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 Posted: Mon Jan 07, 2008 12:43 pm Subject: message from CMG responding to refund---help
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Can anyone tell me how to respond to there letter? Believe is the letter I faxed them, and below that is their correspondence. I have paid off all my loans and am trying to recoup some of the extra money to pay off the loan my family member gave me to get out of this hell!
| Quote: | To whom it may concern:
After fully paying off my pay day loan in full I have now become aware that this sort of loan is prohibited in the state of New Jersey. I did not realize this when I signed your documents. .Your company must abide by the laws in which the loan was given, NJ were I reside; it does not matter where you operate from.
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year
According to NJ State Laws I believe I have overpaid my loan by $1090.00. I have deducted $ 300.00 and $350.00 plus $ 90.00 off of the spreadsheet to cover the cost of the loan.( Interest can only be charged per year) I would like to be refunded this money by check, since my bank account is now closed. If I do not hear anything from you within 2 weeks I will be filing complaints with the Better Business Bureau, The Attorney Generals Office as well the New Jersey Banking and Insurance. I have all documentation from you as well as all my bank statements of deposits and debits from you as you can see below. Your urgent attention to this matter would be appreciated. You may contact me via US Postal mail or email. No telephone contact is permitted. |
Attached all bank debits and credits
There answer!!!
| Quote: | We have received and reviewed your correspondence regarding your complaint with CMG Group, LLC.
While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department.
The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute.
Upon review of your account history, you clearly knew all terms and conditions of your loan. We have all the legal contracts you signed, in which you agreed to terms and conditions of the loan.
You did pay your account in full as per the loan agreement. There will be no refund on your account and no further loans will be offered to you.
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department |
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waterlu3
Joined: 02 Oct 2007
Posts: 23
Debtcc Points: 7
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Posted: Mon Jan 07, 2008 12:56 pm Subject:
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First, it is the laws of your state that prevail. Secondly, they agree that your loan is paid in full, so be glad you are done with them. Sometimes a PIF is the best we can hope for. As far as them not offering you any other loans, well, that is also great . Who would want one?.be happy that you are done with these people.
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kashzan
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Joined: 11 Jul 2007
Posts: 5463
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Shazzers
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Joined: 05 Dec 2007
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Posted: Mon Jan 07, 2008 12:59 pm Subject:
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refunds are hard to come by unfortunately....just getting them to leave you alone and getting a PIF is a big win.
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
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Posted: Mon Jan 07, 2008 1:19 pm Subject:
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thanks for your advice! I will report them to the AG, BBB and the NJ Banking commision to see if they can help. Perhaps it will keep someone else from getting into the payday cycle
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waterlu3
Joined: 02 Oct 2007
Posts: 23
Debtcc Points: 7
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Posted: Mon Jan 07, 2008 1:21 pm Subject:
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We always do advise people to file with those agencies.Please do . The more complaints against these companies, the better.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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