East Side Lenders
Date: Wed, 07/14/2010 - 09:54
Submitted by Donna1264030061
on
Wed, 07/14/2010 - 09:54
Total Replies: 8
"East Side Lenders is responding to your letter dated June 22, 2010, regarding the above captioned loan".
"As stated in our original response, East Side Lenders, which is located in Delaware, is licensed by the State of Delaware to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The East Side Lenders loan agreement and website contain all of the disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. East Side Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware".
"We still consider Ms. *****'s loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement. We are willing to settle this account for $275, which is the remaining principal balance. As an alternative, if she is experiencing financial hardship, we will be happy to speak with her about payment arrangements through which she can successfully meet her payment obligations".
My question to the forum is what now? I reside in Arizona and since they are not licensed to do business in Arizona, I feel that I have paid above and beyond what I originally borrowed.
Thank you.
And you're correct. Continue to refute their responses to the B
And you're correct. Continue to refute their responses to the BBB. Has your AG gotten involved yet? If not, get him/her involved. Also, continue to send email requests to ESL with rebuttal responses to their claim. Quote your state's law. They WILL eventually give in. It may not seem like it now, but it will happen. I've been there.
Oh, and they're full of it about the arbitration thing too. All they did with me - AFTER they told the BBB they'd marked my account as paid in full, was send it to a collection agency who tried to demand payment from me. When I forwarded them a copy of the letter their client had sent to the BBB stating my account was PIF, they tucked their tail between their legs and apologized for inconveniencing me.
I know it's frustrating, but the satisfaction you will feel when it is finally resolved, is SO worth it. :)
Quote:Originally Posted by Donna1264030061Okay, so I have posted
Quote:
Originally Posted by Donna1264030061 Okay, so I have posted here before regarding this company. Last November, I obtained a loan for $300 plus the finance fee of $90. From November 13, 2009 thru January 22, 2010, I have paid a total of $607.50 through roll-overs and paydowns. I have submitted a request for payment in full to East Side Lenders on three separate occassions and each time they state that I owe them $275. I have submitted complaints to the BBB, FTC and AG on three occassions. The latest rebuttal just came back from East Side Lenders stating the following: "East Side Lenders is responding to your letter dated June 22, 2010, regarding the above captioned loan". "As stated in our original response, East Side Lenders, which is located in Delaware, is licensed by the State of Delaware to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The East Side Lenders loan agreement and website contain all of the disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. East Side Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware". "We still consider Ms. *****'s loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement. We are willing to settle this account for $275, which is the remaining principal balance. As an alternative, if she is experiencing financial hardship, we will be happy to speak with her about payment arrangements through which she can successfully meet her payment obligations". My question to the forum is what now? I reside in Arizona and since they are not licensed to do business in Arizona, I feel that I have paid above and beyond what I originally borrowed. Thank you. |
OHOIGAL1 is absolutely right.in fact as far as i know they aren't licensed in DE either.that makes their claim of jurisdiction laughable at best.they owe you a refund if you wish to pursue it of 307.50.i would go for it as never let these bottomfeeders have anymore than they are entitled to.just my take,btw i was also threatened with arbitration by eastside.of course nothing came of it as everything they state is hot air.
I just got almost the same email from Eastside Lenders, so it wi
I just got almost the same email from Eastside Lenders, so it will be interesting to see how both of our situations plan out. These guys have soaked me for years...and I will keep coming back at them with the information from this site.
Quote:Originally Posted by paulmergelOHOIGAL1 is absolutely righ
Quote:
Originally Posted by paulmergel OHOIGAL1 is absolutely right.in fact as far as i know they aren't licensed in DE either.that makes their claim of jurisdiction laughable at best.they owe you a refund if you wish to pursue it of 307.50.i would go for it as never let these bottomfeeders have anymore than they are entitled to.just my take,btw i was also threatened with arbitration by eastside.of course nothing came of it as everything they state is hot air. |
an addendum i thought their license was under review.i was wrong on that.however that doesn't mean they are legal anyplace else.
A Mail Boxes Etc is home to dozens of PDLS in Wilmington Del. Th
A Mail Boxes Etc is home to dozens of PDLS in Wilmington Del. They use the mailing address because of the lax lending laws! They are still required to be licensed where they make loans! They have no ability to collect illegal loans outside of where they are licensed! Several of them are using addresses in Reno for the same reason!
Eastside
I dealt with them last summer. I just kept resending my original ACH revocation and correspondence stating I would only repay what I borrowed. They finally gave up and sent to collection with Smith, Haines and Watson. I went round and round with them for validation, and finally they too gave up. I had 2 loans and had deducted what I overpaid on the first one, so I owed them nothing. All's been quiet since 9/09.
I would keep after them. I contacted the BBB, FTC and my AG abou
I would keep after them. I contacted the BBB, FTC and my AG about East Side Lenders also. I got a response from the BBB initially saying the ESL would accept for me to pay them the original $400 I borrowed. I had already paid them over $1200 at that point, but they continued to take money from my account. I let the BBB know that I did not agree with that settlement. ESL continued to debit my account. I contacted BBB again and continued to send ESL the emails I was sending to the BBB, FTC and AG. Just last week, they actually refunded me $245, which was better than nothing.
Be professional and persistant and you can make it happen! Good luck!