Refuse to stop ACH withdrawals/ Claims the company does not have to follow state laws
Date: Tue, 01/03/2012 - 08:25
I received this letter from advancemetoday.com in response to my letter to stop all ACH withdrawals.
Thank you for contacting us.
[FONT=Calibri]Please be aware that unfortunately we do not accept physical payments and that the options to payback this loan will be the ACH Transaction as we have been doing so far or if you are interested you can call our customer service department to set a payment in full immediately with a debit or credit card.
Also let us remind you that we can not skip, move or change your due dates and is for this reason that we will go for the minimum payment on your next due date XX/XX, if by any chance we get a default from your bank our recovery department will contact you and they will guide you to set a new payment arrangement.
If you have any further questions or comments you can contact our customer service department at 888-408-4394 or send an email to [EMAIL="customersupport@advancemetoday.com"]customersupport@advancemetoday.com[/EMAIL], we’ll be more than happy to assist you.
Please be aware that this is a St. Vincent company, St Vincent and the United States are both parties to the General Agreement on Trade in Services, a treaty which specifically permits companies in one country to make consumer loans to citizens of the other.
Under the treaty, we are only obligated to follow the federal laws of the United States. We are not required to obtain state licenses and individual state laws do not apply since the federal laws adopting this treaty supersede any state's laws on the subject[/FONT]
Is all this true? Can they refuse to stop ACH payments?
Thank you for contacting us.
[FONT=Calibri]Please be aware that unfortunately we do not accept physical payments and that the options to payback this loan will be the ACH Transaction as we have been doing so far or if you are interested you can call our customer service department to set a payment in full immediately with a debit or credit card.
Also let us remind you that we can not skip, move or change your due dates and is for this reason that we will go for the minimum payment on your next due date XX/XX, if by any chance we get a default from your bank our recovery department will contact you and they will guide you to set a new payment arrangement.
If you have any further questions or comments you can contact our customer service department at 888-408-4394 or send an email to [EMAIL="customersupport@advancemetoday.com"]customersupport@advancemetoday.com[/EMAIL], we’ll be more than happy to assist you.
Please be aware that this is a St. Vincent company, St Vincent and the United States are both parties to the General Agreement on Trade in Services, a treaty which specifically permits companies in one country to make consumer loans to citizens of the other.
Under the treaty, we are only obligated to follow the federal laws of the United States. We are not required to obtain state licenses and individual state laws do not apply since the federal laws adopting this treaty supersede any state's laws on the subject[/FONT]
Is all this true? Can they refuse to stop ACH payments?
This is a standard response. They're wrong. They aren't leg
This is a standard response.
They're wrong. They aren't legal.
But, they certainly CAN refuse to stop the withdrawals and they will continue to debit your account for as long as you allow it. They're operating illegally already. What makes you think they'll obey your request?
This is why we always advise that you CLOSE your account!