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 Posted: Tue Jul 31, 2007 8:19 am Subject: USFastCash (MTE) Settlement Offer - Do I take It?
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I took a loan for $300 from USFastCash - I have paid $180 on it. Per PA law, the max amount I would owe on this loan would be $328.50, which would leave an outstanding balance of $148.50 on the loan.
I received the following email from the compliance department of USFastCash stating that they would settle for $210 on or before 8/17.
| Quote: | tukkitrocks79 (name removed by me)
App ID-xxxxxxx (# removed by me)
We have received your email, and researched your account, we are not obligated to let you break the contract agreement you have with us. We will attempt to assist you with one offer of settlement.
The best we can offer in settlement to assist you is a reduction to $210.00 to be paid on or before 08/17/07. You agreed to pay $390.00 when receiving the funds, you have only paid 180.00 toward that original balance, we will give you credit for those payments.
Otherwise the account must continue per the contract. If you have legal questions they must be put in writing to the Legal Dept and faxed to 1-800-470-6614.
This reduced balance must be paid by Moneygram, as directed below. We will not debit your account via ACH again, but if this settlement amount is not made by 07/31, the account will go to collections for the full amount due, and further action per the contract will take place. There will be no exceptions made for this settlement offer, the terms are set.
MoneyGram Instructions: Call 1-800-926-9400 for a location neat you, or at most Wal-Mart's
Pay To: USFastCash
Receive Code: 4307
City/State: Miami, OK
Account-XXXXXXXXX-Compliance Dept
Please confirm this offer by email by Thursday 08/02 , or the account will continue in collections for the full amount now due.
US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com |
My question is this - do I take it? I'm thinking yes, because they are MTE and if I can get them off my back, then great! But, do you think this is a crock? Are they going to take my payment and then say that it is not enough and keep harassing me for more money? What do I do?
Next question - is the date to agree today (7/31) or Thursday (8/2)? There is conflicting information in the email.
Any advice is greatly appreciated...
Edited by Goudah at Tukks request
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tukkitrocks79
Joined: 03 Jul 2007
Posts: 57
Debtcc Points: 2147
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Posted: Tue Jul 31, 2007 8:34 am Subject: tukki
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tukki, they're telling you they need you to respond to their settlement offer by 07/31 (today). If you want them off your back, go for it. I haven't heard of anyone having a problem with them once they've agreed upon a settlement amount. They put it in writing that they will not ACH your account. They just want their money by 08/17. You need to respond to them today with your acceptance or non-acceptance. Good for you with getting a settlement. If you accept, email them back, tell them you agree upon it, but get them to state (again) that once they receive xxxx dollars on 08/17, your account will be PIF and they will no longer contact you. Get it in writing.
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cannr
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Posted: Tue Jul 31, 2007 8:37 am Subject: tukki
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I just noticed the 08/02 versus the 07/31. If you want to be safe, (they're idoits) respond today. This just shows how retarded they are. But, I'm afraid that if you don't respond today (as they put 7/31) they might "change their mind" on the settlement. Up to you, my friend!
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cannr
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Posted: Tue Jul 31, 2007 8:40 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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If you can afford to pay it I would take it, because they will turn you over to a third party collector very quickly as they did to me. Even though the collector will not be able to collect on it you are going to go through lots of aggravation and work dealing with the CA. You must ask yourself, what is your time and aggravation worth?
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frogpatch
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Joined: 09 Apr 2007
Posts: 3714
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Posted: Tue Jul 31, 2007 8:43 am Subject:
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Thanks for the input, both of you seem to be on the same page. I am thinking I'll just pay the settlement and be rid of them. This is my only MTE loan and with all of the horror stories...this at least is a start, right?
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tukkitrocks79
Joined: 03 Jul 2007
Posts: 57
Debtcc Points: 2147
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Posted: Tue Jul 31, 2007 8:44 am Subject:
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I would take it. i can't even get them on the phone untill I default with them. IF you have to money to send them do it. Get them off your back and be done with them.
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cynthiaw4
Joined: 23 Jul 2007
Posts: 90
Debtcc Points: 1712
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Posted: Tue Jul 31, 2007 8:45 am Subject: tukki
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Yes, tukki. It is a start. And a good one. To get a settlement from MTE that is reasonable is a great start! 
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cannr
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Joined: 07 Jun 2007
Posts: 9374
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Posted: Tue Jul 31, 2007 8:46 am Subject:
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can someone please edit my acct # out of the original post (in the quoted text) - I got it at the top but not at the bottom of USFastCash's email....
sorry for that!
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tukkitrocks79
Joined: 03 Jul 2007
Posts: 57
Debtcc Points: 2147
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Posted: Tue Jul 31, 2007 9:14 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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MTE is really bad news. They even lie to the better business bureau when it comes to what DBAs are theirs. We really have to get the message out about this group.
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frogpatch
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Posts: 3714
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Posted: Tue Jul 31, 2007 9:23 am Subject: frog
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frog, I've been compiling a list of MTE Financial's d/b/a's, but sometimes get "surprised" by yet another d/b/a. I'm thinking of starting a post (?) where we can have members list their pdl's that are actually MTE Financial. I've got around 18 d/b/a's right now. But a new one snuck up on me the other day. What's your opinion about it? 
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cannr
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Posted: Tue Jul 31, 2007 9:24 am Subject:
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Tukk - I took the account number out for you! I missed that when I read it too, so don't feel bad . . . .
I agree that it's a good idea to accept the offer. It's close enough to what you owe, and it's worth it to have these guys off your back. Just be sure to document everything, in case they do try to come back and say you still owe.
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goudah2424
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Posted: Tue Jul 31, 2007 9:42 am Subject:
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I would take it if you have the money. Otherwise they might not ever leave you alone. They hounded me until they got my bankruptcy case number even though I only owed them $20 on the principle that I borrowed.
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Sassnlucy
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Posted: Tue Jul 31, 2007 10:09 am Subject:
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goudah - thanks.
I did send an email accepting the offer, and everything seems to be in order.
Well, that's one down.
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tukkitrocks79
Joined: 03 Jul 2007
Posts: 57
Debtcc Points: 2147
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Posted: Tue Jul 31, 2007 10:12 am Subject:
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Congratulations!
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goudah2424
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Posted: Tue Jul 31, 2007 10:15 am Subject:
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Thanks goudah! Now at least I know that I won't have to deal with MTE! And that alone is worth $210!
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tukkitrocks79
Joined: 03 Jul 2007
Posts: 57
Debtcc Points: 2147
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Posted: Tue Jul 31, 2007 11:00 am Subject:
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Why does MTE seem to hound some people and leave others alone? I don't get this...
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JEN5276
Joined: 31 May 2007
Posts: 394
Debtcc Points: 7005
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