888-265-5074 - Whose number is this?

pm, how much did you borrow from the Loan Shop (principle amount only), how much did you pay back, and what state are you in?

I borrowed $300 initially. I believe I have paid back about $200 of that. I am in Texas.

I just received an email telling me that my total owed is $390. On the phone I was told that "with court costs this will be well over $1,000." I am also confused because back on June 2 they told me they would no longer be able to speak to me about this debt, only my attorney, but yet they continue to call me. I acknowledge I owe it but can only afford to pay $100 every 2 weeks and I don't like being lied to by them about going to court and stuff.

pm, I'm not showing The Loan Shop as licensed in Texas. Now, they could be operating as a CSO in Texas; however, I don't believe so. I know they have a license in Utah (I believe?), but nothing comes up in the Texas licensee database for them. So, if you borrowed 300.00 and have paid approximately 200.00, you would actually only owe them about 100.00 more. How much are they asking for?? You're talking about sending $100 every two weeks? What do they claim you owe them? Because whatever it is, they are full of it.

Also, let me add, you can let them "turn you over to collections", if you like. This way, you can send them a debt validation letter. They would have to properly validate the debt (which they most likely would not be able to do with their illegal fees). You can just wait it out and let them do that and go that route. When you send a debt validation letter (in writing), the collection efforts are to cease until you get PROPER debt validation. I've sent debt validation letters once turned over and NEVER heard from pdls again because they could not validate the debt. Just a thought for you! :wink:

The Loan Shop is owned by LTS Management. They are unlicensed and illegal. You will have much more luck if you contact them at LTS then when you try to deal with the trained monkeys they have working the phones. I was eventually able to get a PIF and a refund (I had paid back more than the amount of the loan) from these folks.

Thank you for the information! They are harassing me at work - calling several times a day - and insisting I owe $390. They say the actual balance is around $890 with fees, but they are willing to settle for $390.

How do I find out if they are licensed in Texas? Here is the company info, I have also seen them listed as Princeton Harris, DMS Marketing:

The Loan Shop
2207 Concord Pike #505
Wilmington, DE 19803
(800)806-9971 ext 8513
(800)757-8373 fax

They also call me from 800-757-0122.

Just received 2 emails in a row from them, here's the first:

From: Princeton Harris (pharris@ltsmanagement.com)
Date: 06/10/2008
Subject: DUE

This letter is to inform you of your delinquent cash advance balance. You received a cash advance on 10/24/2007 and have yet to schedule payments to reconcile your account.

To avoid any further collection activity, please call me at 1-888-265-5074 to set up a payment plan to clear your balance.

I am willing to make you the following offer:
The current balance, the total outstanding principal and fees, owed on your account is $ 390.00. However, I will waive ALL of your previously unpaid extension fees and freeze your account at a balance of $ 300.00. Contact me as soon as possible to set up a payment plan.

After < >, you will be responsible for all of the extension fees that are currently waived - as you agreed to in your loan contract. I will accept payment via Money Grams or electronic withdrawals from your checking accounts.

Please call immediately to resolve this situation. I am very flexible on payment plans and we will come to an arrangement that you will be comfortable with.

Sincerely,
Jamie Bailey
Account Manager
Loan Shop Online

They're not licensed in Texas.

WI GUY - good to see you! Can you give some information on LTS?

pm, this is what the illegal/unlicensed companies do. They claim they are sending you to collections. They don't. They continue to harrass you. They claim extra "fees" (court costs, etc). There are none. The only way unlicensed/illegal companies can get their money is by SCARING it out of people since they have no legal recourse to collect. Do not let them scare you. Yes, they will bug you to death; however, you do not owe the amount of money the are claiming.

Thank you so much for the advice, it makes me feel so much better.

So... how should I proceed? I am willing to pay the $300 loaned, as I do owe that. Should I send them a letter, or what should I say? I'm not sure how to proceed from here.

burk,you don't owe 300.00.you owe 100.00 this is an illegal loan.which means everything you have paid goes toward the principal.don't give these jamkoes any more than they deserve.

Wow, thank you all for the advice. I honestly had no idea this loan was illegal. Here I have been worrying for weeks about having a judgment against me!

