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 Posted: Tue Mar 27, 2007 11:54 am |
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I just got a horribly rude email from 500fastcash. First, here is what I told them:
| Quote: | As of today March 21, 2007, I revoke authorization from 500 Fast Cash, or any representative, parent company, affiliate, or subsidiary of 500 Fast Cash, to withdraw any funds from the checking account under the name of ******, account number **** located at ******.
Your company is in violation of Ohio Rev. Code Ann. §§ 1315.35 et seq which states that there is no rollover allowed and may only charge interest rates of $15 for every $100 loaned. Please see the below Ohio laws on cash advances. Your company is not licensed to do business in the state of Ohio. One must be licensed in the state of the consumer it does business with in order for the business transaction to be legal.
(inserted Ohio's laws here)
Your company originally loaned me $200. I have since paid a total of $180, as a result of 3 debits to my bank account in the amount of $60 a piece on 1/30/07, 2/15, and 2/28. I would like to send a money order for $20 to pay off the principle balance that your company loaned me. Your Company solicited, accepted, and transacted business with a citizen of the State of Ohio, thus you are subject to the laws of this state. I am expecting 500 Fast Cash to mark the account under the name of ****‘paid in full’ upon receipt of this $20 money order. All correspondence as of today, March 20, 2007, shall be in written form either through the email address or via The United States Postal Service. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. I also hereby revoke any voluntary wage assignments that I may have signed. At no time should my references or employer be contacted as I am willing to communicate through the mediums listed above.
I appreciate your cooperation in this matter.
Here is what they sent me:
We have received your "form letter" we recognize from the Internet. You received $200.00, and have not even paid that amount back, what you are "demanding" will not be even considered. You are under many false assumptions, re: laws, etc, and your account will continue in collections for a total amount now due of $350.00.
We will not respond to any further communication re: this matter. You need to call the collections department to make immediate arrangements on your account at 1-800-339-6669. |
I'm not calling them. All I owe is $20 on the principle. I have never read anything so nasty. I would like to know what false assumptions I am under.
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Sassnlucy
Moderator
Joined: 12 Mar 2007
Posts: 2588
Debtcc Points: 28218
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| Posted: Tue Mar 27, 2007 11:57 am |
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Well they want you to think that they are in the right and you are in the wrong...I would stick to your guns...Do what we did with UCL...Fax them a copy of your complaint to the AG...Or email them again and cc it to the AG...
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2334
Debtcc Points: 50548
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| Posted: Tue Mar 27, 2007 11:59 am |
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They are part of the famouse MTE Financial dba Rio Resources. You can expect this from them. Blowing SMoke not licensed much of anywhere. KYSIDE38
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RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
Debtcc Points: 37310
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| Posted: Tue Mar 27, 2007 12:03 pm |
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Hey I read today that UCL is part of MTE and Rio as well....
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2334
Debtcc Points: 50548
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| Posted: Tue Mar 27, 2007 12:07 pm |
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We could probably all get together and post which companies are one in the same...you know just for informations sake. If anyone is interested, or if anyone has done so already, let me know.
I once had something with 500FastCash. It seemed to just go away.... I bet someone will be harassing me shortly.
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sswett
Debt Samaritan
Joined: 26 Mar 2007
Posts: 414
Debtcc Points: 4788
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| Posted: Tue Mar 27, 2007 12:21 pm |
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Here is my rebuttal, let me know what you guys think before I send it. I don't want to sound threatening but they were pretty pi$$y with me.
| Quote: | Thank you for responding to my recent communication. I did not, as you stated, use a form letter in my correspondence with you and I do not appreciate being accused of such. They were, in fact, my own words. It appears that you have responded to my letter with a form letter as well, as I have seen the same communication posted on the Internet by others with complaints about your company. I am unsure of what false assumptions you say that I am under regarding laws, because I got the laws from the attorney general for the state of Ohio. My complaint is that you are operating illegally by loaning to a citizen of the state of Ohio where you are not licensed, and that you are rolling over loans, and charging more than the allowed interest rate in the state of Ohio. Please review the laws below for payday lenders:
(inserted state laws)
Your company is in violation of Ohio Rev. Code Ann. §§ 1315.35 et seq which states that there is no rollover allowed and may only charge interest rates of $15 for every $100 loaned. Your company is not licensed to do business in the state of Ohio which actually makes this whole transaction illegal. One must be licensed in the state of the consumer it does business with. I have confirmed that with the attorney general's office for the state of Ohio. Even though you are not located in Ohio, you are still subject to the state laws since you are doing business there.
I have paid you all but $20 of the principle that I borrowed from you. You deducted $60 on 1/30, 2/15, and 2/28, which totals $180. There is no way you can “demand” $350 on a $200 loan on which I have already paid $180.
Once again, I revoke authorization from 500fastcash.com, or any representative, parent company, affiliate, or subsidiary, to withdraw any funds from the checking account under the name of Michelle ****, account number **** located at ***. I also hereby revoke any voluntary wage assignments that I may have signed. I can only be reached by email or the United States Postal Service and will be happy to correspond in that fashion. I would like to settle this account for $20, which is the amount that I owe for the principle that was loaned to me. I am also forwarding your previous correspondence as well as this one to the attorney general of the state of Ohio, the Ohio Department of Commerce, and the FTC.
Thank you for your cooperation. |
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Sassnlucy
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Posts: 2588
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| Posted: Tue Mar 27, 2007 12:25 pm |
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Sounds good to me...now just make sure you forward their correspondance to the people you said you were going to 
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Leah
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Joined: 04 Mar 2007
Posts: 2334
Debtcc Points: 50548
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| Posted: Tue Mar 27, 2007 12:35 pm |
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You better believe I am going to! I'm not messing around with these people, especially when I only owe $20 on their principle.
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Sassnlucy
Moderator
Joined: 12 Mar 2007
Posts: 2588
Debtcc Points: 28218
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| Posted: Tue Mar 27, 2007 12:39 pm |
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Yeah, this is a normal response from a pdl . . . . Stick to your guns! You have the laws on your side, the AG's office on your side, everyone but them on your side!
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goudah2424
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Posts: 7303
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| Posted: Tue Mar 27, 2007 12:41 pm |
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Thanks goudah! I'm sending them the rebuttal right now. What jerks. And these places try to call themselves professionals!
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Sassnlucy
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Joined: 12 Mar 2007
Posts: 2588
Debtcc Points: 28218
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| Posted: Tue Mar 27, 2007 12:42 pm |
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| Quote: | | And these places try to call themselves professionals! |
Try . . . . . But don't quite reach!
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goudah2424
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Posts: 7303
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| Posted: Tue Mar 27, 2007 12:47 pm |
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You said it.
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sswett
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Joined: 26 Mar 2007
Posts: 414
Debtcc Points: 4788
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| Posted: Fri Sep 14, 2007 7:32 am |
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I paid some on my account but got bogged down with that and other bills, i haven't paid them. they have been sending nasty letters and calling my job and my home 3 & 4 times a day. Now I know that I should pay them but I know they are not licensed to do business in VA and I have no intentions of paying them again. Today however they got me good. Please Please be careful. They took $335 from my account and sent it thru as a paper check. According to my bank (Bank of America), the bank cannot get involved or dispute paper checks. It has to be dealt with thru the company. I transferred all my money from that account and am now in the process of closing that account and am going to file a complaint with the AG's office here in VA. Thank you guys for posting these messages, they have helped me plan my course of action.
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Sassynva
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