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Our fav PDL RioResources

Date: Wed, 10/04/2006 - 13:36

Submitted by kota101
on Wed, 10/04/2006 - 13:36

Posts: 131 Credits: [Donate]

Total Replies: 20


Ok so I wonder what they didnt understand that I am not going to pay them any more money? And that THEY owe me a refund??? LOL Cant wait till they hear from AZ AG office and Arizona Consumer Affairs

[quote]10/04/2006
I am formally requesting substantiation of all interest and principal payments made by me to your company on all loans ever received .
I am at this time requesting my account be marked paid in full and to have a refund mailed to me immediately in the amount of $894.00. I have been advised I am actually eligible for more but I will consider the account settled in full for the refund amount of $894.00. Please send by mail to my home address of


And as for having sent the same letter to several other companies I am happy to tell you more than one has marked my account paid in full and I have even had a refund sent.
And as Rio Resources has so many companies listed under them it is hard to keep straight what you do and do not own. Again send me a complete list of all names you do business under and I will be happy to share that with the Arizona Consumer Affairs and the Arizona Attorney Generals office.





9/29/2006
Rio Resources, LLC
147 Eubank Blvd NE
Albuquerque, NM 87123
Phone: (505) 293-2316
Fax: (505) 293-2384
apryl(at)invcity.com
compliancedepartment(at)rioresourcesllc.com
I am at this time requesting my account be marked paid in full and to have a refund mailed to me immediately in the amount of $894.00. I have been advised I am actually eligible for more but I will consider the account settled in full for the refund amount of $894.00. Please send by mail to my home address of


If I do not hear from you by October 2, 2006 I will assume that you are refusing. I will than contact the Arizona Attorney General again to advise them you are refusing. The check must be mailed to me by no later than Oct the 3rd.










--------------------------------------------------------------------------------
From:
To: apryl(at)invcity.com; compliancedepartment(at)rioresourcesllc.com
Subject:
Date: Fri, 29 Sep 2006 14:23:05 -0600

9/29/2006
Rio Resources, LLC
147 Eubank Blvd NE
Albuquerque, NM 87123
Phone: (505) 293-2316
Fax: (505) 293-2384
Apryl(at)invcity.com
Compliancedepartment(at)rioresourcesllc.com

I am at this time requesting my account be marked paid in full and to have a refund mailed to me immediately in the amount of $894.00. I have been advised I am actually eligible for more but I will consider the account settled in full for the refund amount of $894.00. Please send by mail to my home address of


If I do not hear from you by October 2, 2006 I will assume that you are refusing. I will than contact the Arizona Attorney General again to advise them you are refusing. The check must be mailed to me by no later than Oct the 3rd.







--------------------------------------------------------------------------------
From:
To: apryl(at)invcity.com; compliancedepartment(at)rioresourcesllc.com
Subject:
Date: Sun, 17 Sep 2006 19:08:54 -0600




9/17/2006
Rio Resources, LLC
147 Eubank Blvd NE
Albuquerque, NM 87123
Phone: (505) 293-2316
Fax: (505) 293-2384
Apryl(at)invcity.com
Compliancedepartment(at)rioresourcesllc.com


MTE Financial Services dba Rio Resources
1-866-702-0269 phone
1-866-286-2669 fax




Dear Sirs/Madams:

Effective immediately, I hereby REVOKE authorization to MTE Financial Services dba Rio Resources or any representative, parent company, affiliate, or subsidiary of MTE Financial Services dba Rio Resources to withdraw any funds electronically from my checking account ending in , The account has been frozen to all further activity from this company, so any attempts to debit this account will be returned. I also REVOKE any wage assignments that may be involved from your company or any of your affiliates. I request that my balance be marked paid in full the following are loans I have taken with your company
July 20, 2006 $200.00 borrowed paid so far $240.00
March 2,2006 $300.00 borrowed paid total $975.00
October 18,2006 $300 borrowed paid total of $947.50
I have contacted the better business bureau and the Arizona Attorney General Office regarding your unfair acts.

Also, if any further contact with me is needed it should be done by email at my e-mail address . Do Not contact anyone associated with me. I.e. job, friends, family if you do harassment charges will be filed.

I have become aware that since such time as I have been affiliated with your company, I have paid disproportionate amounts of interest over the course of such affiliation. Upon research of Arizona State law, I have discovered that MTE Financial Services dba Rio Resources is not legally authorized to lend to residents in Arizona. Therefore, MTE Financial Services dba Rio Resources is in violation of Arizona's usury, interest rate cap, and licensing requirements, Wrongful credit practices and related offenses.

