Magnum Advance
Date: Tue, 07/13/2010 - 06:55
[COLOR=black][FONT=Arial]We are in receipt of your email and fax dated July 8th, 2010 and it was forwarded to the lender. This response is offered on behalf of the lender, ICA. International Cash Advance, Inc. (ICA), doing business as Magnum Cash Advance, is a British Virgin Islands (BVI) corporation. No solicitation or advertisement was offered in Ohio by ICA. Customers must seek out ICA on the internet and apply on "their" web site. The choice of law governing your loan, The BVI, was clearly displayed on the web site and in the loan agreement you executed.
The electronically signed contract clearly states, "All applications, transactions, and credit decisions will be deemed to have taken place in BVI, regardless of where you may be viewing or accessing this site. Borrower is responsible for complying with any local statutory obligations that may exist in their state or area with respect to any transactions with ICA dba Magnum Cash Advance. If we approve your application, the disbursement of funds will be in compliance with ICA policy and headquarters in the BVI. Our transactions are governed by laws of the BVI. The laws of the British Virgin Islands governing consumer loan agreements may differ from the laws of Ohio. If you do not want to enter into a consumer loan agreement subject to the laws of the BVI, you should apply for a loan at a provider located in Ohio. All aspects and transactions on this site will be deemed to have taken place at our location in the BVI. This transaction shall be governed in accordance with the laws of the BVI without regard to its conflicts of law principles, regardless of the order in which the parties agree. The Agreement shall be deemed executed at our location in the BVI as designated herein. Your acceptance of our service confirms your prior acceptance of this Agreement and to jurisdiction located within the BVI."
[/FONT][/COLOR][COLOR=black][FONT=Arial]ICA is familiar with the template letter available on the internet at [URL="http://debtconsolidationcare.com/"]debtconsolidationcare.com[/URL]. Regardless, the lender has no desire expending effort servicing a customer who does not appreciate the value of their installment loan and revolving line of credit products that are designed to meet a cash flow crisis on a moment's notice. The Director of Operations for ICA has agreed to consider your loan from 6/7/2010 as settled in full once the remaining principle is received. Your remaining balance is 345.29. The loan amount was 600 and one payment of 254.71 was received on 6/25. Based on your correspondence, your account will no longer be debited and remain in collections status until you establish a plan for payment. No further telephone contact will be attempted from this point forward. If no reply is received by July 21st, 2010, ICA has instructed our call center to forward the account for the full balance due to their collection agency.
Make check out to:
International Cash Advance, Inc.
Mail to:
International Cash Advance C/O Call Center Services
1403 Foulk Rd, Suite 203
Wilmington, DE 19803[/FONT][/COLOR][COLOR=black]
Sincerely,
Management
Call Center Services, Inc.
Call Center Services, Inc. is an independent outsource call center provider. CCS assumes no role in establishing client policies, policy statements, or internal affairs.[/COLOR][FONT=Arial][/FONT]
I live in Ohio. :confused:
Typical letter, which is also a template mind you. Just reply to
Typical letter, which is also a template mind you.
Just reply to them this way:
Please note I am not a resident of the British Virgin Islands, have never prescribed to be a resident of the British Virgin Islands and have no BVI presence, as such am not subject to the British Virgin Islands laws you detail.
My two cents
[QUOTE=Danise Spencer;722706]I sent Magnum a C&D letter. This is response I got from them. How should I respond:
[COLOR=black]We are in receipt of your email and fax dated July 8th, 2010 and it was forwarded to the lender. This response is offered on behalf of the lender, ICA. International Cash Advance, Inc. (ICA), doing business as Magnum Cash Advance, is a British Virgin Islands (BVI) corporation.[/COLOR][/QUOTE]
Hey, Shazzers! What's the legal status of this bunch of turds? Inquiring minds want to know.
[QUOTE=Danise Spencer;722706][COLOR=black]No solicitation or advertisement was offered in Ohio by ICA. Customers must seek out ICA on the internet and apply on "their" web site. The choice of law governing your loan, The BVI, was clearly displayed on the web site and in the loan agreement you executed.[/COLOR][/QUOTE]
(pending verification of their legal authority to lend in Ohio, or lack thereof... Also, check the laws before considering this approach.)
Dear Sirs:
By making your advertising materials available on the World Wide Web in such manner as to lead an ordinary, unsophisticated consumer to believe that you are legally empowered to lend to Ohio residents, you have indeed made solicitations to residents of this State. As such, your operations, and this account, are subject to the full force of law in the United States of America, and the State of Ohio. If you believe otherwise, please provide me with your license numbers and other documentation proving that your company is legally empowered to lend in the State of Ohio.
[QUOTE=Danise Spencer;722706][COLOR=black][FONT=Arial]ICA is familiar with the template letter available on the internet at [URL="http://debtconsolidationcare.com/"]debtconsolidationcare.com[/URL]. [/FONT][/COLOR][/QUOTE]
You might point up to them that just because a letter is from a template, that in no way diminishes the content of said letter. As an aside, this underscores what I've said all along. When using a template, always re-write it in your own words.
[QUOTE=Danise Spencer;722706][COLOR=black]Regardless, the lender has no desire expending effort servicing a customer who does not appreciate the value of their installment loan and revolving line of credit products that are designed to meet a cash flow crisis on a moment's notice. The Director of Operations for ICA has agreed to consider your loan from 6/7/2010 as settled in full once the remaining principle is received. Your remaining balance is 345.29. The loan amount was 600 and one payment of 254.71 was received on 6/25. Based on your correspondence, your account will no longer be debited and remain in collections status until you establish a plan for payment. No further telephone contact will be attempted from this point forward.[/COLOR][/QUOTE]
This is a bad thing, how?
[QUOTE=Danise Spencer;722706][COLOR=black]If no reply is received by July 21st, 2010, ICA has instructed our call center to forward the account for the full balance due to their collection agency.[/COLOR][/QUOTE]
They'll look damned funny, trying to sue on a (probably) illegal loan. And regardless of where ICA/Magnum is located, their call center is in Delaware. They are subject to US and Ohio law. And they're third-party, which makes them subject to FDCPA, too.
My $.02. Hope it helps. :)
Internet payday loans are NOT legal in the state of Ohio, wulf.
Internet payday loans are NOT legal in the state of Ohio, wulf.
Quote:Originally Posted by ShazzersInternet payday loans are NOT
Quote:
Originally Posted by Shazzers Internet payday loans are NOT legal in the state of Ohio, wulf. |
Ok...question....They did loan me $600 and I did pay back $254.71, leaving a principal balance of $345.29. I feel as though morally I should paid back the original loan minus the interest and late fees. Otherwise, it would be like stealing from them. However, I can't pay the amount back in full all at once. Do I propose a payment arrangement where I send them a money order each month until the account is paid in full? By the way, I did rewrite portions of the C&D template letter in my own words before I sent it to them.
