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 Posted: Wed Jan 31, 2007 8:33 am Subject: 500 FAST CASH : "cut and paste form letter" |
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Today, I rec'd the following email from 500 Fast Cash. What do I do next??? Please help.
| Quote: | This department has received recent communication regarding the above account. The communication received is recognized as portions of a form letter (cut and Paste template) currently being widely circulated via the Internet. Unfortunately this form letter is filled with misleading and incorrect information. The use of this form letter leads us to believe that there is not a specific complaint connected with the handling of your account. Please be reminded that the terms and conditions of the agreement you entered into with our company was presented to you at the time of your application and you were given a 48 hour window in which to cancel the agreement. In addition before each debit processed (within the guidelines of the agreement) you were given an account summary stating your options of fulfilling the agreement including instructions for repayment of the entire amount of the advance, in order not to incur additional fees. Since there is no mention of a specific problem with the way your account has been handled we must conclude your account was handled as agreed therefore your account will continue to be handled as agreed. Your persistence in this matter with us or any other agency that does not include an account of how your account was handled out of the guidelines of the signed agreement will merit the same response as the one you are now reading.
A copy of your electronically signed contract can be faxed for your review. If, after your review, you find your account was handled differently than was/and is stated in the agreement please forward those details at once so further review of your account can be completed. It is our earnest endeavor to provide the best possible customer service and customer satisfaction and miss-handled accounts will be researched and addressed
immediately.
Please also note, we are the original creditor, the fdcpa applies only to 3rd party collectors.
We appreciate the opportunity to respond to your concern.
Sincerely
Compliance Department
500FastCash Compliance Department |
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MrPoor
Joined: 12 Jan 2007
Posts: 9
Debtcc Points: 416
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| Posted: Wed Jan 31, 2007 8:40 am Subject: |
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A few people have received the same thing. The fact of the matter is regardless of the form letter used the facts are the same. They aren't following the law. I would follow up with a reply stating that just because you used the help of a template letter doesn't change the fact that they aren't following the laws of your state.
The part they say about fdcpa not applying is correct. That only applys to 3rd party collectors.
They would like the letter to be filled with misleading and incorrect info, but it probably wasn't. Almost all of the companies have seen Polly's pdl letter, and when people use it they know where it came from. They just want to scare you out of pursuing things.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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| Posted: Wed Jan 31, 2007 2:25 pm Subject: |
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I got this same response when I complainted to them and something similar to their response via the BBB. This company is a dba of Rio Resources/MTE so to me your best course of action is to file a complaint with the OK Dept of Consumer Credit so that you can arm yourself with the cease and desist letter that they have already issued this company, since they are not licensed to lend in OK, the state in which they are lending out of. Also, file a complaint against them with the FTC and your state AG or conumser credit agency.
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HUDiva
Joined: 16 Nov 2006
Posts: 90
Debtcc Points: 2058
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| Posted: Wed Jan 31, 2007 2:42 pm Subject: |
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Thats the pot calling the kettle black, quick poll how many times have we all seen this "form"/cutpaste letter sent to the PDL consumer?
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HT07
Joined: 06 Nov 2006
Posts: 86
Debtcc Points: 898
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| Posted: Wed Jan 31, 2007 2:45 pm Subject: |
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A ton of times . . . . . That's a great point! They send us the same letter over and over and over again, why can't we send them the same letter?
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Wed Jan 31, 2007 2:54 pm Subject: |
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Reply to post below:
When debits are deducted from my account, they are not debited as RIO Resources but as 500 Fast Cash. How can I be sure it's the same firm?
Posted: Wed Jan 31, 2007 1:25 pm
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I got this same response when I complainted to them and something similar to their response via the BBB. This company is a dba of Rio Resources/MTE so to me your best course of action is to file a complaint with the OK Dept of Consumer Credit so that you can arm yourself with the cease and desist letter that they have already issued this company, since they are not licensed to lend in OK, the state in which they are lending out of. Also, file a complaint against them with the FTC and your state AG or conumser credit agency.
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MrPoor
Joined: 12 Jan 2007
Posts: 9
Debtcc Points: 416
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| Posted: Wed Jan 31, 2007 2:57 pm Subject: |
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Most pdl's use dba (doing business as). Some of the have numerous different names. This benefits the pdl because if you block one name, they can hit your account under another name. I think you can be relativly sure that they are the same company. You could also check with the BBB and see if the company addresses are the same. That's a dead giveaway.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Wed Jan 31, 2007 2:58 pm Subject: |
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If they are Rio then aren't they under an investigation in one of the states? I recall reading in a thread here that they were ordered to stop lending in certain states . . . .
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Wed Jan 31, 2007 3:03 pm Subject: |
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I just did a quick check on the BBB website. Here is what I found:
500 Fast Cash
515 Gse
Miami, OK 74354
Telephone: (888) 339-6669
MTE Financial Services
515 G S.E.
Miami, OK 74355
Telephone: (866) 213-0268
So I think it's pretty safe to say they are one and the same.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Wed Jan 31, 2007 3:21 pm Subject: |
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Goudah I was just about to write that they have the same address.  Also, I found out that they were related because I did a complaint with the BBB on United Cash Loans and MTE/Rio and they made a comment in their reponse to my BBB complaint that basically said they knew about that complaint, which led me to believe that they are contected.
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HUDiva
Joined: 16 Nov 2006
Posts: 90
Debtcc Points: 2058
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| Posted: Wed Jan 31, 2007 3:21 pm Subject: |
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Goudah I was just about to write that they have the same address. Also, I found out that they were related because I did a complaint with the BBB on United Cash Loans and MTE/Rio and they made a comment in their reponse to my BBB complaint that basically said they knew about that complaint, which led me to believe that they are contected.
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HUDiva
Joined: 16 Nov 2006
Posts: 90
Debtcc Points: 2058
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| Posted: Wed Jan 31, 2007 3:29 pm Subject: |
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Good, so I was on the right track . . . . They have so many dba's it's hard to keep track of them all . . . . Mr. Poor, you should check out the other threads on Rio/MTE and you will get a wealth of information about this company. From what I read they are one of the worst ones to deal with . . . .
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goudah2424
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Joined: 31 Oct 2006
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| Posted: Wed Jan 31, 2007 4:37 pm Subject: |
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They are one of the worst ones to deal with but they have been order to cease and desist from making loans in Oklahoma. It states Rio Resources/MTE Financial Services on the letter from the consumer credit office there. They have many DBA's and will give you the run around. You do have a right to the money you paid them back. Follow up with the proper complaints and do some reading around the forum as suggested by Goudah 
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CowampChicken
Joined: 20 Dec 2005
Posts: 3681
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| Posted: Wed Jan 31, 2007 4:42 pm Subject: |
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I wish these "bad" pdl places would just get their act together . . . . Seems to me that there are about 5 or 6 that are just absolutly the worst places in the world to borrow money from. We'd all probably have been better off borrowing from a loan shark, because that's all these companies are . . . . Glorified loan sharks with unfettered access to our checking accounts.
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goudah2424
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Posts: 8007
Debtcc Points: 111615
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| Posted: Wed Jan 31, 2007 4:43 pm Subject: |
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It almost seems like the more dba's the company has, the worse it's business practices are . . . . .
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goudah2424
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| Posted: Thu Feb 01, 2007 7:11 am Subject: |
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Goudah,
I totally agree with you. It was one of the affiliates that stalked me around the forums and lied to government agencies during my complaint process. I will be sending a complaint into Oklahoma this week to see what else can be done.
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CowampChicken
Joined: 20 Dec 2005
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