6-1260. Deferred presentment; amount; fees
A. The licensee may accept for deferred presentment or deposit a check with a face amount of at least fifty dollars but not more than five hundred dollars, excluding the fees permitted in subsection F of this section.
B. For each check the licensee accepts for deferred presentment or deposit, the licensee and the customer shall sign a written agreement that contains the name or trade name of the licensee, the transaction date, the amount of the check, the amount to be paid by the maker, a statement of the total amount of the fees charged, expressed both as a dollar amount and as an effective annual percentage rate, a disclosure statement that complies with state and federal truth in lending laws and a notice to the customer as prescribed in subsection C of this section. The written agreement shall expressly require the licensee to defer presentment or deposit of the check until a specified date.
C. A licensee shall provide a notice in a prominent place on each written agreement that specifies that no customer may have outstanding more than one deferred presentment service agreement at one time and the face amount, exclusive of any fees, cannot be more than five hundred dollars. A licensee shall ask every customer who seeks deferred presentment services whether that customer has any outstanding checks payable to other licensees.
D. A licensee may rely on the customer's representation of whether the customer has any outstanding checks for deferred presentment held by other licensees.
E. The maker of a check has the right to redeem the check from the licensee before the agreed on date of presentment or deposit if the maker pays the licensee the amount of the check.
F. A licensee shall not directly or indirectly charge any fee or other consideration for accepting a check for deferred presentment or deposit that is more than fifteen per cent of the face amount of the check for any initial transaction or any extension.
G. A licensee may impose the fee prescribed in subsection F of this section only once for each written agreement. The fee is earned on execution of the written agreement and is not subject to any reimbursement even if the maker redeems the check pursuant to subsection E of this section.
H. The fee charged by the licensee is not interest for purposes of any other law or rule of this state.
I. A person may extend the presentment or deposit of a check not more than three consecutive times. For each extension the customer and the licensee shall terminate the previous agreement and sign a separate agreement. During an incomplete transaction the customer may not receive any additional monies from the licensee. The licensee may charge a fee as prescribed in subsection F of this section for each extension. If a customer has completed a deferred presentment transaction with the licensee, the customer may enter into a new agreement for deferred presentment services with the licensee. A transaction is completed when the customer's check is presented for payment, deposited or redeemed by the customer for cash.

13-2208. Usury; classification
A. A person commits usury by knowingly engaging in or directly or indirectly providing financing for the business of making loans at a higher rate of interest or consideration than authorized by law.
B. Usury is a class 6 felony.

6-613. Restrictions; voidable loans
A. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the finance charges and other fees permitted by this chapter the following restrictions apply:
1. If the original principal amount of a consumer loan is five thousand dollars or less, that consumer loan is voidable and the licensee has no right to collect or receive any principal, finance charges or other fees in connection with that consumer loan.
2. If the original principal amount of a consumer loan is more than five thousand dollars, the licensee has no right to collect or receive any finance charges in connection with that consumer loan.
3. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is five thousand dollars or less, that consumer revolving loan or home equity revolving loan is voidable and the licensee has no right to collect or receive any principal, finance charges or other fees in connection with that consumer revolving loan or home equity revolving loan.
4. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is more than five thousand dollars, the licensee has no right to collect or receive any finance charges in connection with that consumer revolving loan or home equity revolving loan.
B. Any consumer lender loan that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void, and the person making that consumer lender loan has no right to collect, receive or retain any principal, finance charges or other fees in connection with that consumer lender loan.