So... should I just stop paying and answering calls? Or is there some documentation I should send them in order to have these harassing calls at work stopped?

The Loan Shop is an LLC out of Delaware. LTS Management, which is the parent company, is out of Missouri (I think). It's probably not much help, but their phone number is 888-265-5074, and fax is 800-383-3309.

And if you want to see something really funny, run a search on Yahoo for LTS Management and then take a look at all the sites that pop up on the right. Gee, you think those companies might be connected?

From: Loan Shop Online (accountresolution@loanshoponline.com)

Loan Shop Online Payment Reminder???????

This is a reminder that you have a payment due on 06/13/2008 in the amount of $215.00 toward account number ******.

- If you agreed to pay by MoneyGram, our MoneyGram information is as follows:

Receive Code: 4959
Pay To: LTS Management Services
Wilmington, Delaware
Account Number: 373227

Call 1-800-555-3133 for a MoneyGram location near you, or search online at moneygram.com

- If you agreed to pay by electronic transfer, do nothing. Your payment will be withdrawn from your bank account on 06/13/2008.

Once the payment has been received it will be posted to your account. If you would like to receive a receipt for your personal records, please notify me by phone or email.

Missing your agreed upon payment date or sending in less than the agreed upon amount can result in your payment plan being declared null and void. Collection activity will resume.

Thank you in advance for your cooperation. If you have any questions or concerns, do not hesitate to contact me at the number below.

Sincerely,

Jamie Bailey
Account Manager
Loan Shop Online
1-888-265-5074

You can file a complaint through the BBB of Delaware- like I did.
Call William Mashburn 888-265-5074 x 3497
email is wmashburn at ltsmanagement.com
He's the one who resolved my acct quickly.

I took an online Payday loan for $300 from "Loanshop Online" in October 2007. I defaulted on the loan, due to a bad financial situation, and were not able to make payments. During that time I did make several payment arrangements, and unfortunately I did break them due to inability to pay. I was contacted on June 2, 2008, and told that I need to pay $300 by 4 PM that day. They said there was absolutely no way they could hold the account and that "their hands were tied" and that I needed to "check my resources" and pay it by 4 PM. I was also told me that after 4 PM that day, they would no longer be able to discuss the debt with me, it would have to be my attorney only.

On Friday, June 6, I receive another call - even after telling me that they would no longer be able to speak to me regarding the account - asking again for payment of the balance. I reminded them of the previous conversation and the fact that they had informed me they would no longer be able to speak to me, and they said this was a "last ditch attempt" to get payment, or my account would be marked as "Refusal to pay." June 10, I received another phone call at work with a voicemail being left that I need to call by 4 PM.

I believe that your company is in violation of Texas State Laws regarding payday lending, and I have contacted the Attorney General and the BBB regarding this matter. I have been contacted repeatedly at my place of employment, even after requesting that I not be contacted there. I do have a working home telephone number with voicemail, but am rarely called there - mostly at my office. I have been told my wages will be garnished. This is not legal in Texas for an unsecured debt without a court judgment, and a voluntary wage assignment will be revoked. It is also unlawful to suggest that legal action will be taken, if it is not followed through. This has happened on occasions when I was told my file was scheduled to go to court, or that the agents would no longer be able to speak to me - only an attorney - yet they continue to call me. I have requested validation of the debt in writing via email, to no avail. I have also formally requested, in writing via email, a new account manager, also to no avail. All of these calls, emails, and other communications, have been documented, and filed with the Attorney General's office.

I was not able to locate a license for your company to operate within the licensee database for the state of Texas. Per advisement, I am formally requesting verification that the company is licensed within the state of Texas, a validation of my debt and total amount owed including fees, validation of any amounts paid by me towards the principal of the loan, and a copy of my original loan contract and all forms signed by myself, either electronically or otherwise. These items may be emailed to me, or mailed to my home address on file. I am also formally requesting that I no longer be contacted at my place of employment, as I am not allowed to accept personal calls at this number.

Thank you.

Shoot, I hit 'reply' too quickly! the above is an email I was going to send to Mr. Mashburn. What do yall think?

Ok, they are still calling and harassing me at work. Help!!!

Should I send the email I posted above? Fax a wage assignment revokement letter? Or just ignore the calls and let it go?

