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 Posted: Tue Mar 20, 2007 9:04 pm Subject: CTC Emailed with frustration |
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Well i been gone a while..military for you...but I am dealing with CTC now. I am enclosing an email i sent them. It is rather long and to this point in dealing with them its more out of frustration. They threatened me with court and all the normal stuff. Its just funny that when I asked for the court date they got all quiet then harped on me about paying my debts, blah blah blah. So i played the game and asked when they gonna pay my overcharged interest..but enough here is the big ole email
| Quote: | I revoke all wage assignments and revoke any access to my bank
account until some issues are resolved. You have overcharged me pursuant to
Oklahoma State Statute Title 59, which states can only be charge $15 per
100 loaned up to $300 then $10 per hundred from $400 to $500. There are also no rollovers allow in my state as well.
Citation:
Okla. Stat. Ann. tit. 59 § 3101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes
Also before you tell me that the loan is governed by the laws of the lenders state here is another statute for your reference:
Title 59. Professions and Occupations
Chapter 57 - Deferred Deposit Lending Act
Section 3103 - Scope of Act
Cite as: 59 O.S. § 3103 (OSCN 2007)
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A. The scope of this act shall not apply to a supervised lender licensed under the Uniform Consumer Credit Code. Further, nothing in this act shall modify, affect, alter, change or restrict practices or operations of supervised lenders under the Uniform Consumer Credit Code, rules of the Oklahoma Department of Consumer Credit or rules or interpretations of the Administrator of the Department of Consumer Credit.
B. Except as otherwise provided in subsection A of this section, the provisions of this act shall apply to all deferred deposit loans made; provided, the following lenders shall not be subject to the licensing requirements of this act:
1. A bank, savings institution, credit union or farm credit system organized under and regulated by the laws of the United States or any state;
2. Government or governmental agencies or instrumentalities; or
3. Pawnbrokers engaged in pawn transactions as defined in the Oklahoma Pawnshop Act.
C. The provisions of this act shall apply to transactions if the lender, wherever located, enters into the transaction with the debtor by mail, brochure, telephone, print, radio, television, Internet, or any other means.
Also you violated the follow statute:
Excerpt:
Title 59. Professions and Occupations
Chapter 57 - Deferred Deposit Lending Act
Section 3104 - Contents - Disclosure of Terms - Lender's Duties
Cite as: 59 O.S. § 3104 (OSCN 2007)
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E. A lender shall provide the following notices in a prominent place on each deferred deposit loan agreement in at least twelve-point type:
"A deferred deposit loan is not intended to meet long-term financial needs. This loan should be used only to meet short-term cash needs."
"You have the right to rescind this deferred deposit loan no later than 5 p.m. of the next business day following this loan transaction."
"If you enter into a deferred deposit loan and three consecutive deferred deposit loans, you have the right to pay off the fourth loan pursuant to an installment payment plan, subject to certain conditions." You never provided me with any of this information
F. A lender shall post at the licensed location a notice of the charges, terms, and effective annual percentage rate for deferred deposit loans made by the lender.
H. At the time a debtor enters into a deferred deposit loan transaction, the lender shall provide the debtor with a pamphlet, approved by the Administrator of Consumer Credit, describing the availability of debt management and credit counseling services, the debtor’s right to an installment payment plan and the debtor’s rights and responsibilities in the transaction. The pamphlet shall indicate a toll-free telephone number for the Administrator that the debtor may contact to receive information relating to debt management and credit counseling services. Of course you didnt provide me with this information either.
Excerpt from:
Title 59. Professions and Occupations
Section 3106 - Lender's Restrictions
Cite as: 59 O.S. § 3106 (OSCN 2007)
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A deferred deposit lender shall not:
1. Charge fees other than, or in excess of those authorized by the Deferred Deposit Lending Act; Your fees exceeded the state law
2. Make deferred deposit loans at unlicensed locations; You have no license to conduct business in the State of Oklahoma
7. Advance a loan amount greater than Five Hundred Dollars ($500.00) to a borrower in one deferred deposit loan transaction exclusive of the finance charge allowed in Section 3108 of this title; You loaned twice this amount.
15. Refuse the borrower’s right to enter into an installment payment plan, pursuant to this act I have tried and you have refused on multiple occassions and i have recorded the conversations.