ARIZONA
Ariz. Rev. Stat. § 6-1251 et seq. (effective Sept. 1, 2000; sunsets on July 1, 2010).
Applicability: This statute applies to transactions made pursuant to a written agreement in which a licensee accepts a check and agrees to hold it for a period of time before presentment for payment or deposit. Otherwise, the consumer loan act applies. Ariz. Rev. Stat. § 6-601 et seq. (36% on loans up to $1,000; on loans greater than $1,000: 36% on the initial $500 and 24% on the excess).
Exemptions: Banks, savings and loan associations, or financing/lending institutions authorized or licensed to transact business under the laws of the United States or Arizona. Any person that is principally engaged in the retail sale of goods or services and that from time to time cashes checks, drafts, or money orders for a fee or other consideration which does not exceed $2.00.
Licensing requirements: Applicants must provide required information, including a financial statement and a credit report. An applicant must be a U.S. citizen, not have been convicted of a crime that involves moral turpitude, and not have defaulted on payment of money collected. Must have a minimum net worth in cash or cash equivalent of at least $50,000. Licenses are renewed annually. Certain reasons for revocation or suspension of licenses are listed, including violating this law.
Required disclosures: Must conspicuously post a notice that states the fees charged at every location that is licensed. Must have a written agreement for each loan that contains the name of the licensee, the transaction date, the amount of the check, the amount to be paid by the consumer, a statement of the total amount of the fees charged, expressed as both a dollar amount and as an annual percentage rate and which also complies with state and federal truth in lending laws. The written agreement must also state prominently: "No customer may have outstanding more than one deferred presentment service agreement at one time and the face amount, exclusive of fees, cannot be more than $500."
Prohibited acts: Failing to pay annual renewal fees or file the annual financial statement; insolvency; violating the act; conviction of any crime which is a felony or other crime that is a breach of trust or dishonesty; making a material misstatement or omission on the application for a license; operating without a license for each location from which the business is conducted; making a loan without first obtaining reasonable evidence that the account on which the check is drawn is open and active; making loans or extensions of credit other than those allowed under this law; advertising in any way which contains false, misleading, or deceptive statements; engaging in unfair or fraudulent practices; altering or deleting the date on the check accepted by the licensee; accepting an undated check; failing to take measures to ensure that no customer has more than one deferred presentment loan outstanding at any time with any licensed lender in the state; requiring security for the loan other than the check or requiring a guarantee; providing gaming or lottery tickets, alcoholic beverages, or requiring the purchase of other goods and services in order to get a loan at any licensed location. A licensee may not use the criminal process to collect on a deferred presentment loan.
Permitted charges: Not more than 15% of face amount of the check. This fee can be charged only once for each transaction. The fee is earned at the outset and need not be refunded if the consumer repays early. The fee is not interest for any purposes.
Loan terms: Loan can be no greater than $500, excluding the permitted fees. Loan agreement must be in writing. The loan cannot be extended more than 3 consecutive times. For each extension, the licensee shall terminate the previous agreement and sign a separate agreement. The licensee may charged the permitted fee for each extension.
Enforcement: Criminal penalties for making loans without a license is a misdemeanor. License can be revoked for violation of the law.



In reference to my current loan with your company, I am formally requesting substantiation of all interest and principal payments made by me to your company on all loans ever received . Please also send me a copy of what is presently owed to your company at my home address above via U.S. Postal Service within the next 10 days. According to my records, I received a loan with a principal of
July 20, 2006 $200.00 borrowed paid so far $240.00
March 2,2006 $300.00 borrowed paid total $975.00
October 18,2005 $300 borrowed paid total of $947.50
The amount of interest you have charged me is well in excess of Arizona State mandated interest rate cap for short-term loans any loan or forbearance with an interest rate which exceeds 36% per annum shall not be a rate authorized or permitted by law. According to Arizona state law, the remedy for such usurious conduct is the refund of the principal amount on which such interest is charged, as well as all interest charged (excerpt above). Therefore, it appears that your company may actually owe me a refund with regards to this matter.




In view of the information detailed above, I am willing to settle this matter with you and seek such refund as I am entitled to by law. I expect MTE Financial Services dba Rio Resources , to immediately mark my account PAID IN FULL. Further and repay me $784.00 the amount you overcharged me for this loan , at no time will MTE Financial Services dba Rio Resources, its representative, parent company, subsidiary, or affiliate, place any derogatory mark on my credit report with any credit bureau, nor with any check writing database such as Teletrack or equivalent database. If you contact me at home or my place of work I will file harassment charges against you.

In the event you decide to effect one, I hereby revoke any wage assignment you may attempt to implement on this account. To reiterate, please accept this as formal revocation of any authorization for you to make any debits from this date forward. The checking account of record, ending in , will no longer honor any form of debit from you.
I have filed a complaint against you with the Arizona Attorney Generals office the New Mexico Better Business Bureau and also with Federal Trade Commission, and econsumer.gov.

Thank you,









--------------------------------------------------------------------------------
From: apryl(at)invcity.com
To:
Subject: FW: correspondence response
Date: Wed, 4 Oct 2006 13:54:35 -0600

,

I forwarded your last response to me to our Compliance Department and they have advised me that every time they have attempted to send the response to you, it is rejected as "Undeliverable." For this reason, they have requested that I forward it to you since you have received emails from me in the past. If you have any trouble responding to their email address, you can respond to my email address and I will forward your correspondence to them.

Regards,
Apryl
-----Original Message-----
From: Compliance Department [mailto:compliancedepartment@rioresourcesllc.com]
Sent: Wednesday, October 04, 2006 1:40 PM
To: apryl(at)invcity.com
Subject: Fw: correspondence response



----- Original Message -----
From: Compliance Department
To:
Sent: Wednesday, October 04, 2006 1:36 PM
Subject: Fw: correspondence response


This is a copy of our original response to your complaint. It was sent to you on Sept 18, 2006, outlining our terms of resolution to this account. This is our firm and only offer for resolution to your complaint. If we do not hear from you with your agreement to terms by 10/5/06, we will proceed with further collections on the account.

