Speedy/Rapid Cash debited my account without my autho...

So I went onto the Rapid Cash website and found out some interesting information. Now, I will say, this is BY FAR the best PDL company I have ever dealt with. The staff has always been helpful and they have always worked with me to solve problems. That said, they have also screwed up my payments several times, and caused major headaches. But this is the interesting info I found out:

Now the PDL laws in NV are terrible...there are really no limits to anything. However, Rapid Cash has its own guidelines and practices that they EXPLICITLY place on their website for all to see about how they handle their PD loans. Here is the info I found interesting:

At Speedy Cash???? and Rapid Cash, we hold our Customers in the highest regard and are committed to responsible industry practices as a participating member of the Community Financial Services Association of America (CFSA).

As a CFSA member in good standing, Speedy Cash???? and Rapid Cash abide by the following best practices:


--------------------------------------------------------------------------------


http://www.cfsa.net/industry_best_practices.html

*This is what I found the most interesting, because this WAS NEVER GIVEN TO ME AS AN OPTION. The reason I defaulted was because I couldn't come in and pay the full amount of my interest, and they never once (not even when I took out the loan) said we offer this as an option.

Now, with the interest payments I've made and the one payment I've already paid on this account, I've paid off what I borrowed to them already and then some. Do you think I should call the Customer Service # and list all the things that this store did wrong that was against the "Company Policy of Better Practices" and see if they will give me a Paid in Full? NV laws suck like I said, so they could legally probably say no. But with a website that brags about customers being your first priority etc. and having all these requirements for your store fronts, and then your store front not living up to your standards, I'm thinking it might be worth a shot. Please let me know what your thoughts are...

Greg

greg, give it a shot. Call the company. But speak with a supervisor. Not a "customer service rep." You really don't have anything to lose. But you need to speak with a manager anyway regarding them debiting your account when you already had a payment plan in motion. You really should have revoked their authorization to debit your account way back in the beginning. Once pdl's have your bank account information, they feel free to debit any time they want, any amount they want. Plus, if you had this letter, you could show it to your bank and it would help get that debit reversed off. However, now you don't have anything to show the bank. But still, go to the bank and see if you can get it reversed off as it was an unauthorized debit. And, honestly, if you can, try to do something about that bank account. Once this pdl did it, they'll more than likely do it again. They have your bank information. They like to use it freely. And please write them a letter revoking their debit authorization. I wish you had done it earlier, but honestly, it probably wouldn't have done any good. The pdl's debit anyway (as you've found out). But it is good to have a "backup/proof" to show your bank or any other agency you want to file complaints with. Please let us know how it goes.

Thanks cannr
Do you have a sample letter of that debit revoking letter? I can't find it on here...

Thanks
Greg

All you really need to say is this:

"I revoke any and all authorization I gave Rapid Cash to debit in any way any account I may have."

greg, basically in a nutshell, goudah's right! LOL! It can be short and to the point. That you revoke any authorization of debiting your bank account by xxxx company or any of its partners or affiliates. I know it sounds kind of short, but that's all it takes! Especially if you need to show something to the bank. You've got it in writing.

Guys, how does this look as a quick sample letter:

Quote:

greg, personally, I wouldn't "thank" them. LOL! :lol: No, your letter sounds good. Good enough to take to the bank and have them blocked. It's got the company name on it, your revoking them from debiting, etc. That's fine. Take it to your bank and give them a copy. Since this company obviously is taking advantage of your account. This will save your butt regarding the bank though. And, yes, your state pdl laws are crappy! :D

Thanks cannr,
I just wanted to make sure that I told the company that i still intend to pay, but just not through them automatically debiting my account. I will print off a letter today and fax it to the account manager at Speedy Cash. Should I also include in there that they cannot contact anyone at my work?

Oh God, yes! Include on there to only communicate with you via email or USPS - no telephone calls will be permitted to your home, place of employment, or any other telephone number that they may have. State that you need everything in writing regarding this issue so that you can keep accurate documentation of all communication. Now, this may not stop them from calling you (they're all persistant). But, you've got it in writing. And, if you have access to a fax, I would fax the letter, email the letter, and mail the letter. But, I'm a hound! I bug the crap out of my pdl's!

Thanks cannr,
I'm waiting for a return phone call tomorrow from the supervisor of the company regarding their practices before I send off this letter. I'll be faxing it in the morning though. So appreciate the help!

You're welcome! :D Please keep us updated as to the progress you're making!

So, I called the customer service # that is on the website and I explained the situation to the woman. She was inititally going to transfer me to the manager at Collections (a Texas wrangler named BILL who I had already had problems with) so I told her no. I explained why, and she apologized and said she'd find somebody for me to deal with and help me out. The next day, a received a call from a man named Ron who apologized IMMENSELY for what had happened to me, and asked...and I'm quoting here: "What would you like to see happen here?" So I just went for it...very nicely...I said this loan has been paid back and then some in interest, NSF fees, and you've already have to refund several bank fees to me because your company has withdrawn money on the wrong date. You've been paid back the money I borrowed. I think it is only fair and in both our best interests to mark this account paid in full and keep our business relationship civil.

AND THEY BOUGHT IT!!! He called the store, I went into the branch, and received my receipt. I called collections and low and behold, the loan was paid off. I come to find that this man who called me personally was the PRESIDENT OF THE COMPANY! He even gave me his cell # in case I needed anything else.

I have to say, this company is a great company (if I can even say that about a PDL company) I was very happy with their service, and I'm glad that I stuck to my guns :) Thanks for all your help guys...only a few more to go now!

Oh My God! :shock: You got an awesome response! And the president's cell phone number? I think I'd keep that just to have it! LOL! Oh, man! This is such great news! Good job & thank you so much for posting an update! :D Keep us posted on how the others go! Good for you!

Hi cannr,
I know...I really lucked out on this one. In dealing with my other PDL, I've contacted most of them and requested payment plans. NV pdl laws are SO SHADY and with Vegas being such a huge gambling town, these companies are literally on EVERY street corner...but they also have such a HUGE default rate. So now, many of them are offering repayment plans BEFORE you default so that your principal gets paid down and that it encourages responsible spending. This also (in their eyes) would encourage repeat business. I'm just happy that I'm finally making some headway...it's not a lot...but it's something.

I'm trying to find out more info on getting local legislators in NV to crack down on unlawful payday loan practices here in town and having lenders explain the process, fees, and REPAYMENT process much more thoroughly. I'm also trying to have some caps put on amounts borrowed, rollovers, etc. since there are none for my state. At least some good can come of my stupid mistakes.

This site makes me feel better every time I sign on. I just responded for the first time to someone else's post and offered advice...and it felt GREAT! It was like when I first moved to NYC and someone asked me for directions and I actually knew how to direct them where they wanted to go. It was a great feeling. Thank you guys for creating this site and for helping people get the information they need to not only solving their problem, but for learning practices that will encourage a more responsible financial future.

Greg :)

greg, you are doing an awesome job! I'm so excited to hear you're already helping others with your experience! You need to stick around and help others out so you can help them feel better about their situation, too! There is an end to the madness! It just takes time! Good job! :D