Internet's first get-out-of-debt community - 134,000 members

daisyflower · Posted: Tue Apr 10, 2007 2:14 pm Subject: Verfication Process????

So I received a payday loan from Arrowhead Investments back in December. Unfortunatley, I had some financial emergencies and was unable to pay any of the money back to them. They tried to debit my account but it was returned to them. Today I got an email from Sharon William with Westbury Ventures stating
[quote]"It was recorded that on 4/4/2007 2:00:13 PM, that you called and your case information was provided in which you stated that you would setup payments to prevent further action. You need to reach me immediately or we are prepared to pursue you for the full amount owed plus any fees associated with this action. Thanks."

So then I emailed her back telling her that I would be able to make payments of 50.00 starting on 4/18/2007.

She responded with this email

Posted: Tue Apr 10, 2007 2:18 pm Subject:

It is a scare tactic commonly used by Arrowhead...How much did yu borrow from them and how much have you paid back? Also, what state are you in? Oh wait i See it now...YOu took out 250(they are not liscensed in the state of Texas.) Let me go look at the laws and I will get back with you in just a minute

daisyflower · Posted: Tue Apr 10, 2007 2:22 pm Subject:

Thanks you are a life saver.....and how can I use the fact that they aren't liscensed in texas against them. Thanks for the help....I am new to the standing up against them process lol

Posted: Tue Apr 10, 2007 2:23 pm Subject:

One-rollovers are not permitted in your state so anything they have taken out should be applied to your principle
two-I am not exactly sure how to calculate based on you laws but my best guess is that you should have to pay back roughly $272 total(contact your state regarding this to be certain). You need to send them a letter revoking their authorization to 1-withdrawal money from your bank accoutn, 2-revoke and voluntary wage assignment you may have signed when getting the loan, and 3-state your laws to them firmly and clearly after verfifying how much they can legally charge you! Send this letter via mail, via certified mail returned receipt, fax and email. I hope this helps

Posted: Tue Apr 10, 2007 2:28 pm Subject:

I had a loan with arrowhead, I filed a complaint with my attorney generals office, arrowhead faxed me a paid in full letter and an agreement letter to drop my complaint. Tell them you are going to file a complaint with your state attorney generals office and pursue it. That should get their attention.

Posted: Tue Apr 10, 2007 2:33 pm Subject:

Leah - You are close to the correct amount, but they can add on a $10 max fee. So the legal total is actaully roughly $282. The laws say $10 fee + interest, so I would bet that they add the fee on, then calculate the interest on that total. I would also recommend checking with your state's banking dept to make sure these calculations are correct.

Posted: Tue Apr 10, 2007 2:34 pm Subject:

The lender has to abide by Texas Law and they have to be liscensed to lend in your state...Once you file a complaint with the AG and they company gets that then they will be more cooperative(PS-they cannot try to take you to court because they are not abiding by texas law nor are the liscensed to lend, that is your advantage!) They will threaten you will all sorts of things_IT IS ALL LIES! you will not go to jail over this!

Posted: Tue Apr 10, 2007 2:35 pm Subject:

Verification doesn't mean anything. They are just trying to scare you, like Leah said. Follow the above advice and make sure to complain to your AG and let them know that you are doing so.

Posted: Tue Apr 10, 2007 2:39 pm Subject:

They may also tell you that they will "investigate" your application for any lies. That is probably similiar to their "verification" process. It's all bull.

daisyflower · Posted: Tue Apr 10, 2007 2:45 pm Subject:

Thank you so much you guys are so helpful. So I typed up a letter that I am sending to them (actually I stole it from another forum). Please let me know what you think before I send it off.

Posted: Tue Apr 10, 2007 2:50 pm Subject:

I think it sounds good. My only suggestion would be to change this part:

daisyflower · Posted: Wed Apr 11, 2007 8:17 am Subject:

So I faxed the letter to Sharon Williams this morning. I just received a call from her stating basically stating that she did not have to abide by anything that was stated in my letter. She basically starting screaming at me telling me that I did not borrow money from the state of Texas so therefore they do not have to abide by Texas state laws. I told her that as stated in my letter, I have every intention of paying the 250.00 plus any legal interest payments. She basically started screaming at me telling me that I owed 430.00 for fees that were accured on the account. I told her that I wanted a breakdown statement of what exactly all the "fees" were. She told me to look at my bank statement because they were all for returned items. I asked her why they were still debiting my account when I sent them a letter revoking my authorization to debit my account. She told me that they don't need my authorization and that all they have to do is show my bank the original contract and then they can continue to debt my account. So I told her not to contact me at work and she said she would continue to contact me at work as many times as she wanted. GRRRRRRR i am so frusturated. I hung up on her and then she called me right back at work and gave me a lecture on how I should not have hung up on her and then she hung up on me!!!!! GGRRRRR What should I do now!

Posted: Wed Apr 11, 2007 8:31 am Subject:

Daisy,this is why you must involve your attorney general in these matters. You are just a debtor to them,basically a pion in their eyes. An Attorney General swings a mighty big club and no one in the business world likes to anger them. Go ahead and ignore the twit at the pdl office and file your complaint with the AG office detailing everything that has happened including the phonecall where she says they don't need permission to go in your money.

Posted: Wed Apr 11, 2007 8:34 am Subject:

Make sure that you forward the information about your conversation with her to your attorney general. It is highly illegal to contact someone at work when they have told you not to. I would send them another letter and in the meantime can you stop taking her calls? Also send a copy of the letter by email and certified mail. You do not have to take her abusive phone calls and if you cannot avoid answering the phone at work, I would simply tell her, "I cannot accept these phone calls at work and it is illegal for you to continue contacting me after I have told you this." Then hang up.

Posted: Wed Apr 11, 2007 8:38 am Subject:

Daisy, I did a search on the forum and I found this address for them. I can't guarantee it is correct but it is from a recent post.

Westbury Ventures
2756 N. Green Valley Parkway Ste 870
Henderson, NV 89014-2120

daisyflower · Posted: Wed Apr 11, 2007 11:12 am Subject:

I did send the letter through email, fax and certified mail. And I just finished filing the report to the Attorney Generals office online. I forwarded a copy of the original letter that I sent her to the AG. Thanks for your help.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 134,000 members

Verfication Process????

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post