You win some you lose some...
Date: Wed, 11/19/2008 - 13:40
Quote:
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." Based on the information supplied in your complaint, it is evident that the information derived from some sort of form or template, as it does not apply to your particular loan. It is strongly advised that consumers do not fall prey to the contributors of this type of information, as it is not always true, nor does it apply to every circumstance. Often, the information actually incriminates the consumer for not abiding by the laws of the state that they live in. Additionally, any contradiction to a consumer’s signed loan agreement can actually put them in default. While it is appealing to a consumer to find what appears to be an "easy way out" of their debt, there is no such thing if the debt is substantiated by a legal, signed contract. Using information containing legal jargon that you have not actually researched in an attempt to threaten a company into writing off a balance that you know you owe can actually be harmful to you as a consumer. The money was lent to you by our company in good faith with the understanding that you would abide by the terms detailed in your loan contract, just as 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 you, the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute. Upon review of your account history, you clearly knew all terms and conditions of your most recent loan, as you have been approved for loans many times in the past and have applied on many occasions for additional lending. We have all legal contracts that you e-signed, thereby agreeing to the terms and conditions of the loan(s). Having had loans in the past for which the terms were exactly the same, claiming not to have understood the terms of this loan can easily be disputed, as you were not coerced in any way by our company to reapply and did so on your own. It is highly unlikely that a customer would return to a company for additional lending if they had been unsatisfied with the service the first time. Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account from this date forward. Due to the fact that you are clearly in a situation that led you to use any information that you could obtain in an attempt to relinquish your debt with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your loan and settle for complete payment of the principal balance owed. It is our hope that this will ease some of your financial burden, as well as avoid further collection efforts that would inevitably ensue should you default on your loan agreement. We will be prepared to provide you with the information necessary for repaying the $300.00 that remains due on your principal balance, after waiving your $90.00 finance fee. Payment must be received by you in the form of a Cashier’s Check or Money Order, as you have revoked our authorization to debit your account. 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 |
Naturally, I haven't responded yet. And I don't intend to until I'm a little closer to their 7 day deadline. I have, however, taken this and used it in the formal complaint I filed this afternoon with the DC Department of Insurance Securities and Banking. After paying over $2500 on a $1700 debt...I'm clearly not one of those looking for an "easy way out."
reply
seeing as though this an MTE loan if you have paid back the principle you are done.being as they one of if not the most illegal pdl group in the US i doubt they will do anything but continue to e-mail stupidly.we all have got that email from them.i know i did and it is pure BS.internet or not they have to follow the laws of your state.i would fire off a response that you know they are illegal and let your AG determine what you owe.they are so full of it it's comical.
I couldn't believe how ridiculous the response was! Although, I
I couldn't believe how ridiculous the response was! Although, I was a tad offended they thought my letter to them was a template. I spent a good bit of time pulling things from different sources! They won't get another dime out of me. If I'm lucky, the affidavit I'm filing with my bank will help me get a dime or two out of them.
i did use templates and they complained about that, too. oh well
i did use templates and they complained about that, too. oh well! :)
even if you did use a template, they do, too (i have seen many responses from different companies that were exactly the same!)
they know you got them and they don't like it. good for you :)
Talking about templates, I got the same email from them. LOL
Talking about templates, I got the same email from them. LOL
Did your MTE PDL ever get sent to a 3rd party collection agency?
Did your MTE PDL ever get sent to a 3rd party collection agency? I have a MTE dba Quickest Cash Advance PDL I defaulted on back in July. I have been turned over to MACB, Inc (Mid America Credit Bureau) to collect on the debt. They also had turned it over to another collection agency that was trying to collect on it too. I had sent MACB $100 on the original loan amount of $300. Now they are harassing me at work since I haven't paid anything since August --- but there was no written agreement to only pay principal plus I stopped paying as soon as a 2nd collection agency started calling.
I live in Ohio --- so MTE is totally illegal.
I sent the following letter today to MTE / Quickest Cash Advance and Mid America Credit Bureau.
November 20, 2008
MTE Financial dba Quickest Cash Advance
Address
After doing research regarding Internet payday loan laws in the State of Ohio I have found that your Internet payday loans made by your company MTE Financial dba Quickest Cash Advance are actually illegal regardless of how the services were sought. I have also found the following laws to be true applying to payday loans in the State of Ohio in general:
1321.02. License; exceptions.
No person shall engage in the business of lending money, credit, or chooses in action in amounts of five thousand dollars or less, or exact, contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee, without first having obtained a license from the division of financial institutions under sections 1321.01 to 1321.19 of the Revised Code.
Sections 1321.01 to 1321.19 of the Revised Code do not apply to any person doing business under and as permitted by any law of this state, another state, or the United States relating to banks, savings banks, savings societies, trust companies, credit unions, savings and loan associations substantially all the business of which is confined to loans on real estate mortgages and evidences of their own indebtedness; to registrants conducting business pursuant to sections 1321.51 to 1321.60 of the Revised Code; to licensees conducting business pursuant to sections 1321.71 to 1321.83 of the Revised Code; or to licensees doing business pursuant to sections 1315.35 to 1315.44 of the Revised Code. No person engaged in the business of selling tangible goods or services related thereto may receive or retain a license under sections 1321.01 to 1321.19 of the Revised Code for such place of business.
