PLEASE HELP - Magnum Cash Advance scum
Date: Thu, 01/29/2009 - 15:23
WTF!!! - PLEASE HELP!
Dear Name removed for your safety, Shazzers,
I manage the Collections Department for the call center that performs processing for International Cash Advance (ICA) doing business as Magnum Cash Advance. Your account has been escalated to me for special consideration.
I have received your email and forwarded a copy to the lender. Although the lender does not agree with the assertions that this loan is illegal, they have authorized me to settle accounts such as yours. In effort to close this account, I am authorized to settle your account in full for the principle balance of $900.00. As of today's date you have not paid anything toward's your balance.
In referrence to Arizona state law, the lender, is a British Virgin Islands (BVI) corporation with no physical presence in the state of Arizona, or anywhere else in the United States. Customers seek out ICA on the internet and apply on their website. No solicitation or advertisement was done in the state of Washington by ICA. It was clearly disclosed that the choice of law governing your loan was the jurisdiction of BVI and this was cited in the agreement you executed.
There have been two payments submitted to your bank and returned to our office as insufficient funds. I encourage you to contact me, to make alternate payment arrangements immediately. This will help you to avoid additional interest, late fees and, potentially, other penalty charges.
Our company is willing to work this out amicably and offer a reasonable settlement balance along with a repayment plan that works for your financial situation. If you could please contact me, I will be more than willing to discuss your account and options that you have to resolve your loan agreement and prevent escalation of your account.
I would greatly appreciate immediate response to this email.
Thank You,
Tony Collazo
Magnum Cash Advance
Collection Department
1-866-406-6800
1-866-406-6844 - Fax
Hours of Operations: Monday to Friday 9:00 AM-6:00 PM EST
Questions or Concerns email:collections@magnumcashadvance.com
reply
how much have you borrowed?also anything that was debited.these illegals consider nothing debited as payment.please provide the info requested and i would file AG complaints asap.
Quote:Beware of Risks from Internet Payday Lending Borrowing
Quote:
Beware of Risks from Internet Payday Lending Borrowing money online is especially hazardous. In addition to the high cost and short payment time for payday loans, Internet payday lending involves added security and privacy risks. Consumers can electronically "sign" contracts and receive required disclosures electronically. Clicking "OK" on a web site can bind you to an expensive loan contract. Internet payday loans can also be more costly than loans from store-fronts. Security and privacy are at risk. To apply for an online payday loan, consumers send their personal identification information, Social Security number and bank account and routing number to the lender, sometimes over unsecured web links. Every online loan involves giving the lender electronic access to your bank account, both to deliver the loan and to withdraw fees and payment. Identity theft and fraud are real risks when consumers disclose key financial information and authorize unknown lenders to access accounts. Online payday loans can trap borrowers in debt. Many online payday loans have automatic renewal terms, permitting the lender to withdraw the finance charge every payday without the borrower repaying any principal. Consumers who want to pay in full may have to take extra steps to notify those companies to close out the loan. Tracking down lenders can be hard to do. Online payday lenders may be located off-shore or provide so little information they are hard to locate. They typically claim to make loans under foreign laws or from states with little or no consumer protections. Although Internet payday lenders are subject to the state law where you get the loan, state regulators have a harder time enforcing state laws against virtual lenders than against store-fronts. File complaints against Internet payday lenders with your state regulator, your state Attorney General, and the Federal Trade Commission. Regardless of where the Internet lender says it is located, it is subject to your state's credit regulations. |
Here you go in writing!!!! Pay close attention to the part that reads Tracking Down Lenders Can Be Hard To Do
From one of your other posts. kmball wrote Quote:Magnum Ca
From one of your other posts.
kmball wrote
Quote:
Magnum Cash Advance $900 4 payment of $390.41, cancelled my ACH draft, told me I have to MoneyGram/Western Union and may be subject to 5% late fee. Have not made any payments yet as 1st payment is due the 30th. |
Since you have not paid anything on this loan, morally you owe the $900.
If you secured your account or closed it and they can not debit it then you are okay.
If it is not secure they will debit and they may even attempt to debit the entire amount rather than the payment. They are illegal and they don't care about the ACH revocation as they are not following the rules anyway.
At least you have the email that you only owe the principle.
The best thing to do is work with the legal lenders first and then deal with the illegal ones later. They can't do anything but threaten and hound you for the money. They can't sue as they are illegal.