Advice please!

all three sound good to me,do them all asap.

Okay, they tried calling me at work again twice today, so I sent the email to William Mashburn. Haven't heard anything back from BBB or AG yet.

Will keep you all updated!!

If the Loan Shop calls you again do not answer but send the same emails you sent. I had the same thing happen to me and anytime they called me, I would send like 10X in a row the same emails.

VICTORY!!!!!!!!!!!

After filing complaints with the BBB, AG, FTC, and sending the above email to William Masburn - this morning I have received this email:

From: Brad Weathers (bweathers@ltsmanagement.com)

My name is Brad Weathers. I am the collections manager on your Loan Shop Online payday loan. I apologize for any inconvenience you may have experienced. Loan Shop Online is willing to write-off your loan, providing you sign the attached document and fax it back to me at 1-800-383-3309.

Thank you,
Brad Weathers
Brad Weathers, J.D.
Collections Manager
Loan Shop
(800) 757-0122 ext. 3234
(800) 383-3309 fax
bweathers (@) ltsmanagement.com

PM - Question - Is there a confideniality clause in the release you signed?

Goudah, I also had to sign the "attached document" from Loan Shop when I got my refund. There's no confidentiality clause in it.

Yeah, mine didn't have a confidentiality clause either.

Good - Just making sure. A lof of these companies check out this site, and if there was a confidentiality clause, we'd need to edit both your posts so that you wouldn't be breaking it.

There's nothing worse then thinking you've finally won over your illegal loan, then finding out you are being sued for real for breaking the confidentiality part of yoru settlement agreement. Those are legal and you can end up oweing big time.

Thanks, good thinking goudah!

Funny, this morning I received an email from the Delaware BBB saying they'd investigated and already had a response from Loanshop indicating that they had resolved the issue with me. So, clearly the BBB had already contacted them about my issue. :lol:

I am in Oklahoma and just received this email from Loan Shop Online. How do I find out if they are licensed in Ok? Oh--in regards to the $300 they loaned me on 2/22/08--they have taken nearly $700 out of my account for this.


Your loan is past due!

Loan Shop Online provided you with a $300.00 loan on 02/22/2008. I would like to discuss the options available for you to pay off your account. Your current balance including principal and fees is $351.00.

What can I do to help you meet this obligation?

Please contact me at 1-888-265-5074 about account number XXXXXX

The sooner you call to discuss your account, the sooner your account can be paid in full!

Sincerely,

Angel Pernice
Account Manager
Loan Shop Online
1-888-265-5074 x4478


PS --- You can pay your account today via MoneyGram. Call 1-800-555-3133 for a MoneyGram location near you, or search online at moneygram dot com

Receive Code: 4959
Pay To: LTS Management Services
Wilmington, Delaware

Here are You will find the Payday loan laws for Oklahoma (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


I didn't see them on the list to be licensed either.

Thanks PinkLady. Pardon my ignorance, but the statement:

Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%,

and the fact it mentions rollovers are not permitted, does that mean the fact they have charged me nearly $100 every two weeks since February would be considered "illegal"? I hate to bust them with that comment only to find out it was legal. That would be all I need to really tick them off huh?!! (as if stopping payment against them wasn't enough!!) :shock:

If you have been paying them that much since February, then according to your state laws you have well overpaid them. I would send them a letter stating the laws showing you have overpaid them and also that since they are not licesed to do buisness in your state that you demand your account be paid in full. You could also contact your states AG office, some people have been lucky enough for them to step in and help them out.

After another email and phone call from "Angel" with Loan Shop Online, I sent Mr. Mashburn an email and copied her as well as the Oklahoma Dept of Consumer Credit on it. I have been "Angel free" for the past 24 hours. Of course, it's still early in the day, so let's hope I'm not speaking too soon! :twisted:

I sent Mr. Mashburn an email this morning, and received an email back already this afternoon with them offering to give me a $175 refund! Thanks for posting that information here! It helped me for sure.
Jen

I just wanted to add my opinion since I read your comments on the loan shop online and lts management. I recently got a $300 loan and have had many loans with them. I think they are a great company and have always treated me respectfully. Then again, I always pay my loans back on time so I have never been sent to collections. You guys should really look into how the loan companies operate before you bad mouth them. The loan shop online is a valid company and they are licensed in Delaware. These websites you visit are merely marketing websites that send your application to an actual loan company where you meet their qualifications. I have had loans with a few companies and I would say that the loan shop online is the best to work with. Also, referring to you guys wondering if the loan shop was licensed in your state, they don't have to be, you are agreeing to the terms of the loan and they just have to be licensed in one state. And to anyone who wants to know, don't listen to just the bad reviews because I would recommend them to anyone!

