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 Posted: Thu Nov 09, 2006 6:43 pm Subject: Settlement offer from Rio |
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I received the following e-mail from Rio; they want to settle for the principal (which I already paid, but anyway...) - Do you guys think I should just pay this and not fight them anymore? By the looks of things, they are taking my account out of collections, so that's progress. I made a complaint with my AG office, but haven't heard back from them. Any suggestions?
Here's the letter...
| Quote: | We have received and reviewed your correspondence regarding your complaint with the company.
While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:
Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws and laws of the jurisdiction in which the Lender is located governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.
The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescibed by Federal statute.
Upon review of your account history, you clearly knew all terms and conditions of your loan as you have been approved for loans in the past and have applied on many occasions for additional lending. We have all legal contracts you e-signed, which you agreed to terms and conditions of the loan.
Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account. We have also requested that ACA, our third-party collection agency in possession of your account, return it to us for handling.
Due to your long history with our company, and in the interest of good customer service, we have agreed to waive all finance charges due on your current loan balance. We will expect complete payment of the principal amount owed.
The Lender will be prepared to provide you with the information necessary for repaying the $300.00 that remains due on your principal balance. Payment must be received by you in the form of a Cashier’s Check or Money Order payment. We expect this offer will bring us to an amicable resolution.
Please acknowledge your understanding and acceptance of our proposal if you are in agreement with the offer detailed above, and advise which payment method you will use. Once your acknowledgement/agreement is received, we will provide you with the information needed to make the payment. Once we have received this payment, we will mark your account "Paid in Full."
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department |
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Guest
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| Posted: Thu Nov 09, 2006 6:45 pm Subject: |
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I would stand your ground, demand they mark you paid in full. Sometimes after repeated e-mails demanding this they will mark you paid in full. I would hate to see you lose your money.
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WHEREAMI
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| Posted: Thu Nov 09, 2006 6:55 pm Subject: |
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I sent them about 10 emails a day till they stopped
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| Posted: Thu Nov 09, 2006 7:23 pm Subject: |
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Good for you. And even if it took 40 e-mails a day, well worth it.
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WHEREAMI
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| Posted: Thu Nov 09, 2006 7:51 pm Subject: |
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Guest, don't let them intimidate you. Regardless of what their contract says, they have to go by the laws of the state you reside in. Don't back down from them. I take it they're not legal in your state. In that case, they don't have a leg to stand on. At this point, they're trying to get whatever they can. That's why they're "willing to waive all fees" - fees they had no business charging in the first place. And I'm willing to bet their "collection agency" is actually just an extension of their company(s). I've dealt with one like that already. Remember, you have the upper hand if they're not licensed. Did you contact your AG? If not, do that and make sure you tell them that he's involved. Good luck to you.
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dbaker6
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| Posted: Thu Nov 09, 2006 8:03 pm Subject: |
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ameriloan is another dba for RIO, and the inhouse CA they use is famous for the illegal threats of putting you under investigation for fraud, somebody's on their way to arrest you, the ridiculous threats go on and on. This company is on their way out.
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WHEREAMI
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| Posted: Thu Nov 09, 2006 8:44 pm Subject: |
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Be careful with Rio Resources. Very careful.
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Alexandra
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| Posted: Thu Nov 09, 2006 8:45 pm Subject: |
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Let me tell you that I had the same thing with 500fastcash. I explained to them the laws of my state, they tried to tell me that they don't have to go by the rules of my state only those of Kansas or something like that. I filed complaints with The BBB, and the FTC, and Attorney generals office. I had a reply from the BBB with in one day. I sent them my reply from the BBB, and my states laws, and demanding that I only the remaining principle. So they settled with me. And PAYDAYOK tried the same thing but I had way over paid them my principle balance and they ended up closing the account. But stand your ground, don't let them bully you. FIle complaints. They don't like that. Many states are coming down on these companies. and they are even being banned in many states. If you paid at least the balance, Don't give up.
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| Posted: Thu Nov 09, 2006 8:47 pm Subject: |
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sorry that was me with the above message. I forgot to log in
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VALERIE
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| Posted: Thu Nov 09, 2006 8:51 pm Subject: Guest - Settlement offer from Rio |
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Guest,
It's a sad thing when people are willing the just throw their money away as you are. Shouldn't you take that $300 and put it in a savings/retirement account. Doesn't it make alot better sense.
And, ABSOLUTELY NOT! Don't you pay them a red cent because YOU DON'T OWE IT. Understand?!
What you need to do is report them online to the Federal Trade Commission via online complaint. That is what they are there for at www.ftc.gov It's easy.
Furthermore, "because they are an internet model" company is bologney. I assure you that the Fair Credit Collection Practices Act applies to them with all certainty; that's how I know they are robbing you. OK?! And, you need to dispute this debt with the credit reporting agencies, i.e., Equifax. You will have no problem, I'm sure.
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mzlizzy2006
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| Posted: Fri Nov 10, 2006 12:05 am Subject: rio resources |
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Welcome Guest First let me say please register and become a member of the forum we would love to have you. Second this is Rio's famous form letter. I have gotten them several times. I laugh until I just about cry when I read the part about sound legal advice from their department. Like many post on here have read they mostly are illegal everywhere, Give the AG time they will answer. Dont pay these vultures another dime if you have paid over principal. Best Wishes KYSIDE38 
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KYSIDE38
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| Posted: Fri Nov 10, 2006 9:32 am Subject: |
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Do not pay them another cent!!! If you will PM me I will give you the address to the FBI in Tulsa. They are investigating these people because they are trying to hide behind an Indian Tribe. You don't owe them anything!!
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scotch
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