Questions on PDL's: Magnum and Ace Cash Express
Date: Wed, 06/13/2012 - 15:32
[COLOR=black]I am new here, just discovered this site last night after I've been searching for relief on how to get help from getting off PDL. And I must say I have found a lot of helpful information which is much appreciated! I have changed my font to red on the questions I am seeking help on.[/COLOR]
[COLOR=black]My husband and I currently have 4 PDL's.[/COLOR]
[COLOR=black]All received online – no store front loans.[/COLOR]
[COLOR=black]My checking account is still open due to the Check into Cash account, plus in order to close this account my husband has to contact his work as his checks get direct deposited.[/COLOR]
[COLOR=black]·[/COLOR][COLOR=black]Ace Cash Express (mine) [/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Barrowed 600.00 with fee's = 764.52 [/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Paid 0.00 [/COLOR]
[COLOR=black]·[/COLOR][COLOR=black]Ace Cash Express (his) [/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Barrowed 600.00 with fee's = 755.55 [/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Paid 163.39 to refinance[/COLOR]
[COLOR=black]·[/COLOR][COLOR=black]Magnum Cash Advance [/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Barrowed 500.00 = don’t remember what it is with fee's - but looking at a previous one I had when I barrowed 520.00 the total with fee's was 755.93. [/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Paid so far = 59.37, 174.80, 71.08 and 171.61[/COLOR]
[COLOR=black]·[/COLOR][COLOR=black]Check Into Cash[/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Barrowed 300.00 with fee’s = 326.28[/COLOR]
[COLOR=black]o[/COLOR][COLOR=black]Paid 0.00 = due to come out on 6/22/12[/COLOR]
I know that Magnum is not licensed for Ohio and the other 3 are licensed as they have store front locations in Ohio.
I have contacted Ace Cash Express and they were willing to work with me and not debit any money from my account. A payment plan was set up! They were very nice about it and said it was something new they were trying in order to help people that have fallen on hardships.
I have sent a C&D letter, ACH revoke and wage letter to Magnum and I also asked for a PIF letter and within hours upon checking my account this was what I seen:
Your Status: Your account is currently in our collections department. Please contact our collections department for information regarding your account.
And my account with Magnum was current; a payment was due to come out Friday, June 15, 2012.
So, I’m a little confused on what that means?
I do plan on going to my bank tomorrow and asking for a stop to put on magnum just in case they still try.
Since sending the letters I have received no emails from them.
I also have found out that for the state of Ohio that rollovers are not permitted, and from my understanding rollovers is the same as refinancing.
So if rollovers are not permitted and Ace Cash Express is licensed for Ohio how can they refinance me? Do I have any right using previous refinance charges to lower my debt to them?
In addition upon examining my contract with Ace, I noticed they charge for the loan amount of 600.00 (which the legal amount for Ohio is no more than 500.00): Lender interest: 5.34, Lender credit investigation fee: 10.00, CSO fee: 150.00 = and what the heck is a CSO fee? Total finance charge: 165.34, APR (assumes 14 day term): 773.71%
I thought they were only allowed to charge a total of 28% for Ohio?
Sorry about all the questions, just trying to understand all of this. Much appreciated on any advice/help I receive. Thank you.
~ Kishwa (:
[FONT=Arial]FYI for those needing to send emails to Magnum: If you log onto your account on their website, there is a contact us button just right above your account box, if you click that you can send them an email. This is how I did it, plus I also sent an email to the address someone else posted on here ([EMAIL="Mgmt@mycallcenterservices.com"]Mgmt@mycallcenterservices.com[/EMAIL]) and upon looking further in my emails I’ve also come across this email address for them: [EMAIL="jpalese@magnumcashadvance.com"]jpalese@magnumcashadvance.com[/EMAIL] [/FONT]
Re: Statuses after letters sent!
Ok, so I just checked my Magnum account again (because I sent a letter asking for a PIF status) and this is what it is saying now. (Let me clarify that last night I sent an ACH revoke and wage letter along with the C&D letter. It wasnt until about 5pm today I sent asking for a PIF letter. So the first status I got was when I sent the C&D letter and this second status was when I was asking for a PIF letter.)
Status after C&D, ACH revoke and wage letter sent. Noticed today at 3:52pm
Your Status:
Your account is currently in our collections department. Please contact our collections department for information regarding your account.
Status after PIF letter request. Noticed today at 7:30pm
Your Status:
Your loan is currently being processed by our staff. We will post updates as they become available.
Now I'm really confused, does this mean they accepted my PIF or does this mean they're gonna try and give me more money?
I still have received no emails from them.
Has anyone else noticed statuses like these when trying to deal with Magnum?
~ Kishwa (:
Here is what I can tell you: Magnum is an illegal offshore lend
Here is what I can tell you:
Magnum is an illegal offshore lender. You owe them nothing more than the principal. There is not point in sending them a C&D letter simpy because those don't really apply to original creditors. rather to collection agencies.
These locusts are going to come after your checking account so I suggest you close it. Its the best and safest way to get around them. File a complaint against them with the FTC and the AG.
As for Ace Cash Express, they are not payday lenders. They are classified as a CSO (Credit Service Organization) and therefore PDL laws don't apply to them.
[FONT=Arial][COLOR=black]Here is the response letter I received
[FONT=Arial][COLOR=black]Here is the response letter I received from Magnum today. In the first paragraph they quoted pretty much that they didnt have to follow Ohio laws when it comes to PDL's because I came to them.. However, I would like to point out that transactions took place in both areas if they want to get technical by the money being sent and withdrawn from my bank in OHIO to theirs in BVI.. But oh well, at least I got a PIF letter, I dont even care about any monies owed to me!![/COLOR]
[COLOR=black]Dear Mr. XXXXXXX:[/COLOR]
[QUOTE]
[FONT=arial][COLOR=black][COLOR=black]We are in receipt of your email dated June 13, 2012. On our website and loan agreement it was explained to you that International Cash Advance, Inc. (ICA), doing business as Magnum Cash Advance, is a British Virgin Islands (BVI) corporation. No solicitation or advertisement was offered in Ohio by ICA. Customers must seek out ICA on the internet and apply on "their" web site. The choice of law governing your loan, The BVI, was clearly displayed on the web site and in the loan agreement that you executed. We also pointed out where in the loan agreement you agreed that all transactions take place in the BVI and not in the state of Ohio. [/COLOR]
[COLOR=black]Regardless, in an effort to keep a long-term customer satisfied the Director of Operations for ICA has agreed to consider your loan of May 8, 2012 as paid in full. [/COLOR]
Call Center Services, Inc.
Call Center Services, Inc. is an independent outsource call center provider. CCS assumes no role in establishing client policies, policy statements, or internal affairs.
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Also, the email adress that they sent me the PIF letter came fro
Also, the email adress that they sent me the PIF letter came from management@mycallcenterservices.com
Magnum
Hi,
I have a loan with Magnum and I also sent them a letter. I haven't had any issues with them. I borrowed $1272. Before I could make the first payment, I had things hit my bank account that shouldn't have. So I sent Magnum an email before the payment became due asking to pay them off seeing that they are not authorized in MD. I told them what I could pay and when. They accepted. They sent a letter telling me I would not be able to borrow from them in the future and once both installments were paid, my account would be paid in full. They called it a settlement offer.