Actually, it seems the laws vary from state to state. In Indiana, they MUST be licensed in Indiana, or the loan is null and void. If they were not illegal, why were they so quick to settle and agree to send me a $175 refund?



If this is agreeable to you, please sign and fax the attached release at your earliest convenience. Please retain a copy for your records. The attachment to this email is a release agreement that indicates you have agreed to end your dispute by having your account closed immediately. If this form is received by 4:00pm EST (7/1/08), the refund will be deposited into your account on 7/3/08 (tomorrow

If that isn't proof enough, let's talk about the breach of their own contracts, the lack of customer support and the outright lies.

I was told I had to submit the online form indicating if I wanted to:
A: Pay off the loan in full
B: Pay back a portion of the principle as well as the fee
C: Pay the fee only.

Hmm, great idea, if they send the form when they are supposed to, but no, they send it 1 business day before the loan is due...if not after they have already taken the money.

Oh and for the record. I did not default on my loan, I was current until I realized they had taken much more money than I owed them. :D Facts are facts. They are illegal, it doesn't matter if they are licensed in Deleware, they solicited me, they courted me for the loan, and that in and of itself is illegal in Indiana if they do not have a license.


I'm certainly not trying to be rude, or combative, but I don't say anything to anyone unless I have all the facts.

No disrespect intended.. but I like to back up my claims. :D
Jen

Well, Angel called my job today. She explained to me they are an internet based company so the lending laws did not apply :shock: :shock: :shock: :shock: :shock: , and that if we don't get this resolved immediately, she will forward it for "investigation". I wonder if the "investigation" will show that they are ripping people off? I understand there are some people out there willing to pay the fees to be able to continue borrowing money from them, however, I am not one of those people. I have paid enough!

I told her to let me get back in contact with the FTC or the Attorney General and see what they say about the matter. She then stated since I have been a "good paying customer" and if all I want to do is save some money, she will offer to settle for $200, providing I send them a moneygram within 24 hours. Ok well....I have paid $637 for $300 and now she will settle for $200 more...makes all the sense in the world--NOT!!

Corey, did you email Mr. Mashburn? In my email, I copied and pasted the laws right in the body of the email. I would tell them that you know your rights by the law and that you want a refund of the amount you've paid over. What I did was sent the email to the same schmoo that was emailing me and cc Mr. Mashy.

I'd be tempted to say, "Well, since you are internet based and the laws do not apply, then you are not real, therefore I can pay you with cyber money!"

Sorry bad humor. Don't give up or in to them... :D

I sent Mr. Mashburn an email every other day last week. So today, I sent Angel an email and copied Mr. Mashburn. I told them I had a file with the Attorney General's office, the FTC, and the BBB. I listed the file #'s, and since we obviously have some conflicting information, they can contact each of the different organizations and reference my file numbers for clarification, because each of them are doing some "investigating" of their own! :lol:

Since I live in PA, is the Loan Shop still considered an illegal entity? I know that Licensed entities can make loans to residents in PA even if they are not licensed in PA. Can anyone help me with this as I have paid $480 in interest for a $400 loan...Thank you!

Desperate, I don't know about PA... But what I did was sent them an email stating that I found their company was unlicensed in my state and that I had over paid them and requested the account be closed, settled, and a refund be issued. Mr. Mashburn sent an email with a setttlement offer and a refund of $175. I responded I would agree if he would confirm the refund would be mailed, as he proposed it would be direct deposited into my account, which is closed... He has not responded. I'm going to send one more nice email today, since it hasn't been a week yet, and then tomorrow, I'm going to get not so nice, since he already indicated I am due a refund.

