Rio resources sent me a letter
Date: Thu, 07/27/2006 - 06:08
Quote:
Ms. XXXXXX, We have received your correspondence regarding your complaint with our company. It appears as though you have misunderstood the reasoning behind the $420.00 balance that you are disputing. This balance includes the $390.00 due and a collection fee that was assessed automatically when our most recent debit returned as "Account Closed." It is not a finance fee. While the information that you have collected may apply to companies that have locations in your state, it does not apply to Internet Lenders. We do not have a physical location (office) in your state, therefore the same restrictions do not apply to us. This is based on sound advice from our legal department. We lent you money in good faith, with the understanding that you would abide by the terms detailed on your loan contract. We upheld our end of the agreement by crediting the funds to your account, and had good faith that you would uphold your end of the agreement in return. While we believe that all terms and conditions of the loan agreement have been met on our end, it has always been our policy to make sure that the customer is happy and completely satisfied with our services. We have certain guidelines that we follow with regard to the types of payments that we will allow, as does every company. Understanding your current predicament, however, we are willing to make an exception due to the circumstances. We will accept your proposal to repay the $390.00 due on the account and waive the collection fee, however, the terms of the arrangement cannot exceed two months, meaning that full payment of the debt must be satisfied no later than October 1, 2006. It has been a pleasure doing business with you. Your account will be adjusted to reflect the arrangement that has been offered upon acceptance of our proposal. We expect this offer will bring us to an amicable resolution. Please acknowledge your understanding and acceptance of our proposal if you are in agreement with the offer detailed above. Once your acknowledgement/agreement is received, we will provide you with the information needed to mail your payments to the Lender's mailing address. Thank you for your time and consideration in this matter. Respectfully, Compliance Department |
Needless to say, I am not as worried/frustrated about this as I was before. You guys here are a GREAT help!
Thanks! :D
Rio Resources is trying to push you with wrong information. They
Rio Resources is trying to push you with wrong information. They are bound to follow the state laws in the borrower's place. Also, they must have the license to lend in your state. They are trying to misguide you with these words.
Quote:
While the information that you have collected may apply to companies that have locations in your state, it does not apply to Internet Lenders. We do not have a physical location (office) in your state, therefore the same restrictions do not apply to us. This is based on sound advice from our legal department. |
Pay only that much your state laws allow you. They cannot charge you more than the fixed rates in your state.
Oh yes it does apply to them. They chose to lend to a person in
Oh yes it does apply to them. They chose to lend to a person in the state of California, so they have to go by the laws of the state in which the borrower lives like GNR stated above. This is a standard paragraph in their letters. That is the same paragraph I got in my paid in full letter.
I can assume at this point that you will get your account marked
I can assume at this point that you will get your account marked as paid in full some time later. Keep persisting if you believe that you have paid more than the actual charges. They will hold back. This has actually happened with others.
re
I would say that I've overpaid as far as their fees. I think I've paid a total of two $90 rollover fees. My gripe with them was that they're telling me that I owe $420 when the loan was for $390. Anything above the $390 they're calling some kind of fee(s) for closing my account. WELLLLLL had you read my email to you guys, you would have known not to debit a closed account. DUH! but they did anyway.
I just want to get this off my ass.
Thanks guys!!
by the way..
what is the state law in california for the fees? i've been searching for some time and either the page i request is not found or its just a weird page.
is there a sample letter for refunds?
thanks again!
:D
Jolie, Here is the laws for California in regards to pdls.
Jolie,
Here is the laws for California in regards to pdls.
Quote:
Citation: Cal. Fin. Code ???? 23000 to 23106 Loan Terms: Maximum Loan Amount: $300 Loan Term: Max: 31 days Maximum Finance Rate and Fees: 15% of check Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: None (cannot charge fee for extension) Cooling-off Period: None Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan) Collection Limits: Collection Fees: $15 NSF fee Criminal Action: Prohibited |
pm pollyandsay about a sample letter. She is the best at this stuff.