rapidcash overpayment
Date: Wed, 10/22/2008 - 09:17
a week ago i put an ach hold on my checking account blocking this company from withdrawing any more cash from my account.
i told them to call me this coming tuesday and i would provide them with a pre-paid credit card number from which to collect the balance that they claim i owe them, which is $290. the woman i spoke said that her company was not allowed to debit pre-paid credit cards and the i would have to mail a money order to her company, but not before i fax them a photocopy of the money order so they know i mailed it on the day i said i would.
now im thinking, i dont owe them anything. if anything, they owe me $600.
so two questions: am i right in assuming that i dont owe them anything else and if so how do i go about asking them for a refund?
and also, do they operate under any other names that they may be able to go into my checking account with to withdraw money?
any advice would be greatly appreciated.
thank you.
rapidcash overpayment
oh, and i live in maine.
and the loan was done over the internet, which i may have said previously. interestingly enough, and im just remembering this, they actually called me at work and gave me the loan. i never applied, they just said that i was pre-approved. i needed the money at the time, so i took it. does this matter at all?
Here are the law's for Maine, I will look up some more info for
Here are the law's for Maine, I will look up some more info for you:
Quote:
Maine State Information
Legal Status: Prohibited - Permitted for supervised lenders
Citation:
Maine's UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.
Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.
Where to Complain, Get Information:
Regulator: Maine Office of Consumer Credit Regulation
Address: Department of Professional and Financial Regulation, 35 State House Station Augusta, ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Regulatory Contact: William N. Lund, Director
http://www.state.me.us/pfr/ccp/ccp_index.htm
rapidcash overpayment
thanks.
the more i think about, the more i realize that im not giving them anymore money. i just want to know what im dealing with when i speak to them.
and i could really use that 600 bucks that i overpaid them, although i know that there is little chance of getting that back.
again, thank you. ill check back later.
jarod
Hi Jarod, If you can avoid it, I wouldn't speak to them, they
Hi Jarod,
If you can avoid it, I wouldn't speak to them, they will argue with you and tell you that they are legal and you have to abide by their laws. If you have an email address, i would contact them that way, you will also be able to keep a papertrail, I may be able to find one for you.
Here is some info regarding Maine laws that I found on the website from Goudah:
They aren't totally illegal. Only check cashers are not allowed to advance money on a postdated check. They are required to follow the interest rate laws of Maine, and the laws specifically say that no matter where the payday loan company is located, they MUST follow the laws of Maine.
Maine actually has some pretty good laws.
Quote:
How many loans can I make without being licensed?
Supervised Lenders may issue up to five (5) regular loans or two (2) section 32 loans ("high-rate, high-fee" loans subject to HOEPA) per calendar year. However, unlicensed companies cannot, under any circumstances, broker loans. An unlicensed company must close all loans under its own name.
Am I correct in thinking that this is Rapid Cash Management? If so they are out of the UK and are illegal, which means that you have overpaid them and they owe you a refund. They may be able to withdraw under a different name, possibly Global something. You may want to put a hard debit block on the account or close it all together and open another account. You should also report them to the BBB, FTC and the Maine attorney general as they are unlicensed/illegal.
Hi again, I would also send them a cease & desist letter advi
Hi again,
I would also send them a cease & desist letter advising that you are revoking their withdrawal rights & any wage assignments you may have agreed to. You can also specify that all contact is to be through mail or email. Here is some contact info for them:
Rapid Cash Management
928 High Rd
London
N12 9RW
1800-266-8880
email: [email]info@rapidcashmanagement.com[/email]
Hopefully this helps you out...