UCL Help.
Date: Tue, 02/05/2013 - 08:59
They responded with this email.
Thank you for your correspondence regarding your account. We are disappointed that you are no longer satisfied with your loan.However, the loan agreement you entered into withUnited Cash Loans was and is a valid agreement, which is governed by the laws ofthe Miami Tribe of Oklahoma,a federally recognized Indian tribe.
Nevertheless,United Cash Loans takes pride in its customer relations and has reviewed your account to ensure that all debits and payments were in accordance with your loan agreement. Upon review, your transaction history shows that all debits and payments on your account were correct. As such, United Cash Loans will not be issuing a refund on your account.However we can settle the remaining balance of $455.00 for $150.00 by 2/21/13
I responded back saying I will only settle for $0.00 and marked payed in full, otherwise I will file a complaint with the BBB and FTC.
They responded that they will only settle for $150.00.
Any ideas?
This is the loan agreement, they claim I renewed my loan because I didn't contact them at all for my first payment, so they figured I wanted it renewed.
Payment Schedule: 1 payment of $585.00 due on 2012-11-15, if You decline* the option of renewing Your Loan. If renewal is accepted, You will pay the Finance Charge of $135.00 only, on 2012-11-15. You will accrue a new Finance Charge at each renewal of Your Loan. On the due date resulting from a fourth renewal, and every due date thereafter, the outstanding principal of Your Loan must be paid down by $50.00. This means Your Account will be debited for the Finance Charge plus a $50.00 principal payment on the due date. This will continue until Your Loan is paid in full. If Your pay date falls on a weekend or holiday and You have direct deposit, Your Account will be debited on the business day prior to Your normal pay date. *To decline the option of renewal Your signed Account Summary document must be received in Our office at least three business days before Your Loan is due. This Loan may be renewed on the payment of the Finance Charge only.
Security: The Loan is unsecured.
Prepayment: Finance charges are accrued at the time the loan is funded or in the case of a renewal, at the time You opt to renew. The Annual Percentage Rate is estimated based on the anticipated date the proceeds will be deposited to or paid on Your account, which is 10-22-2012.
Itemization of Amount Financed of $450.00; Distributed to You directly: $450.00; Paid on Your account with Us: $0; Paid to other persons on Your behalf: $0; Prepaid finance charge: $0. See below and Your other contract documents for any additional information about prepayment, nonpayment and default.
No responses
this is the last email I received from them.
It states If you decline the option of renewing, meaning the renewals are automatic. If you want to pay off or pay-down your balance that has to be set up. online through the website. The first four payments are service fee’s only, then on the 5th payment it goes into automatic pay-down which means you pay the service fee plus an additional $50.00 to pay down towards the principal, every $50.00 paid down lowers the service fee $15.00. At any time you can go on line and set up to pay you balance in full, or pay down an additional amount, therefore leaving your balance at $455.00 as stated we can settle for the $150.00 to close the account out as paid in full.
Thank you,
United Cash Loans Compliance Department
I responded back stating, how can my outstanding balance still be $455 if I've paid down $50 to my principal twice now? And it's been days and they haven't responded.
If they persist in harassing
If they persist in harassing you, don't hesitate in reporting them to your state's agency that regulates financial institutions as well. Let them know you mean business.
do this
if you haven't filed AG,AND FTC complaints do so,and ignore future emails as an insult as that is what they are.an insult.
Disregard the loan agreement.
Disregard the loan agreement. The legal value of that thing is less than used toilet paper. This refund attempt is going to go around and around till either party gives up, the most likely one being you although there is no harm in persisting and insisting on a refund.
The loan agreement is null
The loan agreement is null and void. You have paid more than the principal amount to the illegal payday loan lender. So, you've no obligation to pay anything more.
It is right that you should get a refund. However, my past experience says that it'll be extremely difficult to get a refund from the UCL.
