Just a Little update on my situation
Date: Thu, 02/21/2008 - 08:09
I had 4 online PDL's, I am a resident of New York and came across this site trying to find info on one of the lenders.
With the advice from so many of you I first closed my bank account to stop them from continuing to rob me. I then sent the wage assignment revoke letter to Payday2go because they where the first to contact me with the BS after not being able to get into my account. They then proceeded to send my payroll department wage assignment paperwork, I then sent them the letter letting them know that they are illegal in my state and I was only willing to pay the principle amount due which they then agreed to, and early this week my payroll department let me know that the wage assignment paperwork that they sent in was denied after being reviewed by my companies lawyer.
Here is a break down.......
MTE Financial Debited my account $90 today for a $300 loan i was given on 12/19 The New Problem
NLS CASHADV10 has debited my acct today and has done so every 2 wks since 10/30 for a loan of $250 so to date i have paid $304. I havent heard a thing from them since I closed my bank account
866-742-0413 Payday2go debited my acct $75 today fro a loan of $300 on 12/18. These where the ones who sent my payroll dept the wage assignment, which I revoked prior to them sending it in. I then sent them the letter letting them know that there illegal and that I will only be paying the principle balance that I owe, and thay have complied.
Credit Protection Loan debited my acct $430 and $71.49 for a loan of $430 on 12/11.....I havent heard anything from them since I closed my bank account.
Now I received a call on Tuesday from a woman regarding the MTE loan and she seemed to be an outside representative of the company or at least thats what she said. She informed me that $600 was due but she was willing to settle it for the amount of $360, and I had to let her know if I could pay by 2pm that day. I at that point told her I would call her back once I reviewed my info regarding this loan and she said that I must call her back before 2pm or else they would proceed with sending the wage assignment paperwork to my employer. I then printed up the same letter that I used with the above PDL and faxed it to MTE & the woman who called me which was 2 separate locations. Then today I received an email from MTE that states.
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 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.
Based on the information supplied in your complaint, it is evident that the information derived from some sort of form or template, as it does not apply to your particular loan. It is strongly advised that consumers do not fall prey to the contributors of this type of information, as it is not always true, nor does it apply to every circumstance. Often, the information actually incriminates the consumer for not abiding by the laws of the state that they live in. Additionally, any contradiction to a consumer’s signed loan agreement can actually put them in default. While it is appealing to a consumer to find what appears to be an "easy way out" of their debt, there is no such thing if the debt is substantiated by a legal, signed contract. Using information containing legal jargon that you have not actually researched in an attempt to threaten a company into writing off a balance that you know you owe can actually be harmful to you as a consumer.
The money was lent to you by our company in good faith with the understanding that you would abide by the terms detailed in your loan contract, just as 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 you, the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute.
While we appreciate your offer to pay the amount that you feel responsible for paying according to your own terms, your option of settling the account has already expired. Your account was sold to an outside collection agency for handling on 2/8/08. At that time, we relinquished all rights to the account with regard to accepting payment or making arrangements with you. Any arrangements that you make will need to be made through the outside collection agency handling your account.
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department
CC/file
Sorry about the long post guys, but what should I do about this????
Wow, that sounds pretty intimidating, let's wait and see what th
Wow, that sounds pretty intimidating, let's wait and see what the experts here say about it. I would definitely be in a state of confusion over a letter like that. :?
In your state Pay day loans are not legal. You are complying wit
In your state Pay day loans are not legal. You are complying with your states laws as the letter is telling you to do.
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 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.
Thanks Kash, I figured that they where just blowing smoke and re
Thanks Kash, I figured that they where just blowing smoke and really cant do much, but is it possible for them to sell this to a collection agency or are they full of it?
Wow...they have some gall accusing YOU of using "forms/templates
Wow...they have some gall accusing YOU of using "forms/templates". I have seen this generic form email used by MANY PDL's :lol:
Quote:
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 you, the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute. |
Ummm yea, except for one small problem.....you arent a licensed lender!! :roll:
Email them back and ask which "collection agency" it was sold to
Email them back and ask which "collection agency" it was sold to. Once you get that info, send them a debt validation letter.
Also what should I do next????? or should I just wait it out. I
Also what should I do next????? or should I just wait it out. I really dont want them to contact my payroll people, they just went through the whole wage assignment thing with the other PDL, its quite embarrassing me to have them contact my work. Although in the letter I sent i tell them not to contact them.
Hey Volleyballmom I sent the woman that called from the collecti
Hey Volleyballmom I sent the woman that called from the collection agency I believe the same letter I sent to MTE. Im sure she was from the agency becasue when I questioned her about the pdl she said she didnt know the particulars she was an outside agency trying to collect on this debt
By the way, i am glad they denied the wage assignment.
By the way, i am glad they denied the wage assignment.
