mte (tendollarpayday loan)
Date: Fri, 06/29/2007 - 04:58
Submitted by smithmapleshade
on
Fri, 06/29/2007 - 04:58
Total Replies: 5
this is what i sent them and below is what they sent back
[quote]June 20, 2007
Tendollarpaydayloan
Regarding: Loan ID: removed for your protection - Goudah
To Whom It May Concern:
This letter is to inform you that any further payments to Tendollarpaydayloan.com will not be honored by my banking institution. As of today, June 20,2007. I do not authorize Tendollarpaydayloan.com, nor any representative, parent company, affiliate, or subsidiary of one Tendollarpaydayloan.com , to withdraw any funds from the checking account under the name of removed for your protection - Goudah , account number removed for your protection - Goudah , located at removed for your protection - Goudah .
I reside in New Jersey, and have for the entire course of the loan I received from you.
According to New Jersey State statutes Tendollarpaydayloan.com is in violation of New Jersey small loan rate cap which states that loan fees are limited
After doing research on payday loan law in the state of New Jersey I have found the below laws to be true:
New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year
I also found out that you are Illegal in the State of New Jersey to issue loans.
I have currently Paid $735.00 on my $300.00 loan($300.00 initial and $435.00 in increases). The LEGAL amount that could have been charged on my $300.00 loan, if you had been Legal in the State of New Jersey, would be the principal of $300.00 and a $90.00finance charge.
I have OVERPAID my loan by $345.00. I am demanding a refund of that overpayment. to the address listed below I also demand that my loan be marked as PAID IN FULL and all further collections of the loan be stopped. I also demand that any contact to me must be done through email so I can keep accurate copies of any correspondence in case I need to file a formal complaint.
I also demand that you may no longer contact my place of employment, or my references. As part of the Fair Debt Practice Collection Act once I inform you of this you must stop immediately or you are once again breaking the law.
You are hereby notified that I am revoking any voluntary wage assignment. I no longer authorize you, your company, or an affiliate to attach any part or my wage or contact my payroll department for your collection purposes.
Please be aware that I will be contacting my payroll department of this correspondence
I am revoking your right to debit my checking account.
Please be aware that I will provide a copy of this revocation to the branch manager at my bank. Any further attempts will be rejected by my financial institution.
At no time will Tendollarpaydayloan.com any representative, parent company, subsidiary, or affiliate of Tendollarpaydayloan.com , place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. If Tendollarpaydayloan.com does not abide to the settlement conditions stated above, I will have no choice but to formally complain to, and request that the Attorney General of NJ, Stuart Rabner file criminal charges against Tendollarpaydayloan.com for its illegal lending practices to the consumers within the State of New Jersey. My banking institution has provided me with bank statements verifying these loans and the amounts debited from my account proving how much I overpaid.
If the above demands are not met I will have no other option that to file a formal complaint with the New Jersey Attorney General as well as the New Jersey office of Financial Regulation.
I expect a response no later than Monday, June 25, 2007, or I will have no choice but to file the complaints. I expect my refund to be issued in a timely manor. As long as my loan is marked with a Paid in Full status and my refund is issued quickly, I will not file a complaint with either of the above parties.
Furthermore, when taking out this loan with Tendollarpaydayloan.com , I was unaware of the New Jersey State law that governed this transaction. During the time that my account has been active.
All correspondence as of today, June 20, 2007 shall be in written form either through the email address, I provided to you at the time of the application, or via The United States Postal Service to, 44 Orchard Ave, Maple Shade NJ 08052. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. If I do not receive this acknowledgement within 24 hours, I will begin the legal proceedings described above. I hereby also revoke your right to use any wage assignment that may have been signed upon application of the small loan. You no longer have my permission to use this wage assignment. I also revoke your right to call my employer, any reference, or any phone number besides the following phone, removed for your protection - Goudah
Sincerely,
removed for your protection - Goudah
--------------------------------------------------------------------------------
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MTE FINANCIAL SERVICES
FAX: 866-668-0535
Email: compliancedepartment(at)mtefs.com
uuu
June 28, 2007
removed for your protection - Goudah
Email: removed for your protection - Goudah
RE: Your Complaint
removed for your protection - Goudah ,
We have received and reviewed your correspondence regarding your complaint with the company.
