I took out a loan of $300 the end of Nov 2007 for xmas shopping. The agreed amount to paid back in 2 weeks was $390.
Within a 2-month period, I changed jobs and noticed that I was still having money withdrawn from my account. They were taking 2 withdrawals per pay period at $50 and $90 dollars for a total of $140 every 2 weeks.
When I calculated what had been withdrawn, it was ove $600 dollars for a $300 loan. I called my bank and requested a new account and was told that this and similar fast cash type companies were a rip off and will continue to deduct money even when the loan is paid off.
As soon as my account was changed, within that pay week, I got a very annoying voice mail message stating that I stilled owed $145 dollars and they were going to take action against me if they could not deduct the amount owed or if I did not send the payment immediately.
I returned the call to state that the loan payment was agreed to be paid of in 2 pay periods and that they had deducted over $600 from my account. The person on the other end got very nasty and loud.
He stated that if I didn't contact them when the loan was paid off, then they assume that I want to automatically start another $300 loan.
At first on the phone, I stated that ok I would send the money within 2 weeks when I got paid again and then I thought, no way, I will send them a cease and desist order letter and keep my money.
Embracing
Lanham, Maryland
U.S.A.