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 Posted: Wed Sep 27, 2006 4:11 pm Subject: Response from Rio Resources regarding my settlement request |
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I received this email today from Rio Resources aka tendollarpaydayloans.com
I am in Texas....I thought the laws protected online payday loans in Texas if they were charging more than what Texas allows in apr..should I accept their terms on this?? (email below)
| Quote: | RE: Your Complaint
Ms. Barrett,
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.
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.
In the interest of good customer service, we have agreed to waive all finance charges currently due on your loan. 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 principal balance that remains due on your account. 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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CnCsMomma
Joined: 14 Sep 2006
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| Posted: Wed Sep 27, 2006 4:14 pm Subject: |
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How much did you pay so far in interest on this pdl?
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Wed Sep 27, 2006 4:32 pm Subject: |
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That doesn't sound unreasonable if that's what's left on the principal balance...Hmm?
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~A journey of a thousand miles begins with a cash advance~
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erzeke1
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| Posted: Wed Sep 27, 2006 4:34 pm Subject: paid.... |
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$270 in fees and none on the principal
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CnCsMomma
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| Posted: Wed Sep 27, 2006 4:41 pm Subject: |
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That 270 bucks is what should go toward your principal. The loan was for $300 right?
$30 more and tack on some interest allowed for Texas and they can shove off!
This is not an acceptable offer.
_________________
~A journey of a thousand miles begins with a cash advance~
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erzeke1
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| Posted: Wed Sep 27, 2006 4:56 pm Subject: Rio |
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I received a similar letter for a 200.00 loan, that I have paid 260 on. I refused to pay the 200. they are not responding to my emails now.
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jnmeads
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| Posted: Wed Sep 27, 2006 8:37 pm Subject: Rio Resources |
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mbarrett, Dont give in to Rio, Pay your principal and what is allowed under Texas law. They are pulling it again. You live in Texas , you borrowed the money. So the loan is under Texas law. I found out the other day this is a federal law. I am like Erezekiel pay what is necessary and tell them to shove it. KYSIDE38
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KYSIDE38
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