Monterey Financial Services

As [redacted] mentions in her complaint she signed up for a contract with a day same as cash optionI have attached a copy of the contract for referenceThe days same as cash option can be located on the 1st page of the attachment under the section labelled “DAYS SAME AS CASH OPTION.” The option clearly indicates that the same as cash option expires on October 20, [redacted] ***’s acknowledgement and agreement to this term is indicated by her initials at the bottom right of this same page, and her full signature on the next page On October 21, at 1:13pm PST [redacted] logged in to the Monterey Financial website and schedule a payment for $for what she believed to be the remaining amount owed on her same as cash optionUp until this point Monterey Financial had no communication with [redacted] ***At 2:18pm PST on October 21, Monterey Financial contacted [redacted] to advise her that her same as cash option had expired and that the payment she made on the website was not enough to satisfy the payoff amount On October 21, the total amount needed to pay the account in full was $as [redacted] would be responsible for the interest on the account from the open date of the contract As seen by the attached transaction history the payment [redacted] made prepaid her account until February 01, Since we communicated with [redacted] and explained that the account was not paid in full, there was no need for Monterey Financial to draft any payments until her next scheduled payment date of February 01, I apologize [redacted] felt the representative she spoke with was rude because he would not close her account out or honor her same as cash I have personally reviewed that call recording and will address training issues with the representative in questionAlthough contractually due for the full pay off balance of $as of today, in an interest to resolve this matter Monterey Financial would be willing to settle the account for the payoff amount due as of October 21, This was the same date [redacted] made the payment on our website meaning that nothing in addition has assessed on her accountAs mentioned above the payoff amount owed as of October 21, was $ [redacted] made a principle payment of $on October 21, and a payment of $on February 01, leaving a remaining amount due of $to settle the account based on the payoff due October 21, The $would need to be paid to my office to settle the account no later than Tuesday, February 18, As of today Monterey Financial has only reported positively to the credit bureaus regarding this account We will continue to report all applicable information to the credit bureaus accordinglyShould [redacted] elect not to accept my settlement offer of honoring her pay-off amount due as of October 21, 2013, she has the option to continue to make her contractual payments of $until the account is paid in fullThe next payment on the account is due on March 01, [redacted] indicated the possibility of placing a stop payment on the February 01, paymentIf done, [redacted] would be responsible to replace that payment in addition to contractual return payment feesThe account would also reflect past due for the February 01, payment and could be subject to late fees and negative credit reporting Should you or [redacted] wish to discuss this matter in greater detail please feel free to contact me directly at [redacted] Sincerely, [redacted] Finance Manager

Monterey Financial Services has and always will be no better than a last resort loan shark for consumers with cash flow issues They survive due to their agreements to provide financing for companies that have decent reputations but no in house financing for their goods/services No consumer in their right mind would go directly to Monterey Financial for a loan because as a finance company they could not compete with the products/services that other companies provide I have paid off their outrageous loan along with the up front interest charge and the absolutely ridiculous list of service charges for making payments, miscellaneous fees (not making it up they actually just add fees and list them as miscellaneous) and severed relations with this company I have also stopped doing business with [redacted] for being associated with this company and made sure that they understood why I was taking my business elsewhere DO NOT DO BUSINESS WITH MONTEREY FINANCIAL SERVICES unless you feel like flushing a large amount of money down the toilet

[redacted] and [redacted] purchased a membership with Resorts Anytime on 5/30/per the attached membership worksheet, retail installment contract and promissory note Monterey Financial purchased the contract from Resorts Anytime on 6/14/ We sent the appropriate dunning notice to Mrand Mrs [redacted] on 6/18/informing them of their account The first payment came due on 7/20/which they defaulted on We made several attempts to contact them from 7/26/through 11/25/ We finally reached Mrs [redacted] on 11/25/to discuss her past due account We explained the consequences of not paying the defaulted balance and she claimed that she had spoken with Resorts Anytime and cancelled the account We informed her we had no notification as such and submitted a request to Resorts Anytime to confirm if the account was cancelled We confirmed with [redacted] at Resorts Anytime on 12/4/that they had no record of the account being cancelled Furthermore he stated that if Mrand Mrs [redacted] had in fact cancelled, they should have a certified receipt showing the cancellation letter was sent within three business days of the purchase We spoke with Mrs [redacted] on 12/5/and informed her the account was not cancelled and offered her assistance if she could not afford to pay the full past due amount She stated she was not going to pay anything and refused to set up any arrangements On 12/16/the defaulted balance was transferred to Monterey Collections We spoke with Mrs [redacted] on 2/17/and she claimed again that the account was cancelled We asked her to provide us with proof, however she never sent in any proof of cancellation On 2/28/we spoke with her and she claimed that she was told she could cancel at any time We explained that the client confirmed the cancellation policy and that the account was not cancelled We told her if she would pay in full, we would remove it from her credit as a courtesy and we emailed her a copy of the contract We have not had any further contact with Mrand Mrs [redacted] The account will continue to report as a disputed collection account to the credit bureaus I strongly urge Mrand Mrs [redacted] to contact our office to resolve the defaulted contract to avoid any further action Sincerely, [redacted] Collection Manager