While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:
Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.
The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescibed by Federal statute.
Upon review of your account history, you clearly knew all terms and conditions of your loan as you have been approved for loans in the past and have applied on many occasions for additional lending. We have all legal contracts you e-signed, which you agreed to terms and conditions of the loan.
Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account.
Due to your long history with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your loan. We will expect complete payment of the principal amount owed.
The Lender will be prepared to provide you with the information necessary for repaying the $150.00 that remains due on your principal balance. Payment must be received by you in the form of a Cashier’s Check or Money Order payment. 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, and advise which payment method you will use. Once your acknowledgement/agreement is received, we will provide you with the information needed to make the payment. Once we have received this payment, we will mark your account "Paid in Full."
If your response is not received within seven (7) days of the date of our offer, the offer will become null and void and collection efforts will resume.
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department
CC/file
We are an electronic/internet company and all correspondence is handled via email and facsimile. Communication must be forwarded to the contact information provided above. Thank you for your cooperation in using ONLY these methods of communication.[/quote]
[quote]June 20, 2007
Tendollarpaydayloan
Regarding: Loan ID: removed for your protection - Goudah
To Whom It May Concern:
This letter is to inform you that any further payments to Tendollarpaydayloan.com will not be honored by my banking institution. As of today, June 20,2007. I do not authorize Tendollarpaydayloan.com, nor any representative, parent company, affiliate, or subsidiary of one Tendollarpaydayloan.com , to withdraw any funds from the checking account under the name of removed for your protection - Goudah , account number removed for your protection - Goudah , located at removed for your protection - Goudah .
I reside in New Jersey, and have for the entire course of the loan I received from you.
According to New Jersey State statutes Tendollarpaydayloan.com is in violation of New Jersey small loan rate cap which states that loan fees are limited
After doing research on payday loan law in the state of New Jersey I have found the below laws to be true:
New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year
I also found out that you are Illegal in the State of New Jersey to issue loans.
I have currently Paid $735.00 on my $300.00 loan($300.00 initial and $435.00 in increases). The LEGAL amount that could have been charged on my $300.00 loan, if you had been Legal in the State of New Jersey, would be the principal of $300.00 and a $90.00finance charge.
I have OVERPAID my loan by $345.00. I am demanding a refund of that overpayment. to the address listed below I also demand that my loan be marked as PAID IN FULL and all further collections of the loan be stopped. I also demand that any contact to me must be done through email so I can keep accurate copies of any correspondence in case I need to file a formal complaint.
I also demand that you may no longer contact my place of employment, or my references. As part of the Fair Debt Practice Collection Act once I inform you of this you must stop immediately or you are once again breaking the law.
You are hereby notified that I am revoking any voluntary wage assignment. I no longer authorize you, your company, or an affiliate to attach any part or my wage or contact my payroll department for your collection purposes.
Please be aware that I will be contacting my payroll department of this correspondence
I am revoking your right to debit my checking account.
Please be aware that I will provide a copy of this revocation to the branch manager at my bank. Any further attempts will be rejected by my financial institution.
At no time will Tendollarpaydayloan.com any representative, parent company, subsidiary, or affiliate of Tendollarpaydayloan.com , place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. If Tendollarpaydayloan.com does not abide to the settlement conditions stated above, I will have no choice but to formally complain to, and request that the Attorney General of NJ, Stuart Rabner file criminal charges against Tendollarpaydayloan.com for its illegal lending practices to the consumers within the State of New Jersey. My banking institution has provided me with bank statements verifying these loans and the amounts debited from my account proving how much I overpaid.
If the above demands are not met I will have no other option that to file a formal complaint with the New Jersey Attorney General as well as the New Jersey office of Financial Regulation.
