One payday down and 4 to go
Date: Fri, 07/12/2013 - 07:35
Our call center is in receipt of your website contact form and it was forwarded to the lender. This response is offered on behalf of the lender, International Cash Advance, Inc. (ICA). ICA, doing business as Magnum Cash Advance, is a British Virgin Islands (BVI) corporation. No solicitation or advertisement was offered in South Carolina 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 contract that you signed electronically 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 South Carolina. 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 South Carolina. 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."
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 June 27, 2013 as paid in full. No further contact will be attempted and your account is now closed. Your request for a refund was not approved since all terms were disclosed on the first loan and any subsequent loans.
At least it is over with them. Now waiting for some kind of response from:
EZ Payday Cash
Northcash
Plain Greens
Payday One/ RISE
Great News on ICA -- I did
Great News on ICA -- I did get a good laugh on their response to the effect of you not appreciating getting screwed out of your money :)
PayDayOne/Rise
I've emailed PayDayOne/Rise a couple times today and still haven't received a response. I did call in and request an EPP for their support team and was told "we no longer offer those". I advised the representative to revoke the ACH. She said "no problem, just call back in the next day after the payment and speak with account services. They can work something out."
I'm really worried that this is going to reflect badly on my credit. I've already torpedoed that as it is because of these loans.
This switch from PayDayOne to Rise has screwed me big time. I know they operate as a CSO in Texas (where I live), but they don't even honor the original payment terms of the contract under PD1?
Good luck getting a refund, because I highly doubt you will from them.
pdo/rise
I would not accept "no problem" as an answer for revoking ACH. Also, she said call back in the day after the payment???? Have you faxed them a ach revoke? If not, then by all means fax it in. At this point you may as well deal with collections you might get a more favorable payment plan than an epp anyway.
Good luck.
ACH Revoke
Yes, I do plan on faxing something to them as well. It is updated on the website at the top of my account saying:
"Your account is currently flagged as having an invalid bank account number. Without a valid bank account number, we are unable to electronically process your payments.
Please contact Account Services at (866) 580-1227 to update your bank information and have this flag removed or to make other payment arrangements. Once we have updated your account information you can return here and process a payment."
I also just sent an email to their accounts@paydayone.com address talking about my issues so at least they would be aware.
I agree that is better than
I agree that is better than no problem, you do also have your bank notified that you are revoking ACH authorizations - yes.. and your account is secure against them.. basically it sounds like you have to be in default to work out a payment arrangement..
Account Services/Collections PayDayOne
OK so apparently as usual the left hand doesn't know what the right hand is doing there. I just called Account Services/Collections at (866) 580-1227 to give them a heads up and find out options after I don't do the payment on Friday. The guy said "Well, support is incorrect. We don't offer an extended payment plan, only the entire balance or 10% plus interest and fees."
This makes no sense. I'm so pissed because every time I call, I get a different answer. I can not afford a $400+ payment every two weeks from Rise/PayDayOne.
Yes, I'm in Texas and they
Yes, I'm in Texas and they operate as a CSO here. Since they've changed to Rise and this installment loan thing a few weeks ago, everything has changed.
@michaeldhetric - I answered
@michaeldhetric - I answered in the other thread - if they are licensed to lend then they have to offer some type of payment plan - may just have to default first.. it will be ok..
OK, thanks HelpinAZ. I
OK, thanks HelpinAZ. I appreciate it and I really hope so. CashNetUSA had no issues getting an EPP setup, even letting me do it over 6 periods instead of 4 or 5.
You may just need to talk to
You may just need to talk to the right person at their corp level.. I would try calling and talking to someone maybe in the collection department - tell them that your are going to default - but want to pay - you are looking at what they can offer as a payment plan - they may not use the EPP term - it is a hold over from payday loans. Keep us posted on what they say..
Here is the written responses
Here is the written responses I have received from PayDayOne/Rise:
Per your request as of 07/12/2013 we have stopped any automatic payment drafts from your checking account; and we have updated your RISE account to reflect the same.
Please note, you are still obligated for repayment by the terms of the loan agreement you signed to accept the original funds. Your due date has not changed. Therefore, to avoid late or missed payments, you are required to make payment by an alternate option. We can accept Credit Card payments and the payment must be received one banking day prior to your due date by 4PM CT for processing. We can accept Money Gram payments and the payment must be received two banking days prior to your due date for processing. We can accept Money Order payments and the payment must be mailed seven to ten banking days prior to your due date for processing.
You have an amount of $1,685.92 due on the date of 07/19/2013. We are most interested in working with you to keep your account in good standing. If you have additional questions, please contact our Customer Support team at the number listed below.
Also this:
In your state the DEFAULT repayment option is a PAY IN FULL of the entire balance on its due date. There is another customer-initiated repayment option as well. This means that you can certainly discuss this option with our Customer Support Team, but state regulations do require you to log in to your account and schedule the option for yourself.
Here is the other repayment option:
- Finance charges + 10% principal; you may use this option until the loan is paid in full; however EACH TIME you do not want to pay in full you must log online before 4:00 pm CT on the banking day PRIOR to the due date to choose and schedule this option
There is also the same time factor for this option - your pay off and next application must be completed by 4:00 pm CT the banking day PRIOR to the scheduled pay off.
It has been our pleasure to provide this information to you.