I sent the email requesting a refund on the $259 I have already over paid them (sent the letter found in this forum). I have already paid back $1600ish on a $1250 loan! Now they want me to pay back $697 more!
"Thank you for your communication. We are sorry to hear that you are unhappy about your recent experience. Our reputation is important to us and, as such, we are willing to consider the circumstances surrounding your inquiry in order to determine the best resolution.
Big Picture Loans is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally-recognized Indian tribe and sovereign government ("Tribe"). Because the Tribe regulates its own consumer financial services pursuant to Tribal law, state licensure and regulation is inapplicable to the Tribe, and, by extension, to Big Picture Loans.
Our records indicate that your current balance is $1,145.60. This includes the Principal amount of $1,111.57 plus the Finance Charge of $34.03.
We understand that many people are experiencing difficult times. So, while we are not obligated to do so, we will agree to settle your account for the amount and payment schedule below which will prevent you from incurring future Finance Charges.
Current Amount Due: $1,145.60
Proposed Settlement Amount: $697.99
Your Savings: $447.61
Number of settlement payments: 5
Settlement Payment Schedule:
Your response to this Settlement Offer is requested by 09/29/17. If this Settlement Offer is accepted, please simply reply "I Agree", and the Settlement Payment Schedule above will substitute the original Payment Schedule set forth in the Consumer Installment Loan Agreement (the "Agreement") between you and Big Picture Loans, LLC. To the extent not expressly amended hereby, the rest of the Agreement shall remain in full force and effect. Capitalized terms not otherwise defined in this Settlement Offer shall have the meaning set forth in the Agreement.
If you do not respond to this email by the given date, or you do not accept the Settlement Offer, your account will continue to be debited from the bank account on record in the amounts and on the dates as specified in the Payment Schedule of your Agreement. Only upon receipt will settlement be made. Failure to accept this Settlement Offer may result in your account being sent to our Resolution Team.
If you elected to make your payments by ACH debit or Remotely-Created Check, in the Agreement, then your payments in the schedule presented above as part of the Settlement Offer will continue to be automatically initiated by us in accordance with the Agreement. If you elected to mail your payments by certified check or money order (i) all payments must be mailed to: Big Picture Loans, LLC, P.O. Box 704, Watersmeet, MI 49969 and (ii) payment must reach this address by the scheduled Due Date. Please contact Us at 1-800-584-4880 for other payment methods that may be available.
Please Note: If a previous payment on your account should return for any reason or if you fail to make any settlement payment by the applicable due date, this Settlement Agreement will be automatically cancelled and your balance will be the current amount due (as indicated above) minus any successful payments made up to the date of the returned or failed payment.
We trust that you will find our resolution of your complaint acceptable. If you are not satisfied with our resolution of your complaint, pursuant to Section 9.3 of the Tribal Consumer Financial Services Regulatory Code ("Code") you may pursue an administrative review of our resolution by writing to the Tribal Financial Services Regulatory Authority ("Authority") at P.O. Box 249, Watersmeet, Michigan 49969 within 90 days from the date of this email.
Pursuant to Section 9.3 of the Code, your writing to the Authority must include the following information:
1. Your full name as it appears on your loan agreement, as well as you address, email address, and phone number;
2. A copy of your loan agreement or your loan application number;
3. A copy of this informal resolution and any subsequent communications from us;
4. A summary of the events and circumstances surrounding your complaint;
5. A statement requesting an administrative review hearing before the Authority, and whether you will appear personally or by phone if such hearing is granted, and whether you will be represented by an attorney; and
6. Any other information you feel may be relevant to your complaint.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.