I haven't made any payments on this loan, however, over the last
I haven't made any payments on this loan, however, over the last year, I have had 8 loans with them. with over $2500 overpaid in illegal fees. They are ignoring that and refuse a refund or refuse to apply it to the principal. I am going to file a claim with the AG. They refuse to give me an address to mail payments and only want MoneyGram or checking account.
I see what you are saying now. They gave me an address when I
I see what you are saying now.
They gave me an address when I sent my letter to them and told them to stuff it and I was only paying the principle.
This is the address they gave to me.
Mailing address:
International Cash Advance
C/O Call Center Services, Inc.
1403 Foulk Rd suite 203
Wilmington DE, 19803
If you have taken other loans out and paid them in full which is way over and above what you legally owed then I would not pay them the $900 either.
Just make sure your account is secure.
I was in the same boat as you with them. You need to send a lett
I was in the same boat as you with them. You need to send a letter stating the total amount borrowed and paid back. I did this showing them I had paid more than the principal amount over the course of the three loans I had with them and they responded that the account was paid in full but would not refund my overpayments.
I have received two very friendly calls (voicemails) on my cell
I have received two very friendly calls (voicemails) on my cell telling me they would like to work with me regarding my account and that they have cancelled all and any future ACH drafts on the account.
I sent an email response telling them that they had to contact me in writing, attached a spreadsheet showing my 8 loan history, principal amount and the amounts paid and overpayment explanation.
I requested my current loan be marked in full and that I would release them of any refund if this was done.
I am just tired of dealing with this jerks.
Anyone else have any experience with them?
I am another person who fell into this PDL trap with Magnum. Ha
I am another person who fell into this PDL trap with Magnum.
Had several loans and overpaid by thousands of dollars. I received an e-mail from them (now Internation Cash Advance) stating how they are based in the British Virgin Islands and go by those laws. They also indicated that they know about this site and even told me when and where I posted. The bad news is no refund but the GOOD NEWS is they marked me PIF.
Be tough and don't give up. You can do this!
I'm posting as "guest" for privacy reasons. What Gina has said i
I'm posting as "guest" for privacy reasons. What Gina has said is 100% true, they read this board and make threats to people who have taken out loans and post here. They somehow find out who you are and I hope they do not find out who I am right now as I recently had this happen to me by this company.
reply
so this illegal bottomfeeder is aware of us.that only makes there stupid threats more stupid.the same thing happened with me and the MTE'S.USFASTCASH and AMERILOAN.just because they know about this site shouldn't make a difference.illegal is illegal,and nothing will change that.let them threaten.they can't do squat and they know it.
Quote:It was clearly disclosed that the choice of law governing
Quote:
It was clearly disclosed that the choice of law governing your loan was the jurisdiction of BVI and this was cited in the agreement you executed. |
I always get a kick out of these statements made by illegal lenders and my response is as follows:
Please note I am not a resident of xxxxx, have never prescribed to be a resident xxxxx and have no xxxxx presence, as such am not subject to the xxxxx laws you detail. Have a nice day! :)
They finally wrote off the $900 loan! I just stuck to my guns!
They finally wrote off the $900 loan! I just stuck to my guns! I also found the Arizona revised state statue and sent them the link to that and the Arizona Financial Institute if they felt my information was wrong. YIPEE!
They are not a US company! Let them threaten all they want. I am one mean SOB and won't let them push me around now that I know what my rights are thanks to this board!
It feels so good to stick it to someone like them who were so na
It feels so good to stick it to someone like them who were so nasty with me!
I can't believe that I have paid over 8 loans with them before finding this forum. All that money waisted
Does any one know if an illegal lender can report info on your c
Does any one know if an illegal lender can report info on your credit report? Or can the collection Agency they send/sell it to report?
Thanks!
These are all great suggestions on how to get out from under the
These are all great suggestions on how to get out from under these PDL's, but unless you actually cancel your bank account and start up a new one, they will probably continue to attempt to withdraw the funds and your bank will continue to charge you an overdraft fee unless the money is in there to cover the attempt to pull funds. Then your account looks bad to the bank with the overdrafts. I kind of feel like I'm in a no win situation.
[QUOTE=Anonymous;651327]These are all great suggestions on how t
[QUOTE=Anonymous;651327]These are all great suggestions on how to get out from under these PDL's, but unless you actually cancel your bank account and start up a new one, they will probably continue to attempt to withdraw the funds and your bank will continue to charge you an overdraft fee unless the money is in there to cover the attempt to pull funds. Then your account looks bad to the bank with the overdrafts. I kind of feel like I'm in a no win situation.[/QUOTE]
that is true.. only you do win when you close your account and take control of your finances.
