Response from Magnum Cash Advance
Date: Wed, 04/02/2008 - 09:49
I got a phone message this morning from Tom Kane (Cane? Kaine?), which was as follows:
He was calling to let me know they had received my letter and that they would make a response, but that it would be more than 24 hours, because they were "in the process of liquidating the company" (his exact words) and so it would take a little more time for a response.
That's interesting news to me; maybe another one of these places is biting the dust?
That dont sound good if they are liquidating the company?
That dont sound good if they are liquidating the company?
If they are liquidating the company, one could only wish it was
If they are liquidating the company, one could only wish it was because they were giving back all the money they have bled out of borrowers...
But that is probably not the case :/ Although I don't exactly understand what he might have meant by "liquidating" the company? Does he mean shutting it down/no longer doing business? It'd be nice if everyone's debts to them would just magically disappear, but it could be troublesome if they just all consider the loans defaulted and sell them straight to collectors.
I remember when First Bank of Delaware had to remove itself from Loan Mart stores in California. All loans automatically became due immediately in full. Luckily, my balance was low enough on the loan that I could pay it in full and be done with it, but there were grown men crying in the store because their balances were $1000 or more, and they couldn't pay it immediately, and were being threatened with collections and civil actions.
Cash Advance Loans
I have a few cash advance loans and I have noticed they're not legal in VA, referring to Magnum Cash Advance and VIP Cash, aka qloot.com.
If you have a loan in VA with these companies, can you refuse to pay them and/or ask for a refund because of the interest being charged?
this place is horrible
I tried to borrow a loan from there. as i was reading down further into the contract. i was getting a loan for 420 dollars. and by the time i was done paying on it I would have paid. 1,345 dollars. That is retarded. By asking for a loan and then them taking that much from you that is going to put you in the same situation again where you will need to borrow money from someone. Then my fiance tried to borrow a loan to pay a payment on his truck and because he had the same bank account as me they told him they would not give him the money because they said they felt that he was a fraud and then they pretty much hung up on him. I would not recommend this place to anyone. and I hope they go out of business they are only stealing from the people that are borrowing money from them anyways. I would never ever go there again and try to get anything done they are just a bunch of money hungry thieves.