Try searching for your state information. There are a lot of posts on this forum and all are very helpful. :D
Jen

In Pa if a pdl is licensed anywhere it is considered legal in PA.
Jen, be careful of letting any of these crooks direct deposit in your accounts, as they will once again have your banking info. Try to get the refund in money order if possible

No worries here.. I absolutly will NOT allow them to have any kind of infomation on my bank account. They will agree to sending it via mail, or I will persue it through the attorney general. I sent an email to them today:



Good morning

It will have been a week tomorrow since I originally replied to this offer for a settlement with a refund of $175. I have heard nothing since, and have written almost every day. It is indicated quite clearly in the email response to my request for validation of the debt, and refund for the amount paid over, that I am due a refund, and that it is in the best interest of everyone involved to get this matter resolved in a timely manner. The only change I requested to the settlement was that the refund be mailed to my home address on file, rather than your company attempting to direct deposit it into a closed account. I have been very patient in waiting a response. I have put off contacting the BBB as well as the Indiana State Attorney General, due to the fact that I thought this matter would be resolved quickly. I am very dissapointed that you have stopped communication on this matter. Please reply today so that we can get this account closed and resolved to the satisfaction of all involved.

Thank you in advance

Jennifer Bailey

Funny I just looked at my yahoo account and there was an email from Mr. Brad Weathers...

Ms. Bailey,



My name is Brad Weathers . I am the Collections Manager for your account. Mr. Mashburn forwarded me your complaint email. Would you be willing to sign a release of liability agreement in order to receive your $175 refund? Please let me know, and I can begin to process your refund.



Sincerely,



Brad Weathers



Brad Weathers , J.D.

Collections Manager

Loan Shop

(800) 757-0122 ext. 3234

(800) 383-3309 fax

[email]bweathers@ltsmanagement.com[/email]

Here is my response to him:

Good morning Mr. Weathers,

I am willing to sign the agreement. However, I was waiting for acknowledgement that the refund would be sent via money order rather than direct deposit. The checking account is closed and therefore unavailable. I will sent the release agreement once I know for sure that the refund will be sent via money order. Thank you for your prompt reply, I look forward to resolving this issue quickly.
Jennifer Bailey



What a circus!
Jen

Well...this puts a new spin on things. I wonder if I should start copying Mr. Weathers on the emails I send to Mr. Mashburn as well??!!! :lol: :lol: :roll: :roll: :wink: :wink:

He did finally respond this afternoon. So I had some luck with him. :D

How should I proceed in this matter? I got a call from some nasty guy named Charles James who said I owe $530.00. He told me they won't accept paymens by mail and I need to set up payments through checking account, I won't do it, At the time I took out the loan for $300, I had a different bank so I won't give them the information. He also told me I need a lawyer to represent me and they are going to send me to a process server. Should I go to the Attorney General about this.

most of those payloans are illegal they was quick to give you the loan, and wanna harass you to get it back. dont be afrain loan shop ameriloan and usfast and oneclick cash all those payday loans cant do anything to do, if someone borrow money from you and they break ur money up in pieces hell you would be mad to u want all ur money. but they use scare tactics so u can pay them there money see by law they are supose to go by ur state laws on how much interest they apply to ur money. they are using there own interest that aint right lol they dont scare me if they want go by my rules i want send them shit. they like it or not. I borrowed the money and they wanna talk crazy to me i want give them anything now if they wanna talk in a reasonable manner hell you i mite consider listening

Please refrain from bad language and this thread is over 7 months old?

If you have delt with an illegal company and have current issues, we can help, but please create a new thread :)

I have had great dealings with The Loan Shop- you should contact them by phone, speak to a supervisor, show common courtesy when speaking to them and you will have it resolved in minutes. You can reach them at 1-888-265-5074[samebox:76bde22688="paulmergel"]that is nice,but four pages of posts stating the opposite say it all don't you think?[/samebox:76bde22688]

I had several pdl and I hired a company to deal with it, but today I look at my bank statement this Loan Shop collection got my $390.00 and the no. is 888-265-5074. can you adv me what to do ? I called my bank and told them I do not know this loan company.

your company took 130.00 out of my checking account on 10-01-2010. i have no idea who this company is but one thing asure is that the better bussiness burea will be contacting your company.you reject my calls and when you did answer a rep. was really rude and hung up on me