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Debtconsolidationcare.com - the USA consumer forum

What do I do now?

Date: Sun, 10/08/2006 - 21:54

Submitted by sandy64
on Sun, 10/08/2006 - 21:54

Posts: 22 Credits: [Donate]

Total Replies: 12


Hi again guys! Okay, I know if I searched the threads long enough I would be able to find the answer to my question (you guys have enough knowledge to write a book on these subjects!), but I thought you could tell me faster than I could find in. So, I wrote "the letter" revoking authorization of withdrawing funds from my account to the tendollar people and finally got a response. The letter is as follows:

[quote][size=18]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, thereby agreeing to terms and conditions of the loans.

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 on your current loan. We will expect complete payment of the principal amount borrowed.

The Lender will be prepared to provide you with the information necessary for repaying the $100.00 remains due on your principal balance. Payment must be received by you in the form of a CashierÂ'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

Now I agree that I owe the principal amount they stated, so what do I do? Just reply back and agree with the terms or do I need to have them send me something first stating that after I pay the $100 that I am paid in full or is the letter they sent me proof enough?

And just for a little update I sent BorrowCashNow aka Del Prado Holdings the letter, heard nothing from them and they took the money from my account, so guess the best thing to do with that is go ahead and close the account and open a new one. At least I can say this much from tendolllar they didn't attempt it. Seems my bank people aren't too swift in what they do, but that's another subject. So if someone would be so kind and let me know what exactly I should do. :D I seem to feel better about my decisions lately after I've asked the people around here![/quote]


If you owe the principal, I would let them know that you will pay it, and then send them a money order. And you probably will need to close the account since the other two pdls obviously didn't pay attention to your letter, they were not legally allowed to do this since you revoked your authorization. Re-send your letter to them, you may have to do this a few times. It looks like you are making progress. It will be a process in dealing with these pdls but you are doing, 1 down it looks like and 3 to go. You may never hear from tendollar. Just resend the letters . You are doing a great job.


lrhall41

Submitted by WHEREAMI? on Mon, 10/09/2006 - 02:49

( Posts: 5263 | Credits: )


I got the same letter from them last week. I am disputing the principal owed because I have paid them so much in interest. I also wrote them back and told them I had filed with the Attorney General's Office. I haven't heard anything else. Do I continue to re-send the letters or do I wait to hear something else from them?


lrhall41

Submitted by scotch on Mon, 10/09/2006 - 10:17

( Posts: 171 | Credits: )


I have an installment loan through checkngo, I really can not afford the original agreement. I thought about revoking the ACH and letting it go to their legal department, but I am not sure what steps they would take from there. They are not licensed in my state. I am willing to pay them the amount I borrowed, their fees are unreal and I am getting behind on everything trying to keep up. I am not clear on how to handle it, since it is an installment loan (payday loan in disquise is how everyone refers to them). end up paying back double. I have posted many times, no one replys, sent some pms to people who said they dealt with them, with no response. It is getting closer to payday and I will be behind another house payment soon trying to keep up.


lrhall41

Submitted by fedupinpa on Wed, 02/07/2007 - 03:40

( Posts: 1511 | Credits: )