I am a full-time law student and I also work full-time. I was searching for a company that would finance a laptop for me but could not find one to approve me because I have non-established credit. I came accross CircuitMicro.com and chose to fill out their online application because the choice of products they offered on their site were very contemporary. Being a law student, I made sure to thoroughly examine their terms of service/agreement before agreeing to it. This is the wording of the 10th & 11th paragraphs:
"You also further Authorize CircuitMicro.com and their affiliates to electronically debit your account supplied above, for the loan origination and underwriting fees of $39.96, which is required buy the institution that has approved your request. Once your financing is finalized, we'll refund you the fees in store credits toward your purchase, if your purchase is over $1000.00 we will double it, and triple it If your purchase accedes $2000.00
In the unlikely event you change your mind, and choose not to participate, after you have submit your information, we will not be able to credit you the fees, the fees are otherwise non-refundable to cover the approval process. I.E. (Credit reports, underwriting document, preparation and etc.)"
The $39.96 fee was promptly debited from my checking account on Monday, November 8. Since the initial email informing me that the process would take 1 to 10 business days, I have not received any correspondance from them. On November 12 I sent them this email:
Subject: Notebook Financing
Date: 11/12 1:15: 44 AM Eastern Standard Time
From: N*R*B*@aol.com
Reply To:
To: [email protected]
Hi,
I applied for 0 down financing on a notebook computer last Friday, November 5. $39.96 was withdrawn from my checking account on Monday, November 8. I would like to know what is taking so long for my final loan documents to arrive. Naturally, I am uneasy about the process because it is done completely over the web, and your company has my complete banking information and since withdrawing my money, I have not heard a word from you. Please contact me via email N*R*B*@aol.com or by phone 203-5*-*80 as soon as possible.
My approval number is A47*M*70
Name: N* R* B*.
I waited 3 days for a reply but did not receive one. I searched for a contact number on their website and was directed to fill out an online contact form. I filled out the form on November 15 and also sent this identical direct email from my email address:
Subject: URGENT... REPLY ASAP
Date: 11/15 1:19: 36 PM Eastern Standard Time
From: N*R*B*
Reply To:
To: [email protected]
I sent the following email on November 12 and have not yet received a reply from your company. If I am not provided with the services specified in my application in connection with the fees that you have debited from my checking account I will report you to the proper bureau for investigation. Your business practices are very suspect.
Hi I applied for 0 down financing on a notebook computer last Friday, November 5. $39.96 was withdrawn from my checking account on Monday, November 8. I would like to know what is taking so long for my final loan documents to arrive. Naturally, I am uneasy about the process because it is done completely over the web, and your company has my complete banking information and since withdrawing my money, I have not heard a word from you. Please contact me via email N*R*B*@aol.com or by phone 203-5*-*80 as soon as possible.
My approval number is A47*M*70
Name: N* R* B*.
I started to get very uncomfortable because they have my complete banking information therefore I started looking for fraud reports filed against them online. I came accross this site and was mortified at the number of reports filed and at the unprofessional rebuttals filed by their so-called "employees". My worst fears have been confirmed. Tomorrow marks 10 business days since I have originated my application with them. Their contract clearly states that they have a 1-10 business day window to send my final loan documents. My professor, a prominent attorney says that a refund of the "non-refundable" originating fees are due to me because they did not honor their own terms. I feel very bad for everyone this company has scammed in the past. I have post-dated this email to go out to them November 19 as I already know that my previous attempts at correspondance will go unanswered:
Subject: CANCEL PROMPTLY
Date: 11/19 12:00: 00 AM Eastern Standard Time
From: N*R*B*@aol.com
Reply To:
To: [email protected]
I sent the following emails to your company on November 15 and November 12 respectively and have not been contacted and I have not been able to find a working number for your company. As a consumer, I am quite disturbed by your practices. I have further investigated your company and found many reports of fraud filed against you.
I am requesting that the "non-refundable" loan origination fees to be refunded promptly as you have not honored your obligation to forward the final documents to me between 1 and 10 business days. I am also requesting to have my banking information deleted from your records as soon as my refund is issued. I will not proceed with the loan process with your company. Please note, i am not continuing on with the loan process. Cancel and purge all my information from your system regarding this loan. If my checking account is accessed by you and/or your affiliates from this point on, I will take the proper legal steps to make sure that your predatory practices against bad/no credit applicants cease.
My approval number is A47*M*70
Name: N* R* B*.
I sent the following email on November 12 and have not yet received a reply from your company. If I am not provided with the services specified in my application in connection with the fees that you have debited from my checking account I will report you to the proper bureau for investigation. Your business practices are very suspect.
Hi I applied for 0 down financing on a notebook computer last Friday, November 5. $39.96 was withdrawn from my checking account on Monday, November 8. I would like to know what is taking so long for my final loan documents to arrive. Naturally, I am uneasy about the process because it is done completely over the web, and your company has my complete banking information and since withdrawing my money, I have not heard a word from you. Please contact me via email N*R*B*@aol.com or by phone 203-5*-*80 as soon as possible.
My approval number is A47*M*70
Name: N* R* B*.
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