• Report: #375561
Complaint Review:

The Cash Store - Cottonwood Financial

  • Submitted: Tue, September 23, 2008
  • Updated: Fri, October 31, 2008

  • Reported By:madison Wisconsin
The Cash Store - Cottonwood Financial
2083 McCoy Rd Sun Prairie, Wisconsin U.S.A.
  • Phone: 888-581-3447
  • Web:
  • Category: Loans

The Cash Store - Cottonwood Financial Wisconsin Cash Store Rips off Customers!!! Sun Prairie Wisconsin

*Author of original report: update

*UPDATE EX-employee responds: It sounds confusing, but I know exactly what happened....

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About four months ago, my husband took out a loan through the cash store in sun prairie wisconsin. We were in the middle of a bathroom remodel that went over budget and were expecting a large check payment from someone in July, so we decided to borrow the money to finish our bathroom until then.
Upon going to the store, they offered us this great deal where you can extend your loan for 12 weeks and just make bi-weekly finance charge payments. We signed up for it and proceeded to make the payments every two weeks. The woman running the store was very nice and called us a few days prior to each payment and asked if we were coming with cash or wanted it withdrawn from our checking. We opted to have the money withdrawn every two weeks. As planned, in July we received our big check we were expecting and called and asked for a payoff amount. We proceeded to pay off the loan in full. We were given a receipt stating the payoff amount, payment made, and new balance. In big letters at the top, it said "PAYMENT IN FULL". The woman at the store also put a big red stamp on it saying "PAID". We went on our merry way and thought it was settled. We had no further contact with the cash store. Then, two months later, we receive a call saying we owe money still. My husband said he had the receipt and proceeded to fax it to the store. He then called the store to make sure it came through and was told everything was then covered. Less than a week later, we receive a collection statement from them.
We proceed to call them and talked to several different people at their "corporate" office. Each person told us a different story.
The first one said, we faxed the receipt and that there had been a computer error and the collection notice was sent out prior to us faxing the receipt and we could disregard it that it was taken care of. We asked for a letter stating that it was clear and we could disregard the collection notice. We were then told to call the store itself to get that. upon calling the store, the lady was very rude and told me that we were given that receipt by error and should never have received it and we still owe money.
we then placed another call to the corporate office where we were spoke to the supervisor who was also very rude and told us that we had to send her ALL of our bank statements. She said that there had been a returned payment and we still owe money. I told her what my statements showed that they had tried to take out two payments at once and upon calling the store, the woman at the store reveresed the payment and credited it back to us. She still demanded the bank statements,which even my bank manager told me was not wise to send due to lots of personal info being on it.
i then called the store again and asked 4 times for the exact payment dates of all payments they had on record. I called my bank and asked if any payments had been returned. NONE! the only payment that was returned was the one that the cash store clerk authorized because she took out two payments at once. The lady in the store says that the one payment that was supposed to be returned was done on a date two weeks before i paid the loan off. the corporate office claims that it wasn't sent back to them as "not being withdrawn" until the middle of august, how convenient that that was after i paid the loan off. My bank confirms that no payment were returned in August.
i went to the cash store and asked for all paperwork they had on file, specifically the paper stating when the one payment was returned to me. they refused to give it to me.
i called corporate one last time. the woman would not even listen to me! she was extremely rude and accussed me of stealing said money from them. she said then said there was no payment returned in august (after she told me there was in a previous phone call). she says that my receipt is not valid. i thought that the receipt was to show that the loan was paid off, but apparently not! she says that there was an error in the computer system on their end and it took them this long to discover it and that i still owe money. also, the girl that worked there when we took out the loan and paid it off no longer works there. apparently she was fired...wonder what for? So, my guess is that she screwed up and now i am being punished for it. they refuse to help me. i was told that they have been dealing with this all day and are tired of dealing with me and they threatened to turn me into a third party collection agency if i don't pay them. they won't accept a statement from my bank in regards to the payments and still demand bank statements which as i said before my bank advised me against giving out. i am now reporting them to the consumer protection agency and thinking about getting a lawyer. not sure what else i can do because they basically admit they screwed up but don't care and are coming after me for it anyway. my advice to anyone thinking about borrow money from them is DON'T. First of all you are only putting yourself further in the hole and they will screw you over any way they can. I'm proof that even having a receipt for it doesn't mean anything to them!

madison, Wisconsin

This report was posted on Ripoff Report on 09/23/2008 11:04 PM and is a permanent record located here: http://www.ripoffreport.com/reports/the-cash-store-cottonwood-financial/sun-prairie-wisconsin-53590/the-cash-store-cottonwood-financial-wisconsin-cash-store-rips-off-customers-sun-prair-375561. 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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#1 Author of original report


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

I am still dealing with this. They have now sent me to their lawyer who didn't really seem to understand what was going on, especially when I have a receipt to prove that the loan was paid off. They took a double payment in July and it was not authorized. We contacted them and our bank and the payment was returned which the manager of the store was aware of and agreed upon. The loan was paid off on July 30th. They claim that a payment was returned for insufficient funds in August for a June payment. This is not true. The only payment that was returned was the unauthorized payment that they took in July and it was returned the very same day. I have spoken with my bank and verified everything. No June payments were returned at all and nothing was returned in August as they state. I have the dang receipt dated July 30th and stamped in bright red ink "PAID". It also says paid in full across the top! How then, can they legally come after me claiming that I still owe them money and my receipt is not valid? Something is very fishy with the whole thing, especially considering that they would not give me copies of anything when i went to the store requesting them. They claimed that I had to contact corporate. Upon contacting corporate, they refused to give me copies of anything too. I don't know what kind of rip off business they are running, but I definately advise anyone thinking about borrowing money from them, DON"T. I have been dealing with this since September and I refuse to pay back money that I do not owe!
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#2 UPDATE EX-employee responds

It sounds confusing, but I know exactly what happened....

AUTHOR: Ripoff76 - (U.S.A.)

I know it is frustrating, but there really is a reason for all your confusion. I worked in an Illinois Cash Store, and we hated payments that came out of the bank. It is an automated process done at corporate, and the store employees just assume they clear until they hear otherwise. Problem is, there is much room for error. Sometimes corporate, sometimes the bank.

Once in awhile a big glitch in the system would delay payments hitting the banks, other times a random error prevented the payment from being sent. Every payment on your contract that you did not pay in person should be on your bank statements. Add them up. If you were charged twice, make sure that wasn't just a delayed payment from your previous due date. The store needs bank statements to verify your claim- all the personal info on those statements they already received from you when you became a customer, so there is no threat.

If the number of payments on your bank statements equal the number of payments on your contract, did the employee refund money you actually owed? If it all adds up, you are out of luck, and will be accused of not balancing your checkbook correctly. Which would be fair. If they don't match up, bring in your statements! That is the only way they can verify your information. It is also possible that a payment failed to go through your account. It may be their mistake, but you still owe the money. That also may be the reason for the double charge on your account.

This is confusing to corporate, and you may have dealt with multiple departments. The store can take payments, but at this point you must go through the collections dept. Examine your bank statements and contract. The store is obligated to give you a copy of anything you have already received- such as a contract or receipts for in-store payments. With bank payments, errors are bound to happen. Any payments going through your account should be closely monitered!

If you do find that a payment WAS returned and then you continued to have payments come out of your account afterwards, you can complain that you continued to accrue interest after a return. They will probably drop the whole thing. Also good to know in case they claim this is what happened. Hope some of this helped.

Good Luck!
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