Regards,
Compliance Department

----- Original Message -----
From: Compliance Department
To:
Sent: Monday, September 18, 2006 4:13 PM
Subject: correspondence response


MTE FINANCIAL SERVICES d/b/a

RIO RESOURCES

FAX: 866-668-0535
Email: compliancedepartment(at)rioresourcesllc.com

uuu

September 18, 2006
Email:
RE: Your Complaint
Ms. ,
We have received and reviewed your correspondence regarding your complaint with our company, as well as near exact duplicates of the same complaint that you apparently intended to submit to several other companies as well.
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.
Due to your long history with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your current 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 $200.00 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
CC/file

We are an electronic/internet company and all correspondence is handled via email and facsimile. Communication must be forwarded to the contact information provided above. Thank you for your cooperation in using ONLY these methods of communication.
[/quote]


I just finally heard from them today. I refuse to pay them anymore as I have been told that Az can mark the loan "null and void" and that I pay the morally right principal to them. Heck I didnt even ask for the total amount I over paid them. they sent me "proof" of my payments I paid them more than I thought I did.
They also sent what they say are the signed contracts and that it says I have to abide by their state rules which I dont believe but it fails to say what state that is!!


lrhall41

Submitted by on Wed, 10/04/2006 - 16:33

( Posts: | Credits: )


That's right Tammy! They have to follow the BORROWER'S STATE LAWS. You can even contact their own state AGs office and they will tell you the same thing and encourage you to contact your AGs office with a complaint. I found out that one of my internet pdls was saying I had to follow NM state laws and the NM AG's told me they were wrong and when she had me on the phone she tried to look up their license in NM, and guess what, THEY WERE NOT EVEN LICENSED IN THEIR OWN STATE TO CONDUCT BUSINESS! Amazing. Tammy's right tell them they are full of sh*t


lrhall41

Submitted by WHEREAMI? on Wed, 10/04/2006 - 16:51

( Posts: 5263 | Credits: )


so this is what they say they charge for intrest for the diff loans I had why is it not the same?

ANNUAL PERCENTAGE RATE
The cost of your credit as a yearly rate. (e) _3,650.000__ %
FINANCE CHARGE
The dollar amount the credit will cost you.
$_90.00___

Amount Financed
The amount of credit provided to you or on your behalf.
$__300.00___
Total of Payments
The amount you will have paid if you are not making the scheduled payment.
$_390.00__

ANNUAL PERCENTAGE RATE
The cost of your credit as a yearly rate. (e) _751.471__ %
FINANCE CHARGE
The dollar amount the credit will cost you.
$_105.00___

Amount Financed
The amount of credit provided to you or on your behalf.
$__300.00___
Total of Payments
The amount you will have paid if you are not making the scheduled payment.
$_405.00__


ANNUAL PERCENTAGE RATE
The cost of your credit as a yearly rate. (e) _1,564.286__ %
FINANCE CHARGE
The dollar amount the credit will cost you.
$_60.00___

Amount Financed
The amount of credit provided to you or on your behalf.
$__200.00___
Total of Payments
The amount you will have paid if you are not making the scheduled payment.
$_260.00__


They soooo must have changed these amounts!!!! I mean really _3,650.000__ % do they just make these numbers up? Thats so its just whatever they feel like having their apr at?


lrhall41

Submitted by on Wed, 10/04/2006 - 20:43

( Posts: | Credits: )


I got the same email from them last week. I filed complaints on them and yesterday I received a call from the Oklahoma Department of Consumer Credit. The man said if more of us would file complaints on them he could do something. You can file the complaint online. We need to bombard his office with complaints on Rio Resources!! Let's get them run out of Oklahoma!!! If you need the link or the man's email address PM me and I'll send it to you.


lrhall41

Submitted by scotch on Thu, 10/05/2006 - 04:49

( Posts: 171 | Credits: )


I also received that same email.. i've emailed them about the interest rate charged on my account, and that is the same email that i received from them.. they also want to settle w/ just the principal, they waived the finance charge.. i told them that i will settle w/ them, and i sent them my proposal, but they won't accept it.. so i emailed them back and said that their proposal is not acceptable and that i cannot possibly make my payments w/ the proposal that they sent to me.. i'm still waiting for their response..
BTW, im from CA.. can you file a complaint online? w/ the AG's office in CA?

thanks


lrhall41

Submitted by on Thu, 10/05/2006 - 10:06

( Posts: | Credits: )


