Multiloan Source's Response to My Letter
Date: Thu, 09/19/2013 - 07:01
This what I wrote to THEM using one of the templates from the forum:
Dear Multiloan Source:
It has come to my attention that payday lenders must be licensed by the state of Illinois in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. To date, I received a deposit of $800 on 2/28/2013, and have had 11 bi-weekly withdrawals for a total of $1,984.00 debited from my account. This results in an overpayment of $1,184.00.
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 $1,184.00 overpayment. A refund check of $1,184.00 should be mailed to me at the address you have on file.
I am also 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 demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from the Illinois State Attorney General's Office.
THEIR Response:
We received your complaint and would like to take a moment to respond. It is our goal to provide our customers with excellent customer service while providing short term financial aid.
We are an International lender established in Belize and are 100% online. We are therefore exempt from any State or County usury laws which may have been referenced. We do follow all U.S. federal laws and regulations including but not limited to TILA, EFTA, FDCPA, FCRA, GLBA, ECOA and MLA. We are also a proud member of OLA (Online Lender's Alliance) and comply with all best practices.
As this is a short term, unsecured loan, there is normally a finance charge associated with borrowing the money for a certain timeframe (typically between two to four weeks). If a customer chooses to renew the loan beyond the original timeframe, it makes sense that additional finance charges will also occur. We offer renewal (and early repayment) options to help improve the quality of our customer service.
However, to ensure the loan is not open ended and will in time pay off, we require a payment equal to 10% of the amount borrowed beginning on the 5th renewal. At first customers experience a slight increase in payment amounts before they decrease (usually within 3 renewals). Please keep in mind the purpose is to repay the loan, not to overcharge.
The fact remains that you borrowed $800.00 from us and electronically agreed to this loan's terms and conditions. We lent you the money in good faith and hold a reasonable expectation that you will in good conscience repay the loan principal and any finance fees.
We understand why confusion exists with respect to lending laws and jurisdiction and want to make sure our customers understand their loans and are happy with our service. However if the intention is that of refusal to pay, we want to remind them than in most places, someone who refuses to give back what they borrowed is often seen as committing theft and even fraud if repayment was never intended in the first place. We sincerely hope that is not the case, and look forward to a continued relationship with all of our customers. We do have an excellent loyalty program for our returning customers, offering loans up to $1,000 and under improved loan terms.
do this
respond just like this:
your response is an insult in the exterme.i paid 1984.00 on an 800.00 loan.how in your stupid world is not paying another penny considered fraud?i am not a rsident of belize and are not subject to belize law.further more the EFTA says i can revoke your ACH rights at anytime.do not throw fancy terms meant to do no more than bullshit me.bottomline i am not paying you idiots another dime,and if you sell,or assign it i will c&d whoever calls me so since you won't refund mark it PIF,but know again your response is pure bullshit meant to insult me therefore i will not pay another dime,nor call you or take calls from you.have a nice life.
respond just like that.
Paulmergel
I wish there was a like button on here!!! :-) Those were my thoughts when I read the reponse from them. The audacity and gall that they could write, "We lent you the money in good faith and hold a reasonable expectation that you will in good conscience repay the loan principal and any finance fees." I guess they don't consider that I've overpaid them $1,184.00 for the loan a sense of good conscience.
Dear Multiloan...
Dear Multiloan...
The fact is you are handling me a line of bull shit!! You know damn well that you are not licensed and you have no legal authority to lend in the USA thus making the loan docs null and void. So do yourself a favor, mark my account as paid in full and send me a copy via email. I sure you aware of that the tribal lender Western Sky has gone down...you wanna be next??
Govern yourself accordingly.
Thank you!!
Thanks Soaplady!!! :-) This forum and wonderful people like yourself have been a Godsend!!!
UPDATE
I received a voicemail saying that I had charges against me and I was to call 866-787-2845, and they gave me a claim number to give. The same people called my home and told my 13 year old daughter that I was in big trouble and to call as soon possible. I call the number and it is "Accurate". They proceed to tell me that they have received a claim from Multisource that I owe them $288.00 plus $200 for a locator fee. I tell them that I dispute the debt and that I can give them the phone number for my attorney. They said they do not want the information, that I will be served papers to appear in court for fraud charges. Is this even possible? I have bank statements that show that I paid Multiloan $1984.00 for a $800.00 loan. Has anyone had any dealings with Accurate? Who are they??
no
think for a minute.you have an attorney,and they completely ignored you.btw fraud is a crime,and nobody serves papers for a crime.if you really have an attorney give them this info.if not then just know that this is a scamming piece of shit.i would report them to your local police ass they broke the law big time in not only the call to you,but to a kid.report and ignore a complete pile of humanoid shit idiots.
Thanks Paulmergel!!
I'm going to file a complaint with the IL Attorney General's Office. I DO NOT like that they scared my daughter!!!
yes
yes do that,and let your daughter know that this a bunch of evil humanoids that she should not fear.nor the thought of them doing anything they say.they are pathetic,and that's being very kind.
866-787-2845
I also received the same call and message but the original number showed up as 904-834-4536 and left the 866 number to call. Now I've had payday loans in the past but none that started calling my ex-husband telling him that they need my information to serve me with papers. THIS IS BAD!!! I'm in a custody battle royale right now. First off, the company we all got our loans through have our address, SSN, bank account info etc. If they were really representing these companies, they would have this information. Attorneys have skip-tracers on staff just for the purpose of finding people to pay debts. These scammers are trying to get our information and money in any way they can. Soon they'll change the name and number to try and scam other people as well. If any of you receive any more information about these people, please post!!
I also got a call from
I also got a call from Accurate stating the same thing. They also called my son's home and wanted information. I have made arrangements to pay them under my terms and I hope I'm doing the right thing.
really
and they accepted that?i doubt it.you don't pay this piece of belize pdl crap a thing until they let you pay with money orders to a legit address.those should be your terms.nothing less.