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VIP Loan Shop update

Date: Tue, 04/06/2010 - 11:58

Submitted by spinstergirl
on Tue, 04/06/2010 - 11:58

Posts: 51 Credits: [Donate]

Total Replies: 5


After defaulting (following closure of my bank account) and then entering into a payment agreement with VIP Loan Shop, I learned that they were illegal in my state of residence. Because I had overpaid, but still (according to them) owed additional money I sent them a letter based upon a sample letter I found on this site. In the letter I stated that I had overpaid (I did not ask for a refund) and asked that my account be removed from collections, marked paid in full and CLOSED. This morning, I received a call from Professional Debt Management (which I didn't answer), but this afternoon I received the letter below via e-mail. With NSF fees and "service" fees I paid almost 2000 on a 400 loan. I'm not trying to make excuses, or get out of paying what I owe. I just want to post this so that others can know that sometimes it pays to fight back. I didn't think it was worth it to pursue a refund. I am just glad that it's over. While they are based in the Bahamas, their collection department is based in Kansas City, MO.

Mrs. SMITH,

I respect a consumer who researches the services to which he/she uses. With that being said we did not solicit your business, when you applied for and agreed to the terms of the loan it would have behooved you to read the complete contract you were agreeing to. You are a citizen of the state of Ohio; however the contract was not made in the state of Ohio. The contract was completed via the World Wide Web; the governing law (clearly outlined in your contract) which you agreed to by your legal e-signature is based in the isle and providence of Nevis West Indies Bahamas. With all the information at hand I have written off your loan with TheVIPLoanshop at this time you no longer have a loan due with VIP.

If you have any questions do not hesitate to call or email.


Quote:

The contract was completed via the World Wide Web; the governing law (clearly outlined in your contract)

Write them back and say this:
Please note I am not a resident of Nevis, have never prescribed to be a resident Nevis and have no Nevis presence, as such am not subject to the Nevis laws you detail. My state law prevails.


lrhall41

Submitted by Shazzers on Tue, 04/06/2010 - 17:05

( Posts: 17344 | Credits: )


I sent an email to VIP letting them know what I found out about Iowa law. This is the reply. Does anyone know anything about Iowa Law for sure? I found very little and I am not sure that law I am to be following now. They have been taking money for months with only paying very little to the loan. I can't afford to pay my monthly bills thanks to being stupied and having three payday loans. I want to get these resolved. Also showing my payments and how little is being paid toward principal.

Tracy-

I respect a consumer who researches the services to which he/she uses. With that being said when you applied for and agreed to the terms of the loan it would have behooved you to read the complete contract you were agreeing to. You are a citizen of the state of Iowa. However, the contract was not made in the state of Iowa. The contract was completed via the World Wide Web. The governing law clearly outlined in your contract, which you agreed to by your legal e-signature, is based in the isle and providence of Nevis West Indies Bahamas.

I can assure you that our business and the contracts that are signed by you the consumer are legal. We have a legal team that ensures that our contracts, policies and practices are legal and binding. You took out this loan knowing it was a payday loan. When you did the loan you also were asked to save a copy or print a copy of the contract for your own records. We advised you to do this before signing the loan documents.

If you would like to set up payment arrangements on the account to pay off the account I will be more than willing to do that for you. We will continue to follow the terms of the loan you agreed to when you signed the loan documents and accepted our money.

