NOT to do what they said they would.

2) Continue the fight to get your refunds, or at least get marked paid in full for the amount you have already paid. Personally, I would choose this option - if you have already overpaid them, I wouldn't pay them a penny more, let alone $95. I had Rt. 66 pull this same thing with me - I told them I'd pay my balance of $46, which was what I legally owed, and they counteroffered with $300+! I just kept at them, reminding them that they were lending illegally in my state, and that I'd pay what I owed legally, but not a penny more. They gave up.

Do you know if 500FastCash is operating legally in your state? If so, you will need to be careful - if they are licensed and operating legally in your state, you will most likely need to choose Option #1 - pay the settlement and get the heck outta Dodge!

However, if they are not operating legally, and you already know that, then you have more power in your corner to push them to mark you paid in full for what you have already paid them.

Posted: Sat Aug 11, 2007 12:42 pm

They haven't offered me anything yet but I'm in the same boat with 6 loans from all of their dba's. Do you know for sure they put derogotary remark on record? It just blows me away that a bunch of illegal companies can have that kind of power. Are you working with an AG or BBB? If so I would run it by them. Good luck and keep us posted.

Posted: Sat Aug 11, 2007 12:45 pm

MPEREZ -

If the only negative mark they're giving you is on your Teletrack report, I wouldn't worry about it. Teletrack is only for high risk loans and rent-to-own places to track your payment history with other high risk lenders & rent to own places...it doesn't affect your credit report or your ability to get a checking account, etc.

If you get out of the payday loan cycle and never plan to ever get another one, then a report on Teletrack should never be a problem for you.

Posted: Sat Aug 11, 2007 1:46 pm

Thanks, 500 Fastcahs together with all their dbas are illegal in Florida, I have already filed with BBB, AGs the complaint. I think I will only send them the $2500 (difference) and like subeehoney says I will not worry about teletrac because one i get rid of all PDLS I am not falling for them again. Thank you all.

Posted: Sat Aug 11, 2007 2:22 pm

One of the things I have noticed about MTE...I have 3 loans under different d/b/a's and they handled each one differently...so making a deal with one doesn't seem to affect what they will do with another. I had to cut a deal with one to get it closed while another was marked pif.

Posted: Sat Aug 11, 2007 3:10 pm

Excellent point, Morningstarr...these companies are SO strange sometimes...we all know that ONE company can have multiple DBA's, yet they all handle PIF's differently.

Posted: Sat Aug 11, 2007 5:50 pm

All of spanisheyes pdl's are stupid MTE Financial. As morningstarr stated, they'll react differently to each complaint - even though they are the same company. Personally, I agree with suebee regarding option #2. Don't settle. However, this is my personal opinion only! The reason I say this is because I overpaid 3 MTE d/b/a's. And they of course tried to "settle" with me asking for MORE money. What the???? I denied every one of their "offers". Number one - they are not licensed/legal. Number two - I already overpaid. Number three - they lie, harrass, and are totally shady. Why would I "settle" by giving them MORE money when I already overpaid and they're not even lending legally? Just my opinion! (And experience with them)

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