Excerpt:
Title 59. Professions and Occupations
Section 3109 - No Renewal Or Additional Loan Transaction For Deferred Deposit Loans
Cite as: 59 O.S. § 3109 (OSCN 2007)
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A. A lender may not enter into a renewal of a deferred deposit loan transaction.
B. Upon any application being made for a deferred deposit loan, the lender shall determine if the applicant has any outstanding deferred deposit loans as follows:
2. The lender shall be required to verify the accuracy of the affidavit through commercially reasonable means. A lender’s method of so verifying shall be considered in compliance with the provisions of this section if the verification method includes a manual investigation or an electronic query of:
a. the lender’s own records, including both records maintained at the location where the loan is being applied for and records maintained at other locations that are owned and operated by the lender or the lender’s affiliates, and
b. any private database approved by the Administrator of Consumer Credit, if the lender subscribes to such a database; provided, all lenders shall be required to subscribe to such a database or otherwise obtain the required information in a manner approved by the Administrator not later than July 1, 2004. The lender may charge the applicant a fee for database verification not to exceed the actual fee charged to the lender by the database provider.
If the lender determines that the applicant has more than one outstanding deferred deposit loan, the loan applied for shall not be made.
Had you checked teletrack you would know that i already had two outstanding loans which i disclosed to you at time of application.
This is just FYI. And you have violated the provisions of this act.
Excerpt
Title 59. Professions and Occupations
Section 3115 - Investigation By Administrator - Notice and Hearing - Judicial Review
Cite as: 59 O.S. § 3115 (OSCN 2007)
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A. If the Administrator of Consumer Credit has reasonable cause to believe a lender has violated any provision of this act, the Administrator may make an investigation to determine whether the act has been committed, and, to the extent necessary for this purpose, may administer oaths or affirmations, and upon the Administrator’s own motion or upon request of any party may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter which is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence.
And last but not least
Title 59. Professions and Occupations
Section 3117 - Penalties
Cite as: 59 O.S. § 3117 (OSCN 2007)
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The Administrator of Consumer Credit may order and impose civil penalties upon a person or lender subject to the provisions of this act for violations of this act or the rules promulgated to implement this act in an amount not to exceed One Thousand Dollars ($1,000.00) per violation. The Administrator may also order repayment of unlawful or excessive fees charged to debtors.
As i have stated you overcharged me in fees.
Any further correspondence may be directed to the email address i am sending this from. I have paid excess interest and fees on this account. I request a statement corrected to account for the allowed fees under oklahoma state law and to work out a payment plan. Since to this point you refused a payment plan, overcharged interest, operated in oklahoma without a license, and overloaned what the law allows and in general grossly violated oklahoma statutes.
Contact me so this maybe resolved. Also pursuant to Oklahoma State Law you may
not ACH debit my account.
>
> Please Contact me as soon as possible.
>
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ssgnewtonj
Joined: 31 Dec 2006
Posts: 73
Debtcc Points: 1904
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| Posted: Wed Mar 21, 2007 4:01 pm Subject: |
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Thank you for posting this---they never know what to do when the customers kind of turn the tables on them and start questioning their operating procedures and practices. I bet they will be sending you a refund soon. Good luck!
_________________
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Lorri
Moderator
Joined: 27 Apr 2006
Posts: 1705
Debtcc Points: 20847
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| Posted: Fri Mar 23, 2007 2:05 am Subject: no contact yet |
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still waiting to hear back...lol
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ssgnewtonj
Joined: 31 Dec 2006
Posts: 73
Debtcc Points: 1904
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| Posted: Sat Mar 24, 2007 8:18 am Subject: |
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still waiting lol
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ssgnewtonj
Joined: 31 Dec 2006
Posts: 73
Debtcc Points: 1904
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cajunbulldog
Moderator
Joined: 20 Dec 2006
Posts: 4886
Debtcc Points: 37779
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| Posted: Sat Mar 24, 2007 9:29 am Subject: yep |
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gotta love it eh cajunbulldog. They wont even talk to me on the phone of course i use my famous revision on this may be recorded for quality purposes.. after they ask who i am i state "I am ************ and this conversation may be recorded for use in legal proceedings." They usuall hang up
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ssgnewtonj
Joined: 31 Dec 2006
Posts: 73
Debtcc Points: 1904
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| Posted: Sat Mar 24, 2007 7:14 pm Subject: |
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They hang up because they can't threaten and harass. CTC is one of the worst companies around. This company needs to be shut down.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45632
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