I recently had a charge show up for MTE Financial?????

As far as MTE goes, they have been ordered to shut down by Oklahoma, (this is where they are located). Oklahoma has also ordered them to cease and desist from collecting on ALL outstanding loans, including consumers from other states. You need to block them from your account immediately, and file a complaint with your state's Attorney General's office as well as Oklahoma's Attorney General's office. Google "Chizhy", this is a member who posted the letter from Oklahoma ordering a cease and disist operations letter. If they try to contact you then you must inform them that you are aware of the cease and desist operations order by Oklahoma.Do NOT pay them anything.

Go to your bank and block MTE Financial from further debiting your account. They will continue to do unauthorized transactions as long they have the access to it. Tell the bank manager that you never authorized them for the previous debits as you never had a loan from them. Your bank will put a formal dispute with the company and the charges will be reverted.

Like Steelers said, keep filing your complaints with all the legal authorities. This company is already shut down in OK, that day is not far away when they will be banned in all the states.

What names does MTE Financial operate under?

MTE Financial is just another DBA name of Rio Resources. Watch out the other names of their business here.

I have never done business with any of the names mentioned. I guess I am concerned how they got a hold of my information.

I, too, was in the same predicament as so many of the rest of you were. I was running low on money and had payday loan after payday loan after payday loan. Before I knew it, it felt like my life was spiraling out of control. I finally started googling and found sites like this one with advice on how to get myself out of the situation. So many people had information about different laws that these types of companies were breaking, etc., so I took their advice and used the forms that they had posted to try to settle my debts with the companies. No one responded to me except Rio. They were willing to waive my finance fee due at that time and settle for my $300.00 principal balance. In deciding whether or not to accept their offer, I found this site and the posting from Steelers1 saying to google "Chizhy" for the letter from the Oklahoma Attorney General's office, so I took a look. Dealing with legal issues as a profession, I decided to research some of the information that was provided in the letter and found some of it to be false and misleading, which is what prompted me to post on this site. Oklahoma Consumer Credit Code, which can be found by clicking on the following link, ..... http://www.oscn.net/applications/OCISWeb/DeliverDocument.asp?CiteID=65733

and states the following:

Most pertinent is (8)..... (a) & (b) (below).

(8) Notwithstanding other provisions of this section

(a) except as provided in subsection (4), this act does not

apply if the buyer, lessee, or debtor is not a resident

of this state at the time of a credit transaction and

the parties then agree that the law of his residence

applies; and

(b) this act applies if the buyer, lessee, or debtor is a

resident of this state at the time of a credit

transaction and the parties then agree that the law of

this state applies.

What this means is that if you have applied for a loan on the internet, you are required to abide by the terms of your loan agreement. If you are not a resident of Oklahoma and your contract does not state that the lender agrees to abide by the laws of the state that you reside in, you are still bound by the terms of the agreement. Unfortunately, the company doesn't have any legal responsibility to consider your loan null and void. They can, in fact, proceed with collection efforts.

After finding this out, I went back and agreed to the offer that they had made to me to avoid paying all the collection fees that I would have had to pay if I was turned over to a collection agency. It was the best way to resolve the issue, albeit a hard lesson learned.

Pay close attention to what you sign up for because there is not always an easy way to get out of these things. Payday loans are not long term loans, although they can end up that way if you don't pay them off early in the term. Most of these kinds of loans charge finance fees every time you extend the loan, so you could end up paying more than what you expected.

*DO NOT CLICK* ON LINK IN POST ABOVE!

*DO NOT CLICK* ON LINK IN POST ABOVE! LAST WARNING!

So? you are a professional......what?

Is jenlew not credible?

roger that!

Thanks for the lookout!

welcome!

;)

I'm confused. I did get a loan from MTE. I live in NJ. Do you mean that they cannot collect from me even if I signed for it? :?:

TCA, does this mean I have to pay the $50 they want me to pay in order for them to send me a PIF letter? Advice soon as I have to let them know by Friday 2/9/07 what I am going to do. Thanks

are these one of the ones that you've overpaid mollie?

Bottom Line JENLAW - the State of Oklahoma has not only sent me but other people on this forum letters for MTE to cease and desist making loans. PERIOD. ANDONLY A PAYDAY LOAN COMPANY would write that you are required to go by their CONTRACT QUIT TRYING TO CONFUSE THESE PEOPLE. IT'S NOT GOING TO WORK.

TCA, yes I overpaid them $735 for a $200 loan. They do not want to refund any $$ but they want me to pay $50 and then they will send ??? the PIF leter.

how many extensions/ rollovers did they do mollie?

This s what happened the debit showed up for $60 under Instant Cash USA on 2/3/2006 (no deposit shown in banm statement since 12/1/2005 they took 6 monthly pmts 4 @60, 1 @ $110; 1 for $195 (7/3/2006) then on 7/10/2006 a deposit for $200 appeared on statement again on 8/3/2006 they withdrew $60 and this continued for 4 months last one (11/3/2006) and then on 12/4/2006 they withdrew $110 but this time under "MTE Financial, on 1/3/2007 a debit was made for $95 (MTE Financial) and that was when I blocked them on 1/12/2007.

ya know, this reads exactly like a con that drifted south out of au canada a long time ago when a man went into a gas station, depositied $100 with the manager, then each family would stop by with their own car, fill up for varying amounts and it went on for like a year until the stations fuel distributor figured out what the man was up too...huh! Odd how similar this is to it...more on that one later.

so, the list starts:

5 debits @ $60 = 300.00
1 debit @ $110 = 410.00
1 debit @ $195 = 610.00 subtotal
1 Deposit @ $200 = what ever the balance of your checking account was at the time then:
4 debits @ $60 = 240.00 + 610.00 = 850.00 subtotal
1 debit @ $110 = 960.00 total withdrawn by them, NSF fee's if any not not included $960.00 total!

we got $960.00 - 200.00 deposit (cuz it's ate all the hell up by now) $760.00 when in reality.....they got $1085.00 - 200.00 deposit = $885.00 NFS not included!

Right? the loan max with finance fee ect should of been roughly ehhh $310.00? Loan is PIF! Is the logic & math correct here? So, you may be owed a minimum of $575.00 plus any other withdawls plus the $130.00 = $705.00 from an earlier thread & NFS fee's not included. Add them to the total you should be close on what you are now owed by them.

Hope I got the logic down right?

*chuckle*
edited.

There wer no NSF becaus they hit the bank when my social security check was deposited. Anyway, they do not want to give me back anything. I am suppose to pay them $50 (they waved the fee $15) how thoughful f them. I faxed them few minutes ago and I am waiting for their email now will see what they say. My total was $995 minus the $260 = $735 oops I made a mistake I had sent quite a few ltrs out the same day! oh well they are not to refund anything, all I want is my PIF document without haveing to pay them anything.

stipulate that you are not issued a 1099 form so you end up paying tax next year on the balance. Get it on a company letterhead....think I got the 200.00 deposit figured out now too.....their claiming that is another loan or extension of original loan & hitting you up for the amount of the first loan again, or $310.00. Because they already know, your account will be in the red when their done

;)

You're right !

Wow, JenLaw disappeared fast!