LOAN SHOP COLLECTIONS
Date: Thu, 07/03/2008 - 05:54
They debited $390 from my bank account with no authorization or warning they were going to. I was stumped, my bank couldn't help (they said they couldn't revoke it and couldn't stop the transaction as it was already pending in my account). So I did some research and found out the following:
Loan Shop Collections is a pdl that is associated with several others. XPress Cash is one of them and this is a pdl I took out in December 2004. I never paid them back... not because I wasn't going to... but because this pdl got lost in the many I was trying to pay back after getting myself into the pdl dark tunnel. My bank account from back then was closed in 2005 because I couldn't keep up. I spent several months paying everything back and switched to a new bank in 2007.
When I was researching LSC through this board, I located a contact person for Loan Shop and emailed him my issue (William Washburn). In my eyes, it wasn't legal to debit a bank account without authorization... especially a new account in which they never had the information for (i.e. when I signed the contract in 2004, I was banking with another institution). Well, they FOUND my information and went ahead and debited it for the full amount I owed them. The contact person emailed me back and was extremely cordial to me... but did say that when I signed that contract in 2004, it stated that they had the legal right to debit *any* financial institution I belonged to. According to the rep, they are contractually obligated to debit from any banking account of mine if monies are owed. And that's what they did, with no warning, *4* years later, leaving me in the negative until my next paycheck.
I'm not sure what to do at this point. I've kind of dropped the issue... if they say the contract stated that, then it WAS legal. If I had my bank do a fraud investigation, they would see this, and most likely would side with LSC. So, I'm screwed. I would have at least enjoyed the option of a payment plan... but these people are skeezy.
Quiche- Most likely you did owe a pdl with LSC even though you say you never took out a loan with them. That's what I thought at first, too, until I did the research and found one of the companies they're associated with was one I had a loan with 4 years ago.
It sucks... but I'm not sure what legal rights we have at this point.
I've asked the question on here if XPress Cash is licensed in IL... but got no concrete answers. And if it's determined they aren't licensed, I don't know what I could do or what steps I would take. I could use help and advice, too.
reply
it is not so much whether or not they are illegal.you did
borrow the money.however,if you would have sent a letter
revoking there ach debit rights you could recoup the money.
if you have a way to contact the pdl i would send them a copy
of your bank statement showing the debit and request a PIF.
if they won't send you one,send them and loan shoppe the
revokation letter.thereafter any monies taken will be fraud
on there part.
L.S. The word "any" will get people. That is one of the reaso
L.S. The word "any" will get people. That is one of the reasons when we advise members/guests to revoke debit authorization, we tell them to revoke debit authorization to any and all accounts. I also put on my letter current and future. As for Xpresee Cash, as far as I can tell and I looked up for it in the licensee database for the DFI in IL under pay day lenders, it was not listed so it is not licensed. You can file a complaint with the BBB and with IL DFI at
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
You can also file a complaint with the Office of the State Banking Comissioner in KS where Xpress Cash is located.
Here is the contact information
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
Here is one of the addresses for Xpress Cash
LTS Management Services, LLC
xpresscash.com
110 West 9th St., Suite 100
Kansas City, MO 64105
(816) 471-2829
(800) 757-8373 FAX
L.S. Also know that filing these complaints takes time and some
L.S. Also know that filing these complaints takes time and sometimes it takes a long time for you to receive a response. In some cases the agencies are really helpful and in others, well, not so much. But you never know until you try. All the infrotmation can be located on
http://www.paydayloaninfo.org/states.cfm
just click on the state.