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FINAL NOTICE from Discount Advances CPD - Need Advice please!

Date: Thu, 07/23/2009 - 11:06

Submitted by fortmoore85
on Thu, 07/23/2009 - 11:06

Posts: 52 Credits: [Donate]

Total Replies: 12


I received the following FINAL NOTICE today. It makes no sense. They are offering me a settlement of 2000.00 when I owe 1502.50! I live in KS...how should I respond to this? I read that KS is one of the states where a CA does not have to be licensed. What steps should I take then? Any help would be great!! BTW, I paid 2900.00 for a 1000.00 loan.

YOUR LOAN WITH DISCOUNTADVANCE.COM / IGOTIT.COM IS SERIOUSLY DELINQUENT. IF YOU CONTINUE TO IGNORE THIS DEBT, WE WILL HAVE NO CHOICE BUT TO REFER THIS ACCOUNT OVER FOR FURTHER COLLECTIONS. This letter serves as notice that this is a payday loan, and service charges are accrued each day, until the account is paid in full.

You have been given ample opportunity to pay this loan. In an effort to maintain our commitment to assisting those in immediate financial need, DISCOUNTADVANCE.COM / IGOTIT.COM extends this ONE-TIME opportunity to resolve your $ 1502.50 debt with our company by paying a settlement amount of $ 2000.00. Any money received less than the settlement amount in full within 3 days or calling this office with acceptable payment arrangements will not hold your account in our office. Failure to pay this settlement amount will result in your debt being reported to the Credit Bureau, which will show for a minimum of 7 years, and Teletrack Systems. If you have paid your account in full, please disregard this notice.

Please call our toll free number, 866-645-1661, if you have any questions concerning this notice. Office hours are from 9am to 6pm Eastern Standard Time. Your failure to respond to this final notice will result in the account being turned over to another source for additional collection efforts in order to protect our interest in this matter. THIS IS AN ATTEMPT TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.


Sounds to me like your account has already been turned over to a Collection Agency........and this is a standard Collection letter attempt.

[email]LOLOL@....sett[/email]le with them for $2000.00 instead of the $1502.50 owed. Who in their right mind would agree to that??? Oh! here let me give you an extra $497.50 just for fun because I am loaded and can afford it!!!


lrhall41

Submitted by fatcat on Thu, 07/23/2009 - 12:01

( Posts: 171 | Credits: )


Credit Protection Depot is the collection agency for Discount Advances...do they then send it to someone else? That is what the letter states, however it also states that my settlement is more than the amount I owe--Geez!! They have to date never called, never sent anything in the mail....I have only received 3 e-mails...this is the latest.


lrhall41

Submitted by fortmoore85 on Thu, 07/23/2009 - 12:11

( Posts: 52 | Credits: )


Whoops, BIG fair debt collection violation, keep that letter! You COULD sue them for up to $1000.00 for violating the FDCPA!!! They are bound by federal law to include the following information, I see they failed to include most of it. Hot damn! You have a clear cut case against these idiots with just that email alone!!! Below is what they are required by federal law to include in their letter:
how much money you reportedly owe;
the name of the creditor to whom the debt is owed, unless you, within thirty days after receipt of the notice, dispute the validity of the debt or any portion thereof, the debt will be assumed valid by the debt collector;
and if you dispute the debt in full or in part within that thirty day period, the debt collector will obtain verification of the debt and mail it to the consumer; also, upon your written request within the thirty day period, the debt collector will provide you with the name and address of the original creditor, if different from the current creditor.


lrhall41

Submitted by Shazzers on Thu, 07/23/2009 - 12:19

( Posts: 17344 | Credits: )


Also regarding interest and fees; Under Section 808 Unfair Practices of the Fair Debt Collection Practices Act and under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charge, or expense incidental to the principal obligation) unless such amount is expressly authoized by the agreement creating the debt or permitted by law.

If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is.


lrhall41

Submitted by Shazzers on Thu, 07/23/2009 - 12:58

( Posts: 17344 | Credits: )