Confused about Payday One/RISE
Date: Thu, 07/11/2013 - 21:46
I am confused.
I am in SC. This is the email I sent to them. Does it look okay or am I going to have to make some payment arrangements with them?
I am a client of your company. It has come to my attention that lenders must follow state regulations. You have not followed the state regulations of South Carolina to offer loans to its residents. Since your company has not followed the legal regulations set by South Carolina, the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan. Since our business relationship started on June 2nd 2010, I received deposits in the total amount of $17575. You have withdrawn my account $22855.21. This results in an overpayment of $5280.21.
At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $5280.21 overpayment. A refund check of $5280.21 should be mailed to me at the address you have on file.
I am revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked.
Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email.
I am also revoking authorization to contact any friends, family or co-workers about my account. Any communication to any other person besides me would be a violation of state and federal laws. I am also requesting all communication to be in writing, whether email or by mail. It is best that your company and I both have written copies of all communication. I do not give permission for you to contact me by phone.
wrong answer from an non member
Payday lending is prohibited in SC. It means all lenders in this state are illegal. Your letter seems to be perfect. You have done the right thing by asking them for the refund. But it fully depends on their discretion whether or not to return back your money. You are required payback them only the principal balance, nothing more than that. IGNORE THIS RESPONSE....IT IS ONE OF THE PEOPLE THAT HAVE PREVIOUSLY BEEN BANNED BACK GIVING WRONG ANSWERS.
shut up
payday lending is prohibited in NC.in SC a lender must be licensed as alot of other states.now as for payadayone/rise.this falls under the FBD/THINKCASH-PLAINGREEN.until late 2009 FBD/THINKCASH was a CSO,and a legal one at that.paydayone was a CSO,and a legal one,but they are like FBD getting out of the biz,and becoming tribal like rise,and like plain green did.so if the loan was under paydayone try to pay it as best you can.do nnot let them give you the tribal schpiel.there you go,and to the poster above me.this is my main beef and the reason registering should be a requirement.misinformation.
Another question
Paul, my loan was under Payday One and now is RISE. So it is a legal company and I need to pay it or has my years of over paying would cover the loan I have currently?
WELL
again try to pay,but do not let them give you the tribal jibber jabber.you see when think cash became plain green they tried to alter the terms,payment,and balances of think cash loans.i would send one email to RISE to get a feel of their practices.do that and let us know how they respond.we can advise from there.