I'm from CAlifornia too, still had a $200 loan with them. Couple weeks ago i've placed a stop payment with my bank blocking them from doing the ACH debit to my account. The sent me an email saying that i've to contact my bank to remove it; otherwise, they'll file a lawsuit against me. I've had a loan with them in the past and i believe i pay them triple of the amount that i've borrowed. By the way, how can i file a complaint against them online?? Is there a good chance for me to ask for a refund???


lrhall41

Submitted by sammi613 on Thu, 10/05/2006 - 10:39

( Posts: 44 | Credits: )


sammi613, I seriously doubt they will file any type of suit against you since CA has outlawed these internet pdls effective immediately. If I were you I would go to the CA AG's website and file the complaint online, they have a list of pdls that MUST refund money to the consumers who have/had loans with them. Don't allow them access to your bank account.

They aren't licensed in Alabama either, I would file a complaint as well if I were you with your state. Send them the template letters from this site inserting your state laws regarding pdls and demand that your account be marked paid in full.


lrhall41

Submitted by WHEREAMI? on Thu, 10/05/2006 - 14:55

( Posts: 5263 | Credits: )


I have posted about this company rio resources and cashnet a few times. I noticed the email in the first post has the same response from rio that I got when I tried to make payment arrangements with them.

After I made arrangements they sent my account over to collections with no warning and the payment wasn't even due until the first of the following month.

United Legal contacted me at work and I told to never do it again. They listened and then called me at home several times a day and the first time they got a hold of me I told them I had payment arrangements with rio resources to pay on the first of the month. the woman from UL said "Fine" and hung up on me.

The next time they got a hold of me they demanded payment and I told them the same thing. It's due on the first. The woman from UL said "Well we have no record. Rio states you have defaulted so we're going to collect."

Now I read this thread and find out they've been banned here in California and I've been wondering why no one from UL or Rio has been calling for about a week now. LOL

I do have a question though. I'm going to pull my credit report next month. Can these companies report this type of debt on your credit reports?


lrhall41

Submitted by Jolie on Fri, 10/06/2006 - 06:47

( Posts: 32 | Credits: )


The collection agency can. I pulled our free reports last night and Riscuity has reported that we owe Zipcash $466.00. We owe them nothing. They are paid in full and then some. So today, I am taking the liberty of filing a complaint against Riscuity for falsly reporting a debt that is paid in full with proof. Last night I disputed it with Transunion. That is the only place they reported to.


lrhall41

Submitted by Not so Lucky on Fri, 10/06/2006 - 07:23

( Posts: 3041 | Credits: )


Jolie,

If it's been turned over to an outside collection agency, then can report it on your regular credit file. Most will update with teletrack and another data base that these lenders use. I cannot remember the name of it. I had CA from a payday lender that was on my credit report that I am disputing now. This was settled months ago as paid in full. I have the letters to prove this and even stating nothing would be put on my credit report. It states that it was updated in August. I haven't heard anything back yet but it's only been a couple of weeks.


lrhall41

Submitted by Cow & Chicken on Sun, 10/08/2006 - 07:15

( Posts: 3571 | Credits: )


Tammy,

That is interesting because the payday lender contacted the collection agency the day they decided to close my account, stating nothing was owed. I had just made payment arrangements with the CA a few days prior to this. The payday lender did contact the CA that day because I got a call from then less than an hour later. I have written proof of this as well. I also noticed on my recent Transunion credit report there is more information regarding federal laws. Where else can I file a complaint besides with the credit burea? I think I might look into this further. I have both the letters readily available from the CA and the lender.


lrhall41

Submitted by Cow & Chicken on Sun, 10/08/2006 - 07:18

( Posts: 3571 | Credits: )


Well, I guess it would help if I remember about the FTC, uh duh! I was reading the last page of my credit report and it gives several agencies you can file complaints with in different categories. This is a nice touch :lol: I've grabbed my credit report and my letters so I can sit down with this tonight at my mom's with my laptop. :lol:


lrhall41

Submitted by Cow & Chicken on Sun, 10/08/2006 - 07:53

( Posts: 3571 | Credits: )


I've been reading with interest the above postings. I notice there are none after 2006. Does this mean that things have changed, or can we still demand that our loans be marked paid in full?


lrhall41

Submitted by on Fri, 03/21/2008 - 18:18

( Posts: | Credits: )


I've been reading with interest the above postings. I notice there are none after 2006. Does this mean that things have changed, or can we still demand that our loans be marked paid in full?


lrhall41

Submitted by on Fri, 03/21/2008 - 18:23

( Posts: | Credits: )