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Posted: Tue Jul 11, 2006 1:27 pm Subject: Outstanding balance with Rio Resources

Ok, Up next is rio resources....I have an outstanding balance of 100 plus their 30 interest charge....80 to come out this friday...my checking account is closed. I originally borrowed 300 and have paid them a total of 770.00. They are not liscensed in Va and have charged far more than the allowed rate of 15 per hundred. I am going to use the same letter I sent to GW Finanical and see what happens...I will keep everyone informed. Wish me luck !!!

Here is the address I found for them posted in this forum

compliancedepartment(at)rioresourcesllc.com

Posted: Tue Jul 11, 2006 1:30 pm Subject:

PS....Rio also renewed the loan 7 times so far...renewals, extensions etc are illegal in Virginia

Posted: Tue Jul 11, 2006 1:32 pm Subject:

Go ahead! I heard Rio has also done some refunds in the past. Give your letter the same importance as did with GWF. I am sure Rio will refund the excess amount if you can prove with copies of your bank statement. Do you have the contract with them in writing? This will be helpful to stand against their excess interest charges.

Posted: Tue Jul 11, 2006 1:39 pm Subject:

I do have all bank statements showing their Ach's for this loan since inception. I called the branch manager at my bank and told her about the GW response, she was very happy and encouraged me to let the others know they were violating law...which I am.....she does not like Payday lenders at all but at least the local ones have to abide by some law...she agrees...all internet payday loans should be made illegal.

Posted: Tue Jul 11, 2006 2:08 pm Subject:

The response of the branch manager makes you feel confident enough. Now, all you have to do is to send the letter and exercise your legal rights. These lenders thought it will be easier to escape the laws. But they can be put under check when we exercise our legal rights. I hope you will get positive results in this one also. Good Luck!

Posted: Tue Jul 11, 2006 2:13 pm Subject:

Thanks. I just emailed the letter with all applicable codes violated. Also I did not know until today..it is a law in Virginia, that they must have a liscense here if they are going to do business with residents of Virginia....That also puts mycashnow and upfrontpayday in violation.

Here is what i asked as a fair settlement with Rio....

Thus, I am expecting Rio Resources to mark the account
under the name of Tom xxxxxxx �paid in full' and a refund issued in the amount of 425.00...(770.00 less the initial 300 borrowed and the allowed 15 per hundred rule in Virginia).

Posted: Tue Jul 11, 2006 2:17 pm Subject:

Here is what the Bureau of Financial Institutions of Virginia says:

http://www.scc.virginia.gov/division/banking/payday.htm

Posted: Tue Jul 11, 2006 2:17 pm Subject:

make sure you direct to compliancedepartment @rioresourcesllc.com

Posted: Tue Jul 11, 2006 2:22 pm Subject:

Yes, Thanks, that is the email address I used

compliancedepartment @rioresourcesllc.com

Posted: Tue Jul 11, 2006 6:31 pm Subject:

I hope you are asking for a refund!!!!!!

Posted: Wed Jul 12, 2006 12:00 pm Subject:

I had two loans with Rio Resources, one in my name (which was paid back) & one in my husband's name (which still had a principal due of $100.00 out of an original $300.00 loan). I sent the letter requesting a refund on my loan, which they promptly sent me a refund check on. When the letter was sent on my husband's loan, they sent an email to him saying that they would drop all interest charges and fees and settle with him for the $100.00 (how generous of them, we had already paid a total of $830.00 on this loan!). I just find it funny that they would quickly send a refund on my loan, yet refuse the refund on my husband's loan. What do they do to determine this, draw names out of a hat?

Posted: Wed Jul 12, 2006 12:03 pm Subject:

Yes I believe that is exactly what they all do not just Rio Resources. It's amazing to me that some get refunds and others don't. I had had a loan with another company for over 3 years and when I asked for a refund they denied and I know there were others on here that had a loan for a short time (3 months or so) from the same place and they got a refund - makes no sense to me at all. So like I said - drawing names out of the hat seems to be common practice.

Posted: Wed Jul 12, 2006 12:34 pm Subject:

It has almost been 24 hours since I emailed rio and havent heard a word yet, whewn the 24 hours are up its being forwarded to the va ag's office...they may think i was kidding, i am not

Posted: Wed Jul 12, 2006 12:41 pm Subject:

I know rio has a lot of payday loan names. What are they or where can I locate all of the names?

Posted: Wed Jul 12, 2006 12:46 pm Subject:

My loans with Rio Resources were through instantcashloantillpayday.com and nofaxingpaydayloan.com. I know there are others, but I am not sure who they all are.

Posted: Wed Jul 12, 2006 12:49 pm Subject:

My RIo loan was through TenDollarPaydayLoan and they are listed as MTE financials Services dba Rio Resources

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