How can a Mortgage Company have a business licesne for an Open-End Line of Credit with an APR of 299% which would be what a payday loan APR is in the state of Virginia and go as high as 300%? According to the Fair Debt Collection Practice Act this is what I asked for:
1- Amount of original debt
2-Manner in which amount stated was determined
3-Interest/fees applied to original debt
4-Any penalties associated with the original debt and reason(s) for these charges
5-Proof that any interest charges does not exceed that allowed by law in the state of Virginia
6-If they turned it over to a collections agency and the debt has been assigned the debt to provide their state of Ohio license number
7-Proof of license to lend and operate a payday loan business in the state of Virginia and provide state license number
Do not contact me except by email or contact employer, friends, aquaintences, family, or contact numbers. That this was to serve as written notification that any notification that authorized ACH withdrawals from my bank account and any agreement of wage assignment were revoked. As receipt of this communication all forms of collection activity cease until debt has been validated in accordance with the Fair Debt Collections Practice Act. If their office provided all requested information within 30 days I would proceed forward with all actions that is deemed necessary or appropriate. If they failed to provide the information to validate this request within 30 days from receipt of this communication, all references to this account must be deleted from my credit files and a copy of such deletion be forwarded to me immediately.
Email was sent on January 9, 2013 with no reply, so it was repeated on January 116, 2013 which I got a reply the same day that it had been received. Meanwhile, I had other debts mounting that I have been trying to catch up for the last 7 months and haven't succeeded. Because of there withdrawals my debts owed amount to $2000 in bank fees and unpaid bills.
Timothy h*o, President responded first with a copy of the contract I signed that I wasn't aware of giving any authorization to do ACH withdrawals from my bank account. Also provided by him was statements on my account. This was on January 18, 2013, but didn't fulfil all requested information. This came from Enova International of 200 W Jackson Blvd, Chicago, Il 60606. The address on the statements were PO Box 643990, Cincinati, Ohio 42564- 3990 with the caption at the top "Make Anyday Payday" with the name CashNetUSA.
The 2nd to respond came from ENOVA, 200 W Jackson Blvd, Suite 500, Chicago, Il 60606 from someone called Season Wolfe with the words "Compliance/Legal under his name. The letter that came with the material had CashNetUSA.com on the stationary with 773-357-3634, email@example.com
, and Fax: 312-212-1657. Enclosed was a Business License for Kansas, Office of the State Bank Commision, Consumer and Morgage Lending Division, Supervised Loan License. Also a copy of all my statements and the contract was included which was sent onJanuary 29, 2013.
If the statements said Payday on them then this is not an Open-End line of Credit, but a payday loan with an APR of 299%. I checked with the Federal Trade Commission, Who informed me they were not licensed to do business as a payday loan business in the state of Virginia. The Better Business Bureau had 143 complaints listed against them about bad collection practices and handling of accounts. The Attorney General's Office had no complaints against CashNetUSA. The Consumer Protection Agency said when I explained what I had sounded like a payday loan. The ad online had the caption "CashNetUSA Payday" and when you open the website you see the question "How much would you Like to borrow?"
Their ad did say they did Cash Advances, but nothing about lines of credit. I also checked online for other companies that did Open-End Line of Credit but could not find one that charged over 18% APR. This is clearly a payday loan and I'm sending the Consumer Protection Agency a copy of all the material I receiveived, which did not include the proof that the interest charged did not exceed that allowed by law. I'm also thinking Season Wolfe sounds like an alias and that I've been took for a very expensive ride.