She has yet to contact me back, should I still ask MTE for the c
She has yet to contact me back, should I still ask MTE for the collection agency info. I have her name, fax & telephone # already
Yes, really need to know what the name of the collection agency
Yes, really need to know what the name of the collection agency is.
Don't you just love it when they accuse you of using a form lett
Don't you just love it when they accuse you of using a form letter and they do the same! LOL They all seem to use the same exact letter.
If indeed your loan was given to a collection agency, try to find out. Odds are it hasn't been and this is just another tactic to try to intemidate you/
I just sent them an email asking the collection agency name and
I just sent them an email asking the collection agency name and contact info, so lets see what they say :)
sounds good...let us know what they come back with.
sounds good...let us know what they come back with.
Yes it will be interesting to see what they say. If anything at
Yes it will be interesting to see what they say. If anything at all. If they do send you something, look them up, even with the BBB and see what is said. Heck they might even have the same address at the pdl company.
I just thought, you can go to the BBB's main sight and do and "advanced" search and put the phone number in the lady gave you and see if anything comes up, same with looking reverse look up or googling the number.
Found them Phoenix debt management is a collection company sp
Found them
Phoenix debt management is a collection company specializing in the purchase and collection of delinquent payday loan accounts throughout the United States. Our highly trained associates possess a combined twenty-five years experience in the collection industry and strictly adhere to all Fair Debt Collection Practices Act guidelines. At Phoenix Debt Management, we have a unique appreciation for the difficult situations many of our accounts find themselves in. Our approach is to work with each consumer in a helpful and respectful manner to identify the best possible solution for his or her difficult situation. We strive to be more than just a ???????collection agency??????? and work very hard to utilize fair and creative methods of maximizing our collection results. If your payday loan store has an outstanding debt you wish to recover, contact the professionals at Phoenix Debt Management to learn about our first-rate collection services.
Phoenix Debt Management
PO BOX 11127
Kansas City MO 64119
Toll Free: (866) 504-7548
[email]info@phoenixdm.com[/email]
Oh great..yea, PDM has reared its ugly head here a few times.
Oh great..yea, PDM has reared its ugly head here a few times.
Send them this:
YOUR NAME AND ADDRESS
ADDRESS TO THE CA
DATE
Re: ACCT#
To whom it may concern:
This letter is being sent to you in response to a notice sent to me dated
This is not a request for "verification" or proof of my mailing address, but a request for Validation of Debt made pursuant to the above Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.
Please provide me with the following:
1. What the money you say I owe is for
2. Explain and show me how you calculated what you say I owe
3. Provide me with copies of any papers that show I agreed to pay what you say I owe
4. Provide a verification or copy of any judgment if applicable
5. Identify the original creditor
6. Prove the Statute of Limitations has not expired on this account
7. Show me that you are licensed to collect in my state
8. Provide me with your license numbers and Registered Agent
At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major credit Bureaus (Equifax, Experion or TransUnion) this action might constitute fraud under both federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent, I will not hesitate in bringing legal action against you for the following:
1. Violation of the Fair Credit Reporting Act-reporting inaccurate information
2. Violation of the Fair Debt Collection Practices Act-continuing collection activity on a debt which has not been validated
Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes listing of any information to credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.
REQUEST FOR CEASE AND DESIST OF CONTACT BY YOUR OFFICE: I would also like to request, in writing, no further contact, either in writing or telephone be made by your office to my home or to my place of employment, unless it is to provide validation or release of liability of the debt.
Thank you,
Should I mail, fax or email this letter? and thank you so much V
Should I mail, fax or email this letter? and thank you so much Volleyballmom
Should I mail, fax or email this letter? and thank you so much V
Should I mail, fax or email this letter? and thank you so much Volleyballmom
Honestly, all of the above. Get all of your bases covered. A
Honestly, all of the above. Get all of your bases covered.
Also, I know in the letter it has you reference a notice you recieved....if you havent gotten anything in the mail from them yet, just reference "phone contact at on
I may be confused and part of your post is from a prior post...b
I may be confused and part of your post is from a prior post...but how did they debit your account when it was closed?
Ok Thank you, I will keep you guys updated and thank you very mu
Ok Thank you, I will keep you guys updated and thank you very much
Im not sure if they tried to debit my account after it was close
Im not sure if they tried to debit my account after it was closed. They only had the chance to debit it once and after that I closed the account
You are welcome! And I forgot to mention this earlier, but to
You are welcome!
And I forgot to mention this earlier, but to echo kash's sentiment, I am also glad your payroll didnt honor the wage assignment.
I know that would have been really bad, but the payroll manager
I know that would have been really bad, but the payroll manager mentioned that what saved me was the letter i submitted to them revoking the wage assignment that may or may not have signed :)
I certainly could not have done it without you guys help ;)
I certainly could not have done it without you guys help ;)