VIP Loan can't be blocked or stopped???
Date: Fri, 08/28/2009 - 13:59
I had a loan deposited for $200 by VIP Loan Svcs. I found out that they are illegal in my state and I sent them a letter revoking authorization. I contacted my bank and asked for a block. They said they could not do a block but they could do a stop payment that would be good for 6 months. I said ok. They called me today and said they can't do a stop payment unless I give the $200 back! This does not make any sense! Why is it up to the bank how I pay back this lender? I sent VIP a letter requesting their address so I could mail payments. The bank said that the fee of $30 for the loan is being deducted from my account tonight and I can't stop it. They only way they will place a stop payment is if I return the $200.
Am I crazy or is what they are telling me totally insane??
Am I crazy or is what they are telling me totally insane??
reply
go see the manager and explain the situation.if you have given them a ACH revocation letter and informed them of this.they are breaking federal law byacting this way.the tellers aren't for the most part allowed to do that,but the manager can.
