Help with CWB Services/Sandpoint Capital Sent ACH Revoke Letter
Date: Wed, 07/10/2013 - 09:22
After reading reviews of them on the web, although I SPOKE to them quite a few times to try to get a description of loan terms, when they said "there's nothing to sign" I told them I didn't want the loan anymore but then they stopped taking my calls and I always got a voice mail. Can anyone decipher this e-mail they sent me?? I can't pay them all at once. They wouldn't respond to my attempts to get them to take the money out of my account when they deposited it anyway, even after I declined to accept the loan. Sorry for long post. Here is the email:
Dear Ms. *******,
Thank you for contacting CWB Services, the service provider for Sandpoint Capital. We respect a consumer who researches the services to which 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 agreed to with Sandpoint Capital. You are a citizen of RI, however the contract was not made in RI. 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 on 6/14/13 are the laws of the jurisdiction in which the lender is located. When you agreed to the terms of the loan verbally on 7/1/13 when speaking to our processor Tracey, she went over the terms clearly and outlined how the loan works, what the finance charges were, yet you still accepted the loan. Furthermore, you contacted our office many times between the dates of 6/14/13 to 7/1/13. Each time you contacted the office, each processor you spoke with let you know that you have contacted CWB Services, the service provider for Sandpoint Capital. It was made very clear during the conversations as well as in the documents emailed to you on 7/1/13 that we, CWB Services, is not the lender. CWB services also never received any messages from you requesting to cancel the loan. Only contact we received from you was to ensure you did receive the loan.
Per the loan agreement, by revoking authorization for the lender to process payment from the account you in turn are authorizing the lender to prepare a payment to payoff the account when the loan comes due. If the payment is not successfully processed then you promise to pay the remainder of the debt by mailing a money order payment.
That said, the lender would agree to settle the account for the amount of the approved credit which was $300. In order to close this account and mark it as paid in full the lender would require that the $300 be processed from the account or mailed in the form of a money order. If you prefer to send the full $300 back via money order, the instructions to mail the money order will be sent back to you . Please acknowledge that you have received this settlement and accept it and. Please keep in mind that if we do not hear from you by 7/15/13, the principle amount will debit from the account on file on your current due date.
We will await your response.
Thank you,
Customer Service
Ph. (855) 417-4415
Fx. (888) 391-7280
Mon-Fri, 8am-5pm CST
CONFIDENTIALITY STATEMENT: This e-mail and any attachments are intended only for those which it is addressed and may contain information which is privileged, confidential, and prohibited from disclosure or unauthorized use under applicable law. If you are not the intended recipient of this e-mail, you are hereby notified that any use, dissemination, or copying of this e-mail or the information contained in this e-mail is strictly prohibited by the sender, if you have received this transmission in error, please return the material to the sender and delete all copies from your system.
P please do not print this email unless necessary
So you didnt want the money..
So you didnt want the money....but you spent it??? You should have asked your bank to return it.
You filled out an application right?? That was your loan agreement.
How much was the principal???
No I still have the money,
No I still have the money, unspent, and want to send it back but the bank will not send it back and these people will not give me an address or accept the money. They want me to pay the $90 every two weeks. I'd be glad to send them their money back. I've never signed ANYTHING. I never verbally accepted anything. I called and talked to a couple reps trying to get a straight answer on the loan terms, but then declined after I researched the company. NO loan contract, they are lying about an electronic signature, and they cannot provide me with my contract. I've sent another email asking for that and it was returned to me undeliverable.
cwb
So what is your point? Your first post says you can't pay them all at once. Your last post says "No I have the money unspent". They offered to give you an address to mail it to so why not get a money order for $300.00 and send it to them. Appears they loaned you $300.00 and morally you owe them the principal. Send it back if you don't want it.
great point cb
there is that last part that stated they will provide an address to send the 300.00.do it asap.
And a point that no one has
And a point that no one has touched on - WHY the Hell will your bank not return the funds as unauthorized, they should have done immediately as soon as you brought to their attention.. I would immediately shut down the account and open a new one - and at another bank.. this place will still have your bank info...
I think it would be great if
I think it would be great if someone could post one of the contracts that CWB says dictates which state's law they fall under. I would love to see one, because it's likely CWB only picked a state based on the law most favorable to them, and isn't even incorporated in that state. Which means if they were sued the judge would likely throw that particular state's laws out the window, and apply the laws of the state where the suit is filed.