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 Posted: Thu Apr 05, 2007 6:00 am Subject: GECC / Cash Direct Express |
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What kind of experience have you had with this company? This is the letter I sent:
| Quote: | Tuesday, April 03, 2007
CASH DIRECT EXPRESS
[ADDRESS]
To Whom It Concerns:
RE: Loan ID: (SSN)
I am contacting you concerning my past due loan ID (SSN). It is my understanding that in my state, the state of Michigan , you are not licensed to do transactions with me, and you have not been following the state of Michigan 's payday loan/deferment loan rules, laws, and regulations, which is required by law that you follow when dealing with customers in my state. My state does not allow rollovers, and you are and have been charging a higher interest rate than which is allowable. I will be reporting this to the BBB and my Attorney General.
Now, to explain this situation to you—
It has come to my attention that my original loan -- the first loan I took out with your company on Oct. 16, 2007 for $300 was overpaid and not made in accordance to Michigan Deferred Payment loans regulations; the maximum chargeable fees for a loan in the amount of $300 is $42 in the state of Michigan. I therefore only owed your company $342. I paid $795.00 for this loan in excess and unlawful interest fees, an excess totaling $453; therefore, GECC/CASH DIRECT EXPRESS owes me a refund of $453. But I am not expecting a refund in this amount because on 2/25/07, I took out a second loan in the amount of $350. This loan is now currently is in default. According to my state’s laws, the maximum fees on this account are $48, and so I only owe your company $398 on this second loan. In addition, as per Michigan law, I lawfully owe you a NSF fee for the returned check in the amount of $25; therefore, for this second loan, I owe your company a total of $423. On this loan, I have paid $127 in addition, I have a $66 debit card payment pending on this account with your Debt Collection Agency (you may verify this by calling [PHONE NUMBER]); therefore the lawful amount I now owe on this second loan is $230.
This is what I expect you to do – apply the $453 overpayment from the previous loan to this one bringing down my balance of -$233. Therefore, I expect a refund in the amount of $233 AND my account marked PAID IN FULL. You have 72-hours to reply. If you do not accept these terms within 72-hours, I will be filing a complaint with my State Attorney General and perusing legal action.
As a reminder, your company must comply with the laws of the state in which your customers are residing. Here is a copy of Michigan ’s deferred presentment transactions laws for review:
Lenders shall not loan more than $600 to a consumer in one (1) deferred presentment transaction (payday loan). Lender shall not enter into a transaction with the customer who already has an open account with them or more than one open loan with other licensees.
MI offers certain slabs for maximum chargeable fees; the structure goes like this:
· 15% for first $100
· 14% for $101 - $200
· 13% for $201 - $300
· 12% for $301 - $400
· 11% for $401 - $500
· 11% for $501 - $600
Apart from this, the lender can charge database verification fees.
Loan term may not be extended beyond 31 days. Renewal is not allowed in Michigan ; however, licensee can extend the loan terms provided no fees are charged for this. Note: There should be a written agreement of the transaction and licensee shall not include any confession of judgment there.
What if the check returns?
Lender can charge $25 as NSF charge; no criminal prosecution can be taken against the customers based on return check.
Michigan
2005 Mich. Pub. Acts 244 (enacted 11/28/05)
So, as you can see, your company provided unlawful roll-overs to me and unlawful interest payments with the first loan that I have paid off in excess and offered me terms that were unlawful for the second loan. I appreciate your prompt attention to this matter, and I look forward to settling this account with you.
Sarah R
[ADDRESS]
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Does this sound reasonable? Does it make sense?
This is getting frustrating!
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Thu Apr 05, 2007 8:21 am Subject: |
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Sounds good to me....Good luck with your PDL's.
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Thu Apr 05, 2007 3:17 pm Subject: |
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I have dealt with them myself. I'm not sure how they will respond to this because it has been way over a year since I had dealings with them. It took them over three months to get back to my e-mails, letters, etc. Once I filed a complaint with my AG, they marked my account PIF.
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CowampChicken
Joined: 20 Dec 2005
Posts: 3681
Debtcc Points: 36192
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| Posted: Fri Apr 06, 2007 4:57 am Subject: |
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I am going to end up filing a complain with my AG and BBB. At this point, there isn't much that I can do to pay them off -- I am only willing to pay them the actual amount borrowed.
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Mon Apr 30, 2007 9:34 am Subject: Payoff |
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Hi everyone,
Do you guys know how they will handle a payoff. I paid in full the collection agency Simms associates. Will Gecc just report paid in full?
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Jeffrey
Guest
Debtcc Points: 100
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| Posted: Mon Apr 30, 2007 1:33 pm Subject: |
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Do you have the PIF letter from Simms Associates? You must have this letter as a proof about the account cleared. Then they will report your payments to GECC who will update to the bureaus. There will also be a collection entry from Simms Associates.
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BuildingWealth
Debt Samaritan
Joined: 30 Jun 2006
Posts: 500
Debtcc Points: 4962
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| Posted: Mon Apr 30, 2007 6:05 pm Subject: |
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No I did not get a PIF letter from Simms. Should I get it myself and forward to Gecc?
So GECC will just show as another account paid in full on my report and simms will still show a paid in ful collection item?
Thank you again.
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Jeffrey
Guest
Debtcc Points: 100
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| Posted: Tue May 01, 2007 6:13 am Subject: |
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You will want to talk to someone at Simm's to see if you can get a PIF letter from them. I don't think GECC will report on your credit report but I know that Simm's will since they are the collection agency.
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CowampChicken
Joined: 20 Dec 2005
Posts: 3681
Debtcc Points: 36192
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| Posted: Tue Sep 02, 2008 5:17 am Subject: I need help |
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Gecc gave me a cash advance and I am getting monthly payments takin out of my checking account. I have paid back over the amount borrowed. I don't know how to contact them to get them to quit taking money out of my banking account. Please can someone help me?
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clewis58
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Debtcc Points: 100
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