The first paragraph of this section applies to any person, who by any device, subterfuge, or pretense, charges, contracts for, or receives greater interest, consideration, or charges than that authorized by this section for any such loan or use of money or for any such loan, use, or sale of credit, or who for a fee or any manner of compensation arranges or offers to find or arrange for another person to make any such loan, use, or sale of credit. This section does not preclude the acquiring, directly or indirectly, by purchase or discount, of a bona fide obligation for goods or services when such obligation is payable directly to the person who provided the goods or services.
Any contract of loan in the making or collection of which an act is done by the lender that violates this section is void and the lender has no right to collect, receive, or retain any principal, interest, or charges.
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.
Due to the fact that Internet payday loans must be licensed in the state of Ohio to be a legal and binding contract, your company should NOT issue loans to Ohio residents at all. I am requesting that you send me your license number which enables you to offer loans to Ohio residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loans were legal anywhere in the United States. I am willing to pay the principle amount of the loan only, which to date I have paid a total of $100.00 on a $300.00 loan. Since I am morally obligated to pay only the principal of the loan, I will pay the remaining $200.00 of the principal by money order December 31st and will mail it by means of USPS.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Ohio Attorney General's Office.
I expect a response from your company no later than 24 hours from the date this letter is received regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
XXXXXX
CC:
Mid America Credit Bureau
Better Business Bureau
Ohio Attorney General
Federal Trade Commission
I also filed complaints against all three with the ohio Attorny General's office today online.
Could you tell me how long you have been dealing with MTE?
Did your MTE PDL ever get sent to a 3rd party collection agency?
Did your MTE PDL ever get sent to a 3rd party collection agency? I have a MTE dba Quickest Cash Advance PDL I defaulted on back in July. I have been turned over to MACB, Inc (Mid America Credit Bureau) to collect on the debt. They also had turned it over to another collection agency that was trying to collect on it too. I had sent MACB $100 on the original loan amount of $300. Now they are harassing me at work since I haven't paid anything since August --- but there was no written agreement to only pay principal plus I stopped paying as soon as a 2nd collection agency started calling.
I live in Ohio --- so MTE is totally illegal.
I sent the following letter today to MTE / Quickest Cash Advance and Mid America Credit Bureau.
November 20, 2008
MTE Financial dba Quickest Cash Advance
Address
After doing research regarding Internet payday loan laws in the State of Ohio I have found that your Internet payday loans made by your company MTE Financial dba Quickest Cash Advance are actually illegal regardless of how the services were sought. I have also found the following laws to be true applying to payday loans in the State of Ohio in general:
1321.02. License; exceptions.
No person shall engage in the business of lending money, credit, or chooses in action in amounts of five thousand dollars or less, or exact, contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee, without first having obtained a license from the division of financial institutions under sections 1321.01 to 1321.19 of the Revised Code.
Sections 1321.01 to 1321.19 of the Revised Code do not apply to any person doing business under and as permitted by any law of this state, another state, or the United States relating to banks, savings banks, savings societies, trust companies, credit unions, savings and loan associations substantially all the business of which is confined to loans on real estate mortgages and evidences of their own indebtedness; to registrants conducting business pursuant to sections 1321.51 to 1321.60 of the Revised Code; to licensees conducting business pursuant to sections 1321.71 to 1321.83 of the Revised Code; or to licensees doing business pursuant to sections 1315.35 to 1315.44 of the Revised Code. No person engaged in the business of selling tangible goods or services related thereto may receive or retain a license under sections 1321.01 to 1321.19 of the Revised Code for such place of business.
The first paragraph of this section applies to any person, who by any device, subterfuge, or pretense, charges, contracts for, or receives greater interest, consideration, or charges than that authorized by this section for any such loan or use of money or for any such loan, use, or sale of credit, or who for a fee or any manner of compensation arranges or offers to find or arrange for another person to make any such loan, use, or sale of credit. This section does not preclude the acquiring, directly or indirectly, by purchase or discount, of a bona fide obligation for goods or services when such obligation is payable directly to the person who provided the goods or services.
Any contract of loan in the making or collection of which an act is done by the lender that violates this section is void and the lender has no right to collect, receive, or retain any principal, interest, or charges.
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.
Due to the fact that Internet payday loans must be licensed in the state of Ohio to be a legal and binding contract, your company should NOT issue loans to Ohio residents at all. I am requesting that you send me your license number which enables you to offer loans to Ohio residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loans were legal anywhere in the United States. I am willing to pay the principle amount of the loan only, which to date I have paid a total of $100.00 on a $300.00 loan. Since I am morally obligated to pay only the principal of the loan, I will pay the remaining $200.00 of the principal by money order December 31st and will mail it by means of USPS.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Ohio Attorney General's Office.
I expect a response from your company no later than 24 hours from the date this letter is received regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
XXXXXX
CC:
Mid America Credit Bureau
Better Business Bureau
Ohio Attorney General
Federal Trade Commission
I also filed complaints against all three with the ohio Attorny General's office today online.
Could you tell me how long you have been dealing with MTE?