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  • Report: #144669

Complaint Review: The Cash Store - Cottonwood Financial

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  • Submitted: Wed, June 01, 2005
  • Updated: Mon, July 27, 2009

  • Reported By:Minooka Illinois
The Cash Store - Cottonwood Financial
1836 N. Division St. Morris, Illinois U.S.A.

The Cash Store - Cottonwood Financial RIPOFF, DECEPTION Morris Illinois

*Consumer Comment: Cash Store Whoos

*Consumer Comment: Cottonwood Financial preys on the poor during hard economic times.

*Consumer Comment: Ha

*Consumer Suggestion: Did they get a court order?

*Consumer Comment: Totally Understand, a lot of people in your same position

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Two years ago, my boyfriend took a loan from the cash store. We were unable to complete the repayment process, so we made payment arrangements with the manager of that store for $25.00 a week.

Upon arriving to make the first payment, he was told that there was no arrangement ever made and a $25.00 payment was not sufficient to hold the account from collections. The woman who told him this was in fact the same one who had made the arrangement, and she admitted that she had been new at the time and was not authorized to make such an arrangement. So, instead of being honest with her place of employment about what she had done, she LIED to save herself from reprimand.

Once the account was placed with the corporate office, they were even worse to deal with, wanting $100.00 a week, which is far more than our little struggling family could afford. He would try to make payments but if they were not the cash amount they asked for, they said not to bother. (From what I understand, this is how people in collections are often mistreated)

Now the Cash Store is garnishing his pay, at $118.00 a week, and this just started today, the day that our rent is due. We will not be able to pay our rent now, and we have a 4 year old son. What The Cash Store does is criminal, and we will be fighting them every step of the way. I will be writing local and federal levels of government to warn of the fraud that goes on there every day, and I will fight to stop them from taking advantage of more poor people.

That is the mechanism of the Cash Store's business-- They feed upon those who are poor and struggling and have no other alternative. I hope each person representing such a fraudulent company should have the same worries that I have right now. I hope that they have the opportunity to feel the same pain that they cause.

I will be sure that my family survives this financial burden without losing our home, but I want it known that someone will be held liable for this, hopefully on a legal level and a government level.

Jane
Morris, Illinois
U.S.A.

This report was posted on Ripoff Report on 06/01/2005 10:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/The-Cash-Store-Cottonwood-Financial/Morris-Illinois-60450/The-Cash-Store-Cottonwood-Financial-RIPOFF-DECEPTION-Morris-Illinois-144669. 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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Updates & Rebuttals

#1 Consumer Comment

Cash Store Whoos

AUTHOR: stangcoupe58 - ()

Regardless of the person who filed for a loan.  They are still intitled to be treated correctly and no one asked for your empathy about what someone did.  This woman was treated UNFAIRLY and she is addresses her experience. 

 

I had the same experience and even worse, I wasnt even given a chance to pay it back in smaller increments and they attempted to run my check AFTER  told them not to use it as I had absolutely no funds in the bank to cover.  The next day they are calling me stating they tried to run the check... totally ignoring every word I stated about me not having the money.

 

After that, it was about 2-3 days they called to see if I could pay the complete balance in full or they would submit my info to the creditors.  I mean geez, 1 week and I was charged off?

 

All in all I completely agree with your complaint and these cash store pay day places all need to be brought down.  It's funny in Texas it was an attempt to shut them down and dont know why they are still here but oh well...  I just know not to ever bother with them again which I cant anyways but I will never use another loan place

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#2 Consumer Comment

Cottonwood Financial preys on the poor during hard economic times.

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

This company preys on the working poor! If something unforseen happens before you can pay off this type of loan you are in deep trouble. If they win a judgement against you your pay check will be even smaller and you may lose your home or perhaps your car loan and be unable to get to your job without transoportation. This company will NOT deal with any negotiation either. They just simply don't give a sh*t. You have entered into a deadly contract with the devil. They actually should be illegal. The federal government should create guidlines making it more difficult for them to obtain judgments against people with low income, for example if you are at 200% of the Federal Poverty Guidelines they shouldn't be able to garnish your paycheck. As it is now you have to be at or equal to the base FPL in order to prevent them from garnishing your pay. (The FPL for a family of 4 is $22050 annual.) GOD help us all if that is all we earn with 4 people in our family. If these preditors are stopped from this type of deceitful practice lots of families WILL be saved. It is TOO easy to fall into this kind of trap when you are desparate. You intend on paying them back but something happens like an unforseen illness or your furnace breaks in the middle of winter and then......UH OH....they get you! Go to your local courthouse and ask for the worksheet to determine if you are at or below the FPL to prevent them from garnishment. Send them a monthly payment no matter how small and pray really hard! The devil has entered your financial life!
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#3 Consumer Comment

Ha

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

Dear Jane,


I can't feel sorry for your situation because not only did you borrow money from a company that you very muchknew had high interest charges, you did so probably knowing well that you could not pay back.

Knowing such, why should they be held responsible? You defaulted on your loan and you were in no way obligated to even take out any money from them. It probably outlines in your contract how they could also take their payments if you default. Read carefully next time. It's your consumer responsibility. You can argue that it's criminal but it was your choice.
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#4 Consumer Suggestion

Did they get a court order?

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

Is it a wage garnishment or a wage assignment?

Sometimes creditors put a "wage assignment" in the contract as part of the loan. This appears to give them the right to seize wages without a court judgement. But, federal rules make all wage assigments VOLUNTARY so the debtor can cancel it at any time. Do this in writing to the creditor and the employer. If the wage assignment was not properly presented (on a seperate sheet of paper, etc. etc.) then you can also get back all the money that was taken with the illegal wage assigment.

If they have indeed obtained a judgment in civil court then there is less you can do, but there are limits of what can be taken. The limits are 15% of GROSS pay or the amount of TAKE-HOME pay over $292.50 per week, whichever is LESS. By the 15% law, they can only legally take $118 per week if the gross pay is $786 per week or more.

You can get out of a civil judgement various ways, most commonly if they didn't serve you with the papers properly. As a last resort, you can file for bankruptcy to stop them completely.
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#5 Consumer Comment

Totally Understand, a lot of people in your same position

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

I have no solution to your problem to offer....I can only say that there are a lot of people in your same position. I used to work at a company similar to the Cash Store when I was in college, and I quit for the very reason that you stated. I, like you, believe that they are out to screw people who have no where else to turn.

There was a minister in Southern Wisconsin having protests against the Cash Store a couple of years ago....perhaps you could track down other people that have had similar problems as yourself. They could probably offer support and advice.

Sorry that I have nothing better than that, but I hope you find yourself in a better situation very soon.
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