I expect a response no later than Monday, June 25, 2007, or I will have no choice but to file the complaints. I expect my refund to be issued in a timely manor. As long as my loan is marked with a Paid in Full status and my refund is issued quickly, I will not file a complaint with either of the above parties.
Furthermore, when taking out this loan with Tendollarpaydayloan.com , I was unaware of the New Jersey State law that governed this transaction. During the time that my account has been active.
All correspondence as of today, June 20, 2007 shall be in written form either through the email address, I provided to you at the time of the application, or via The United States Postal Service to, 44 Orchard Ave, Maple Shade NJ 08052. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. If I do not receive this acknowledgement within 24 hours, I will begin the legal proceedings described above. I hereby also revoke your right to use any wage assignment that may have been signed upon application of the small loan. You no longer have my permission to use this wage assignment. I also revoke your right to call my employer, any reference, or any phone number besides the following phone, removed for your protection - Goudah
Sincerely,
removed for your protection - Goudah
--------------------------------------------------------------------------------
AOL now offers free email to everyone. Find out more about what's free from AOL at AOL.com.
MTE FINANCIAL SERVICES
FAX: 866-668-0535
Email: compliancedepartment(at)mtefs.com
uuu
June 28, 2007
removed for your protection - Goudah
Email: removed for your protection - Goudah
RE: Your Complaint
removed for your protection - Goudah ,
We have received and reviewed your correspondence regarding your complaint with the company.
While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:
Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.
The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescibed by Federal statute.
Upon review of your account history, you clearly knew all terms and conditions of your loan as you have been approved for loans in the past and have applied on many occasions for additional lending. We have all legal contracts you e-signed, which you agreed to terms and conditions of the loan.
Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account.
Due to your long history with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your loan. We will expect complete payment of the principal amount owed.
The Lender will be prepared to provide you with the information necessary for repaying the $150.00 that remains due on your principal balance. Payment must be received by you in the form of a Cashier’s Check or Money Order payment. 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, and advise which payment method you will use. Once your acknowledgement/agreement is received, we will provide you with the information needed to make the payment. Once we have received this payment, we will mark your account "Paid in Full."
If your response is not received within seven (7) days of the date of our offer, the offer will become null and void and collection efforts will resume.
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department
CC/file
We are an electronic/internet company and all correspondence is handled via email and facsimile. Communication must be forwarded to the contact information provided above. Thank you for your cooperation in using ONLY these methods of communication.[/quote]
Quote:If the above demands are not met I will have no other opti
Quote:
If the above demands are not met I will have no other option that to file a formal complaint with the New Jersey Attorney General as well as the New Jersey office of Financial Regulation. I expect a response no later than Monday, June 25, 2007, or I will have no choice but to file the complaints. I expect my refund to be issued in a timely manor. As long as my loan is marked with a Paid in Full status and my refund is issued quickly, I will not file a complaint with either of the above parties. |
I wouldn't recommend that others use that wording in their letters . . . . Not that it was bad or wrong to say things like that, but you don't want to sound like you are trying to extort something from the company. Saying if you don't give me X I will turn you in is extortion.
Plus, everyone really needs to be filing complaints. The more complaints you state gets the more likely they are to do something about these payday loan companies. If everyone says they won't complain if they get what they want, these companies will just continue to victimize other unsuspecting consumers, and it will never stop.
debt
I would file those complaints as soon as possible. I never recommend threatening to file. Just file. The Attorney Generals are there to protect the consumers of a state. They know the state laws because they are paid to know them. payday loans are ILLEGAL there and they will want this complaint. KYSIDE38
If you have already paid more then you legally owe, then don't p
If you have already paid more then you legally owe, then don't pay them anymore.
You need to get the complaints filed asap. Your states attorney general's office and department of banking can really help you get this resolved.
I agree with KYSIDE. In the beginning, I told them that if I di
I agree with KYSIDE. In the beginning, I told them that if I didn't get the issue resolved then I would file complaints. This is kind of giving them a heads up on what your next step will be. Once they receive correspondence from an AG, their tune usually changes. These guys can be buttheads though so stay on top of them.