Update in Virginia - Two responses so far!
Date: Tue, 04/01/2008 - 12:37
I've got four Internet PDLs out, all illegal in my state of VA as I posted yesterday. So far, I've gotten responses from two of them:
Immediate Payday replied to me via email:
"We received your fax concerning your loan and reporting to VA agency.
We work on commission basis and we arranged you loan for your emergency situation as per the below email which you sent us. But now you are asking not to debit from your account.
It is not fair in your part not to pay the loan.
Even if you can't pay in full, please pay in installment of principal amount (only) to close the loan. That way, I'll not be liable for your loan.
Please understand and we help the people who are in desperate situation."
They also say that their records show I owe them $500, when it was originally a balance of $700 on the principal - their mistake, but I see no need to correct them!
I have to admit that they've always been extremely courteous to me, and I was very desperate when I took the last loan from them and they helped me out. I replied that I am willing to pay the balance that I owe them but that they cannot debit from my account any more. They agreed, and provided instructions for payment via moneygram.
In my previous loans with them, I overpaid (based on VA law) by $128, so I'm going to offer them to pay the $500 balance, less that $128, in several installments.
I didn't get a direct response from PayDayMax, but my logon to their website for my account no longer works, so it's clear they got my complaint. I sent them another fax which included my email address and a revocation of debits from my account.
I haven't closed the account yet because there are a couple of checks out there that need to go through first, but I've been on the phone with Bank of America's electronic claims department several times to try and make sure nothing gets sent through before I do have the chance to close the account.
I'm still waiting on Payco and also on VIP Cash.
Finally, I had a loan through Magnum Cash Advance that was fully paid off as of 3/15. However, I overpaid significantly - the loan was $990, and I ended up paying $1,810 in all. I've faxed them based on a template letter I got on this site, demanding a refund for the excess fees they charged me, and I'm going to file a complaint with the VA Bureau of Financial Institutions for them, too.
I think I can see a bit of light at the end of the tunnel!
Immediate Payday replied to me via email:
"We received your fax concerning your loan and reporting to VA agency.
We work on commission basis and we arranged you loan for your emergency situation as per the below email which you sent us. But now you are asking not to debit from your account.
It is not fair in your part not to pay the loan.
Even if you can't pay in full, please pay in installment of principal amount (only) to close the loan. That way, I'll not be liable for your loan.
Please understand and we help the people who are in desperate situation."
They also say that their records show I owe them $500, when it was originally a balance of $700 on the principal - their mistake, but I see no need to correct them!
I have to admit that they've always been extremely courteous to me, and I was very desperate when I took the last loan from them and they helped me out. I replied that I am willing to pay the balance that I owe them but that they cannot debit from my account any more. They agreed, and provided instructions for payment via moneygram.
In my previous loans with them, I overpaid (based on VA law) by $128, so I'm going to offer them to pay the $500 balance, less that $128, in several installments.
I didn't get a direct response from PayDayMax, but my logon to their website for my account no longer works, so it's clear they got my complaint. I sent them another fax which included my email address and a revocation of debits from my account.
I haven't closed the account yet because there are a couple of checks out there that need to go through first, but I've been on the phone with Bank of America's electronic claims department several times to try and make sure nothing gets sent through before I do have the chance to close the account.
I'm still waiting on Payco and also on VIP Cash.
Finally, I had a loan through Magnum Cash Advance that was fully paid off as of 3/15. However, I overpaid significantly - the loan was $990, and I ended up paying $1,810 in all. I've faxed them based on a template letter I got on this site, demanding a refund for the excess fees they charged me, and I'm going to file a complaint with the VA Bureau of Financial Institutions for them, too.
I think I can see a bit of light at the end of the tunnel!
magnum cash
Just thought you would like to know that magnum cash is not s licensed payday loan business.