Magnum Cash Letter Advice

It's up to you whether you want to send it USPS, some people say you should, others say it doesn't matter. Personally, I think emails are enough since the lenders are illegal, but that's just my opinion.

As far as the letter, it looks good to me, except I would underline the most important parts. ei

[QUOTE][COLOR=#000000]If you do NOT reply to this notice within 48 hours I will be forced to file complaints with my Attorney General Tom Corbett, the BBB and the Federal Trade Commission. If you reply to this notice with any misleading legal implications or menacing course of actions you are unable to follow through with, I will be forced to take actions against you.[/COLOR][/QUOTE]

[QUOTE][COLOR=#000000]According my my records, I have taken out three loans with you company. The first was on 04/05/2010 for $300. On this I repaid $369.81. The second was on 04/20/2010 for $1100. On this I repaid $2144.73. The third was on 08/10/2010 for $900. This was not paid on since I discovered shortly after that these type of loans are not legal in Pennsylvania. Total amount lent: $2300. Total amount repaid: $2514.54. This is more than the principle borrowed. From this I am asking a refund of $214.54 since collecting fees is illegal in Pennsylvania for your company.[/COLOR][/QUOTE]

I would also add that you will not accept any phone calls so there is no since in wasting their time.

I would change my phone numbers (cell and home phone) and I would inform them in the letter I have done so. lol

Ok,

I sent the letter to Magnum via email. Wish me luck.

Anyone know how long it takes to ger a response?

Thanks for all your help,

Ken

I received a response from them within a day stating they were marking my account PIF. I think others have had similar experiences.

It took me 7 days to get a response from them. And I received a mail stating that they would look into my case. Then, after about 10 days, I got a mail stating that they are closing my account.

I got my letter from them in about 7 days - but I did have to resend it before they
sent me a letter back stating that account was closed

It took less than 24 Hours for them to respond and close my account marked paid in full. They still tried to convince me that I was doing something illegal according to the terms I originally agreed to.

They also mentioned that they are familiar with the format of the letter I used stating it is from this site. I can care less as long as I don't have to pay them anything more.

They stated I would not recieve a refund of my overpayment, but thats fine.

Hope everything goes this smooth with my other loans.

Ken

Quote:

Also just got an email from Zip19 stating they are closing my account marking it paid in full. That one took less than two days to com back.

I am very satisified with the results I am getting so from by following the advice from others on this forum. You are all great and I really appreciate all you are doing to help others in distress. I hope I can gain enough knowledge to be of use to others in the future.

Thank you,

Ken

Ken-

I too have a loan with Zip19 and they require full payment every 2 weeks. I have taken out a loan with them at least 7 times and I have to get out of this cycle. I live in California and I know they are not legal here. Any advice as I tackle this company? Thank you

I found them extremely easy to deal with.

Follow the advice from this forum. Block them from accessing your banking account (ACH hold, close account, whatever you need to do). Send them a letter stating you have found them to be illegal in CA. Template it close to the letter I have posted above (borrowed from this site) and hope for the best. They were quick to respond, but said they will not offer me any more loans. Thank god.