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 Posted: Thu Aug 30, 2007 2:31 pm Subject: Cease and Desist Orders with a side of Payment Arrangements |
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I'm happy... elated even. I just received an email from CashNetUSA with an adequate repayment plan. I had to bring in the Dept of Banking, but once that conversation was over I got the email.
They realized their error in the APR being way over what the new law stated. They suddenly had sypathy for my situation and why I could not pay them back at the moment. They remembered I mentioned something about October. So now, I only have to pay back the principal, the $450 I borrowed. No large APR, not even the measely 36% that they are now capped at with Oregon law, they decided to be nice and drop the fees for me. But I'm guessing the 300 or so that I've already paid them in fees is good enough profit for them, considering how there are probably many more who did not notice the error and just paid them back anyway. But they are licensed and all those fees were legal.
So I've got four payments in four months, 110 for three and 120 for one. And they start in October...
As for Geneva Roth, they'll be served a Cease and Desist order. And hopefully I won't receive any more phone calls implying I'm a thief and a bad person. They'll get their $210, but they can do it on my time.
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Life is an Albatross:Advice from an Albatross
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pokogeo
Joined: 05 Jul 2007
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| Posted: Thu Aug 30, 2007 2:48 pm Subject: Cease and Desist |
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Do you mean a cease and desist letter from you or a cease and desist order from a government agency? Just wondering as they are one of my pains in the neck.
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motomom716
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| Posted: Thu Aug 30, 2007 2:48 pm Subject: G |
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Geneva Roth - Loan Point USA, I mean.
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motomom716
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| Posted: Thu Aug 30, 2007 3:17 pm Subject: |
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Yeah, a Cease and Desist order from the State of Oregon, Department of Banking, Division of Finance and Corporate Securities.
I don't know if it means they can't do what they do any more in Oregon or if they have to stop everything immediately.
When I got their loan, I applied online in a general submit, I never even knew what loan company I was dealing with because it was deposited by geneva roth. I searched them and found lots of bad stuff about them, but it wasn't until I was in search of all of my loan contracts so I could print them, did I finally figure out which one they belong to.
Apparently the fund for another one too, can't remember the name right now.
Either way, they are illegal and evil and very rude over the phone. Hopefully you haven't had one of those conversations yet!
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Life is an Albatross:Advice from an Albatross
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pokogeo
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| Posted: Thu Sep 06, 2007 3:32 pm Subject: |
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I would guess that the cease and desist order would mean that they should stop loaning money to Oregonians until they get the proper license. Which they won't do . . . .
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goudah2424
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