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Posted: Tue Sep 18, 2007 1:25 pm Subject: Rapid Cash Management in London

Anyone know anything about this co? $200 loan for $89 processing fee. No written contract only verbal agreement over phone. Does anyone have any address or experience with this firm - Said they were out of London and governed by UK laws...whatever that means.

Posted: Tue Sep 18, 2007 1:29 pm Subject:

First of all, why pay 89.00 for a 200.00 loan. That makes no sense. please do not get involved with these companies. If they are located in the UK i seriously doubt if they are even remotely legal here, stay away from them. Stay awy from any type of PDL, they cause more trouble than you can imagine

Posted: Tue Sep 18, 2007 1:45 pm Subject:

They are probably part of the GFSIL Route66 funding crew. Stay Away! Bad News! That fee is rediculously high anyway!

Posted: Tue Sep 18, 2007 1:51 pm Subject:

And you have to pay it up front it seems? Never give any money to anyone 'up front' that means they'll take your 89 and you won't ever see 200, but you might see them try to take more out of your account.

Posted: Tue Sep 18, 2007 1:54 pm Subject:

That's alot of money to pay up front for a $200 loan.

Posted: Tue Sep 18, 2007 1:55 pm Subject:

Posted: Tue Sep 18, 2007 2:09 pm Subject:

That is very unusual....so you pay $89 to get $200? o the $89 comes out of the $200 and you net $111??? Confused

Posted: Tue Sep 18, 2007 2:11 pm Subject:

Volley, either way its crazy. If they could afford 89.00 fee , they wouldn't need a 200.00 loan. I suppose!!!!!

Posted: Tue Sep 18, 2007 2:13 pm Subject:

Seriously, I think its a 200.00 loan that is actually a 289.00 loan plus all additional fees. A very large rip off

Posted: Tue Sep 18, 2007 2:21 pm Subject:

Yeah, that's how a lot of the Route 66 type places work. You get a $200 loan and you will have to pay $89 every payday. It's not a upfront fee.

Posted: Tue Sep 18, 2007 2:24 pm Subject:

WHAATT!?

mycandykiss-Are they continuing to debit your account for the $89??

Posted: Tue Sep 18, 2007 2:37 pm Subject:

Okay it is all about the wording, but my advice still stands never give any money up front for anything because it is a scam.

Maryann · Posted: Tue Sep 18, 2007 8:19 pm Subject: Rapid Cash Management in London

They put $200 in the account and then less than 10 days later they are to debit the $89 fee. I suppose they call it a fee so they are not over the legal finance charges. I am thinking of stopping my direct deposit and closing my account. I am very scared. It was all verbal over the phone and the recorded the conversation asking my permission to make these ACH debits to my account. They actually did a conference call with my bank on the line and asked my last two payroll deposit amounts and balance etc..... I was a little upset because the girl on the bank line did nothing much to verify my identity. Kind of scary.

Posted: Tue Sep 18, 2007 8:28 pm Subject:

DO they keep debiting??

Posted: Tue Sep 18, 2007 8:49 pm Subject: reply

maryann, you have made a "verbal agreement" to a loan of $200, of which an $89 "finance fee" will be deducted. Okay. They will continue to debit your account. The "finance fee" may go down each month; however, your principle amount of $200 never will. Some members have had these "verbal agreements" for years with them debiting their account. Okay, now let's get down to the nitty-gritty. "Verbal agreements" are totally illegal. They are illegal overseas companies. Do not be scared. Yes, you made a verbal agreement. Yes, they did a conference call with your bank to verify that indeed you did give them the correct bank account information. Yes, they claim it is "recorded". Now - down to the law. They are illegal. Illegal. Illegal. You need to close your bank account NOW. There is a "sticky" at the top of this site page regarding closing your account. You need to read this. Read it carefully and understand it. Make sure your bank will not "force open" your account due to pending debits. Close your account, go to a completely different bank and open a new account. Do this ASAP. You will also need to type up a letter revoking any wage assignment. I don't recall if any "verbal agreements" state wage assignment; however, you have no documentation, so do it just to be safe. mary, do not be scared. But be very fast and very cautious. You need to get your bank account closed and taken care of. Any questions regarding the bank account issue, just post. You need to send a letter (if you even have an address) revoking any wage assignment you may have agreed to. You need to file complaints against this company to the BBB, the FTC, and your state AG. Make sure you document everything in writing that you remember. Just type out everything that you remember (since there are no written documents regarding this loan). The date, the time, who you spoke to, what was said, etc. No, you do not abide by the UK laws. You abide by your state laws here in the US. I know this is a lot of information. So post ANY questions. Any at all.

Posted: Tue Sep 18, 2007 9:08 pm Subject: I will close my account tomorrow

I do like my bank - Washington Mutual - and have been reading about how ACH debits can even occur on a closed account. I would like to reopen another account at the same bank - what are my risks? Would it be better to wait a month and then reopen? I am definitely cancelling my direct deposit. Nothing was mentioned about wage assignment...but like you say I have no paperwork.

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