• Report: #45037

Complaint Review: Homeq Aka The Money Store

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  • Submitted: Tue, February 11, 2003
  • Updated: Wed, February 12, 2003

  • Reported By:Sarasota Florida
Homeq Aka The Money Store
www.homeq.com Charlotte, North Carolina U.S.A.

Homeq Aka The Money Store Rip-off violating harassment laws Charlotte North Carolina

*UPDATE EX-employee responds: Your points are not entirely true.

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My wife and I obtained a loan from The Money Store a number of years ago. We were happy with them and their level of service even when we were late with a payment, as somtimes happens to everyone. Then they became Homeq Servicing Corporation. We started to receive 4 to 6 calls per day, starting on the due date, when we did not have our payment in on time.

I had talked to them on multiple occasions about their violation of Florida harrassment law and was told that they do not care about the law and that they will continue to call as much as they want, when ever they want. On every occasion they declined to say this when being recorded, of course.

Be aware that most states limit collection calls to a maximum of 2 per day. (You may want to contact your states Commerce Department, or what agency regulates collections, to verify the specific regulations.) As Homeq states that they are atempting to collect a debt at the onset of the call then they are placing themselves not only under harrassment law but also the Fair Debt Collection Practices Act, which is federal law.

They avoid numerous lawsuits simply by using a caller id block so as to not provide evidence against themselves. If a person was to file a harrassment suit against them they would have to suppoena Homeq's phone records, which would surely necessitate a lengthy, and costly, legal battle in its own right. Also be aware that some states allow you to record telephone conversations without notifying the other party.

You may do so to garner evidence against them but you must check with your state to see if they allow recording with one party notified. Unfortunately florida is not one of them and when ever they are advised that the conversation is being recorded they usually hang up! (Which is a good way to get them off the line.) There are many ways to take action aganst them.

The most major problem is the retaining of an attorney as they are necessary in bringing suit against an unfair or harrassing creditor. I myself am saving money for just such a contingency

Joe
Sarasota, Florida
U.S.A.

This report was posted on Ripoff Report on 02/11/2003 03:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Homeq-Aka-The-Money-Store/Charlotte-North-Carolina/Homeq-Aka-The-Money-Store-Rip-off-violating-harassment-laws-Charlotte-North-Carolina-45037. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

Your points are not entirely true.

AUTHOR: James - (U.S.A.)

I am a former employee with Homeq Servicing Corporation. You are correct in that Homeq does call its customers the day after the due date to collect on the payments which are due. That is quite simple to understand because you are not paying as your contract states.

Your point about the Fair Debt Act is valid, although you mistate many of the points. Yes, 2 calls is the maximum per day, but that means two CONTACTS. When Homeq calls your home and recieves an answering machine, or the homeowner is not available, that does not count as a contact. Homeq also does not block their number any longer, and should show up on all caller ID boxes (I know this because I have a Homeq loan, and was called for a past due payment that was lost in the mail last month).

While your points are valid for a 3rd party collections agency, Homeq is actually under no obligation to take these steps on loans in which they own, such as yours. A loan which is owned by the company collecting the money, has no obligation to follow the Fair Debt Collections act. They have a seperate set of rules, which are not as strict. Homeq follows the FDC act, simply because it services loans of their own as well as for other companies, and to avoid complications, it treats all accounts the same.

While I do understand your frusteration with the calls (I also feel that Homeq should wait a few days after the payment due date for a little breathing room), the truth of the matter is that you have a contract with a specific due date that you are expected to uphold.

I am currently worknig as a lawyer in OH, and will advise you that bringing a lawsuit against Homeq is pointless. I personally have witnessed the company take every step possible to follow the FDCPA guidlines.

For those unaware, most of Homeq's loans are high interest due to servicing customers with sub-par credit records. This also explains why the agressive collection activity is taken. No offense, but simply put...these are high risk loans that have to be closely watched due to past history.

I hope this has helped.
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