Qeustion on licensing and Mycashtime.com
Date: Wed, 08/15/2007 - 17:41
Qeustion on licensing and Mycashtime.com
I found this site on Friday last week and have had the following success so far
SJM markering marked PIF
Starlight FS marked PIF researching refund
AIP..waiting for results from BBB
TenDollar Payday waiting for response. paid $960 on an $800 loan.
MYCASHTIME.COM just email me and marked PIF..although they denied my refund stating they although they are in Texas they are licensed in New Mexico and I have to follow their rules.
Can someone help on this one. I looked up their License info and found they have 2 licenses in New Mexico falling under PHD Investments Company LLC both show inactive and expiration of 06/30/2007 with no new license appearing. I overpaid this loan by $1,000
Any thoughts.
I am still working on several other PDL like Paydaymax, Power funding and One Click Cash
you did all that in a week, holy crap, very good, im so impresse
you did all that in a week, holy crap, very good, im so impressed. awsome
Dundy, have you enliosted the help of your Attorney General..or
Dundy, have you enliosted the help of your Attorney General..or possibly a lawyer...a letter from one of them could go a long way with possibly getting you a refund since the amount is so high. I would write every one I could think of!! Great job you've done!!
confused
Okay, call me confused. Mycashtime.com is operating under PHD Investments Company LLC. Okay. However, they state that even though they are located in Texas (and are not licensed in Texas) they are licensed in New Mexico? And when you searched, you found 2 licenses for PHD Investments but they were expired? Am I reading this correctly? But they told you that since they are licensed in New Mexico, you have to follow New Mexico law, not Texas where they are based. Okay. Now, here's my question - What the hell? I would call your state DFI (or email them) and ask what's up with this. They can either confirm it for you whether it's correct information or not. Or at the very least, give you a contact to find out the correct information.
The below letter is what they sent saying that their call center
The below letter is what they sent saying that their call centers are in texas...but when you read their I have not responded to this yet but have started filing complaints.
Quote:
You did request a pay day loan, was approved and accepted $500 credited to your bank account on January 26, 2007. You elected the Auto Extend option on the Agreement Form which states that you are authorizing My Cash Time to debit the interest only on your pay dates. It is your option to let us know when you want to pay down on the principle, or pay off the loan. You did as you said, started to pay down on the principle in the beginning of the loan, but did not pay anything but the interest since then. You also added the $100 you paid down back into the balance on June 23, 2007. We will honor your request and consider your loan paid in full as of today, August 15, 2007. By your choice you have paid only the interest on the loan each of your pay dates with one attempt at paying the principle. If we had a brick and mortar store front in California , we would have to follow the California pay day loan laws. We do not have a store in California . Our license is however in New Mexico , which it also states on the Agreement Form and our website, and you accepted the terms of our license by signing the Agreement Form with the apr in bold type. Our Call Center is in Texas for geographic reasons, and those pay day loans do not apply to your loan either. We have placed your loan in a Paid In Full status and have disabled your email address so as not to send any promotional emails to you in the future. Best regards, Customer Service 1-877-533-6500 1-877-533-6514 fax |