[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671612582"]1612582[/URL][/COLOR]
Approved
[RIGHT][RIGHT]5/26/2011
6/10/2011[/RIGHT]
[RIGHT]$487.50[/RIGHT]
[RIGHT]$375.00
$112.50[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]
New Loan
Renewed Loan
SEND
# 1562202 - 10
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671562202"]1562202[/URL][/COLOR]
Approved
[RIGHT][RIGHT]5/11/2011
5/27/2011[/RIGHT]
[RIGHT]$520.00[/RIGHT]
[RIGHT]$400.00
$120.00[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1515516 - 9
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671515516"]1515516[/URL][/COLOR]
Approved
[RIGHT][RIGHT]4/28/2011
5/13/2011[/RIGHT]
[RIGHT]$552.50[/RIGHT]
[RIGHT]$425.00
$127.50[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1475442 - 8
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671475442"]1475442[/URL][/COLOR]
Approved
[RIGHT][RIGHT]4/14/2011
4/29/2011[/RIGHT]
[RIGHT]$585.00[/RIGHT]
[RIGHT]$450.00
$135.00[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1432183 - 7
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671432183"]1432183[/URL][/COLOR]
Approved
[RIGHT][RIGHT]3/30/2011
4/15/2011[/RIGHT]
[RIGHT]$617.50[/RIGHT]
[RIGHT]$475.00
$142.50[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1391060 - 6
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671391060"]1391060[/URL][/COLOR]
Approved
[RIGHT][RIGHT]3/16/2011
4/1/2011[/RIGHT]
[RIGHT]$675.00[/RIGHT]
[RIGHT]$500.00
$150.00[/RIGHT]
[RIGHT]$25.00
$0.00[/RIGHT][/RIGHT]
Returned Item
Renewed Loan
SEND
# 1353566 - 5
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671353566"]1353566[/URL][/COLOR]
Approved
[RIGHT][RIGHT]3/2/2011
3/18/2011[/RIGHT]
[RIGHT]$650.00[/RIGHT]
[RIGHT]$500.00
$150.00[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1307704 - 4
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671307704"]1307704[/URL][/COLOR]
Approved
[RIGHT][RIGHT]2/15/2011
3/4/2011[/RIGHT]
[RIGHT]$650.00[/RIGHT]
[RIGHT]$500.00
$150.00[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1262251 - 3
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671262251"]1262251[/URL][/COLOR]
Approved
[RIGHT][RIGHT]2/2/2011
2/18/2011[/RIGHT]
[RIGHT]$650.00[/RIGHT]
[RIGHT]$500.00
$150.00[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1216120 - 2
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671216120"]1216120[/URL][/COLOR]
Approved
[RIGHT][RIGHT]1/19/2011
2/4/2011[/RIGHT]
[RIGHT]$650.00[/RIGHT]
[RIGHT]$500.00
$150.00[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Renewed Loan
SEND
# 1155163 - 1
[COLOR=#000066][/COLOR]
[COLOR=#000066][URL="https://web4.idsdatapro.com/loanmanager/Review.asp?Review=4839005671155163"]1155163[/URL][/COLOR]
Approved
[RIGHT][RIGHT]1/6/2011
1/21/2011[/RIGHT]
[RIGHT]$650.00[/RIGHT]
[RIGHT]$500.00 P
$150.00 F[/RIGHT]
[RIGHT]$0.00
$0.00[/RIGHT][/RIGHT]

Standard Loan
SEND


Here is the payment schedule as you requested shows what you have paid. You???re better off reverting back to your bank statement. On this it shows you your principle with the P then the finance fee with an F.

The important thing to remember with this loan is it a short term loan which means you want to pay it back right away. It works like a payday loan, it has a high interest rate. It is intended to be paid back within a few pay checks. Please advise if you would like to make arrangements to pay off or pay down on the account.


lrhall41

Submitted by tlh_1969 on Wed, 07/27/2011 - 20:31

( Posts: 3 | Credits: )


Here is a breakdown of the Iowa law:

IA
Iowa State Information

Legal Status: Legal
Citation:
Iowa Code Ann. 533D.1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
APR for 14-day $100 loan: 433%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief


I would sugest that you contact the Iowa Division of Banking and your states AG and file complaints. Let VIP know that you bond by your state laws not those of the thier country.


lrhall41

Submitted by tousi76 on Thu, 07/28/2011 - 07:44

( Posts: 141 | Credits: )