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Posted: Tue Nov 14, 2006 11:16 am Subject: PayDay Loan/VC Funding

My boyfriend had gotten a payday loan back in June 2006. A company called "VC Funding" is deducting $60.00 each paycheck from my account. I need to pay this off and cannot figure out who this company is. Can anyone help me!?!? PLEASE!!! :*(

Posted: Tue Nov 14, 2006 11:58 am Subject:

They go by many names, PD6 Ventures/Broadmoor Ventures/Xpress Cash, and all are part of Westbury Ventures. Here is the contact info. according to the BBB website and a letter I received....

Westbury Ventures d/b/a The Loan Shop/VC Funding
2756 N. Green Valley Pkwy
Henderson, NV 89014
Tel.: 800-853-7221

What state are you in, how much was the loan for, and how much have you paid so far? Depending on what your state's payday loan laws are, you may have already repaid the loan and then some, so it's worth checking out first.

Posted: Tue Nov 14, 2006 11:58 am Subject:

VC Funding is connected with PD6 Ventures. You can call them at 1-800-859-6439 ext 358 and fax to 866-323-6555

Do you have a loan with them? How much have you borrowed and how much has been paid till now? Figure out from your bank statements and go through your state laws. If you have paid more than the legal charges, get in touch with your bank and tell them to block the company from debiting your account. You will get a call from them after being blocked, tell them that you have paid more than your state allows and get the account closed. Get all the communication in writing. Go through these links and know how others are working out a payment plan with them.

http://www.debtconsolidationcare.com/forums/xpresscash-ventures-2.html

http://www.debtconsolidationcare.com/settlement/about13047.html

Jena · Posted: Tue Nov 14, 2006 1:36 pm Subject: Payday Loan/VC Funding

I am in the state of Indiana. Originally it was for a $200 loan. Since the date of the loan, I have paid them a total of $490.00 ($60 each paycheck/every other week. I just closed out the account yesterday but I am worried about them sending this to collections.

Posted: Tue Nov 14, 2006 1:58 pm Subject:

Jena - I am also in Indiana and had a loan with them. Indiana payday loan laws state that the maximum allowable interest/finance charges on a payday loan are $35 ($15 on the first $100 borrowed, $10 for each additional $100), so you were only legally obligated to pay back $225, which you definitely have done.

I would send them a letter informing them that you account has been closed and they will no longer be able to debit it. I would also state that you are requesting that they mark your account as "paid in full" because you have paid $490 on a $200 loan, and according to the payday lending laws of the state you reside in, they have charged you an illegal interest rate/finance charge, and you have also been made aware that they are not licensed in the state of Indiana.

State that if they are not willing to mark your account as "paid in full", you are prepared to file complaints with the Nevada BBB, Indiana Attorney General's Office and the Indiana Dept. of Finance so they can follow up on the matter.

Send the letter to them via certified mail, return receipt requested so you have proof that it was received.

Posted: Tue Nov 14, 2006 2:08 pm Subject:

Don't wait or threaten to file complaints with the AG, just do it. I'm going to tell you from personal experience this is one company that hates to be notified by the AG's office they are in receipt of a complaint against them. They will mark you paid in full, you have been paying this loan long enough.

Jena · Posted: Tue Nov 14, 2006 3:09 pm Subject: Payday Loan/VC Funding

Okay, so I should send the letter stating that this should be marked as "paid in full" as I have already paid more than enough to them.... ??? and they will just accept this???

Tiffany99... I do have the state laws for Indiana and obviously have paid way more to this loan company than stated in the laws.
Have you been in this situation with this company? will they actually just mark it as paid in full and it is that easy????

Cyndy · Posted: Tue Nov 14, 2006 3:27 pm Subject: VC Funding

Is there a sample letter that can be used, and just insert Indiana's laws? Somewhere on this site there are cease letters also, I just can't remember how to find them.

Posted: Tue Nov 14, 2006 3:37 pm Subject:

You can copy and paste this link: http://pollyandsay.yesdebtfree.org
All of your info should be there...

Posted: Tue Nov 14, 2006 3:38 pm Subject:

Go here

You'll also find some letters in the books section

http://www.debtconsolidationcare.com/books/

Posted: Tue Nov 14, 2006 4:19 pm Subject:

Jena, I was in a similar situation with this company I had a loan with VC Funding and Xpress Cash, once my AG's office notified them of the complaint they settled me as paid in full ASAP. (Which by the way happens to be the name of another internet pdl I had). It can be that easy or you may have to stand your ground for a few days and keep demanding they mark you paid in full. And please do not believe them when they tell you they only have to follow their state's pdl laws and you agreed to it in the contract. That portion is null and void, you do not have the right to over ride your state's laws. Stand your ground, you may not have to fight them for long.

Jena · Posted: Tue Nov 14, 2006 4:24 pm Subject: Payday Loan/VC Funding

Thank you Steelers...I really do not want to have to pay $260 more dollars to this company I have already paid $500 to!!
I would like to ask you... did you actually "pay off" the loan before you reported it to the State AG? Or did you just close the account and then report it to AG? How can I figure out if the particular company is licensed in my state?

Posted: Tue Nov 14, 2006 4:27 pm Subject:

You can call your state's dept. that regulates banks or you can contact your AGs office. I actually did everything in one day. I closed my account, I sent the letters every which way imaginable, and I filed my complaints with the AGs office online. It worked out great, the next day the AGs office had my complaints and by that afternoon I had 3 internet pdls mark me paid in full, (I had actually paid way over the legal interest rate and principal by this time, so I was in the right to demand a paid in full status) Plus I can pretty much guarantee you that this company isn't licensed in your state, but double check to make sure. Don't pay them another dime, you've paid entirely too much as it is.

Posted: Tue Nov 14, 2006 4:29 pm Subject:

Some pdls will want to argue this with you but stand firm on your demands and refuse to pay another dime, they will eventually back off and mark you paid in full if you have already paid the balance and legal interest rates. Some may be more stubborn than others.

Jena · Posted: Tue Nov 14, 2006 4:33 pm Subject: Payday Loan/VC Funding

Oh thank you so much!!! This is just a never-ending head-ache!! But I do have the day off of work tomorrow so I am hoping to take your experience of all in a day's work and make it my own!!
I have this one loan w/ "VC Funding" and then another is with "SJM Marketing or Platinum B Services". Both for the same amount and same dates.
I still cannot locate websites for either of them but I do have the contact information.
Is there an easy way to figure out if they are licensed in Indiana?

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