member profile picture

Okay, I've received my first response from the letters I sent out... Its from Impact Cash, I haven't paid them anything yet, but they want me to still pay the amount of $260 to "settle", but I only borrowed $200. I can't send them a full $200 now, any suggestions on my response to them? Thanks for all the help, I truly could not get through this mess without the people here...

Here's their response:

"We are sorry to hear that you are not satisfied with the experience you have had with our company. We are willing to settle with you on your account for the amount of $260.00, which is the principle balance of $200.00 plus one fee of $60.00 for the cost of processing and funding your loan. I have included the Ohio state laws that you are referring to below.


Citation:
Ohio Rev. Code Ann. §§ 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Our payment mailing address is;

Impact Cash USA
PO Box 3206
Logan, UT 84323

Thank you,

Dan N.
Account Services
Impact Cash USA
1-800-707-0102 ext. 8005
Monday-Friday, 8-5pm (MST)
accountservices (@) impactpayments.com


*You must notify this office within 30 days after receiving the first notice if you dispute the validity of the debt or any portion thereof or the office will assume the debt is valid. This communication is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.*"




sorry... I forgot to log in, that was my post

Sub: #1 posted on Fri, 08/01/2008 - 21:53

chensley chensley

(Posts: 28 | Credits: 11.89)

They aren't licensed to loan to Ohio residents, all you owe them is the principal amount you borrowed, deduct what you have already paid them from the $200.00, send them payments with money orders through USPS only, certified return receipt mail. Inform them this is what you have decided to do, and you will need a physical address to send payments, no address, no payments. :D

Sub: #2 posted on Fri, 08/01/2008 - 21:56

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Whoa, hold on a minute, that letters sounds like a debt collector? Ahhhhhhhhh, send them a validation letter, via email and USPS certified return receipt! What the heck is their deal anyway???!!! Is this in house collections or what? :o

Sub: #3 posted on Fri, 08/01/2008 - 21:58

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Quote:
*You must notify this office within 30 days after receiving the first notice if you dispute the validity of the debt or any portion thereof or the office will assume the debt is valid. This communication is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.*"


Wahoooo!! They claim to be debt collectors! :shock: Definitely send them a validation letter, make them validate the debt and prove how they computed the interest !!

Sub: #4 posted on Fri, 08/01/2008 - 22:00

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Okay... remember I'm clueless :wink: what should the letter say?

Sub: #5 posted on Fri, 08/01/2008 - 22:24

chensley chensley

(Posts: 28 | Credits: 11.89)

Basically, what this is, is a dispute in response to the email they sent to you, they are the ones that included the little paragraph about "This communication is from a debt collector", sooooooooo, how else can a person take it other than what they have said? My point here is, if they care to indentify them self as a "Debt Collector", then I would treat them as one. What baffles me is the fact that they are using the same address as the Original Creditor (Impact Cash), so they kinda asked for this. :D Anyway, this is how I would handle it, it seems they're playing some games with you, trying to get more than they are entitled to receiving. :wink:

Quote:
Your name
Your address

Collection Agency Name
Collection Agency Address


Date:

Re: Account No:

Dear Sir/Madam,

This is your notice that your claim is disputed.

In accordance with the fdcpa, I have the right to request for a validation of my debt. This is asking for proof regarding this and verifying the same.

You must be aware that reporting such inaccurate information will result in defamation of character and it would leave a dark patch on my credit report. You are supposed to stop all collection activities including reporting this information on my credit report. I?m sure you are aware of the fact that non-compliance with this request will lead you to legal trouble.

Please attach copies of the following with the reply:
1. The agreement which authorizes the creditor to collect debt on the alleged debt.
2. The signed agreement from the debtor conforming to pay the creditor
3. The documents regarding the payments made on this account validating the amount.

With regards,


Your signature
Your name

Sub: #6 posted on Fri, 08/01/2008 - 22:30

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 1.949 seconds.