I just wanted to share how the horrific situation I was in was made into a real life BlessingMonterey Financial was a godsend to my family in a desperate time of needOur terminally ill child needed a companion dog so we financed thru a storeThe store filled out all the paperwork even signed my nameWe just wanted to make our child happy for what was the last months of her lifewe were clueless that our monthly payments that were being paid directly to the store in cash were not going towards the actual price of the dogit wasnt until after our child's passing that we realized the scam the store was pulling on usOnce we found out Monterey was servicing our account, we called and called but never got thru, one day I had enough and left a message simply saying CALL MEOur town was flooded and lost our home, we had so much debt from our childs medical billsI was shocked when I got a phone call that same day from a roabotic sounding lady telling me what I already knew about our account being passed dueI yelled and cursed at her while I vented about everything going on in our livesAs the anger turned to sadness and I began sobbing, she said Ma'am, Im so sorry for your loss, I'd like to help you if youd let meThis complete stranger stayed on the phone with me and hashed out a plan of actionShe should have been rude, or mad or my first impression, a total robot, but she wasntWhen I asked her name again she replied, and I laughedShe was named after my child's favorite food Macaroni and CheeseShe kept me in the loop as far as the investigation and proof I sent from the store payments, and I was able to keep my promise of taking care of our dogMac, you dont know just how much you have helped meYou are truely a blessingThank you

Dr [redacted] , Thank you for providing me with the correct phone number to be able to locate the call recordings of your conversations I was able to determine the account which your phone number was associated with and confirmed the number was deleted on 11/6/and you will not receive any further calls from us I appreciate you bringing this matter to my attention as we value customer service as is indicated by our A+ rating with the Revdex.com I formally apologize if you feel you were rudely treated by one of our reps and will be addressing these calls with additional training Again please be assured your phone number was removed from our database and you should not hear from us againSincerely, [redacted] Collections Manager

I whole heartedly regret ever entering into a contract with this foul abhorrent company I have received loans from many lenders over the years and this is the first company who I have dealt with that will call you times a day, even after you have spoken with a representative multiple times, and while their system shows that your payment is processing in their system for days If you ever have to speak with a representative on the phone, they will most assuredly be rude, threatening, and condescending I will admit that I made a mistake and my payment was late, but does that warrant the tone and language I received from their representative I sincerely hope that at some point in the future the Executives of this company decide to change the way their company operates

In Response to the complaint received:
*** *** financed a lease through Monterey Financial Services for the purchase of a dog on 7-2-as she indicatesThis account was also paid in full on 2-15-as she outlinesThe account was reported to the credit reporting agencies
accordingly as of 2-29-Monterey Financial is investigating as to why *** *** account still reflected an outstanding balance, but has submitted an update (on 5-24-16) to all the credit reporting agencies to reflect the account as paid in full with a $balance (copy of transmittal attached)If *** *** has any additional questions or concerns, she may reach me directly at ***
Sincereley,
*** ***
Finance Manager
Monterey Financial Services

In response to the complaint received:
*** *** financed the purchase of a mattress & box spring bed, and sofa-bed from *** *** on 9-27-(contract attached)The financing she received contained a "Day Payoff Option" where *** *** was able to pay the amount
financed ($504.43) if paid by 12-26-This was also pointed out in the initial paperwork sent to *** *** on 9-30-after the contract had been purchased and assigned to Monterey Financial ServicesThis was not done
Monterey phone records indicate that no messages were received from *** ***, and that the only phone call received was on 1-6-16, well after the Day Payoff deadline had expiredIn this conversation, the Monterey representative that spoke to her, pointed out that the Day Payoff expiration date had long since expired, and was no longer available per the terms outlined in the contract
At this point, *** *** is now delinquent for both her February and now March paymentsShe is still eligible for an Early payoff per the terms outlinedShe also contacted our office on the 3rd of this month indicating that she had lost her job months agoIt should be noted that Monterey Financial has financial assistance programs available to *** *** if she is experiencing a financial hardship at this point, but the Day Payoff Option is no longer availableAs already pointed out, she is still eligible for a discounted payoff per the Prepayment clause in the contract & I urge *** *** to contact our office toll free at *** to make the necessary arrangements to satisfy her delinquent payments
Sincerely
*** ***
Finance Manager
Monterey Financial Services

In response to the complaint received:
*** *** entered into a contract with *** *** for the
purchase at *** *** *** on 6-28-(copy of contract attached)The
contract does contain a Days Same as Cash Option, where the expiration of
this option is very clearly outlined as expiring on 9-26-*** *** has
made her contractual monthly payment of $as outlined in the agreement,
but did not fulfil the terms of the Same as Cash Option*** *** did not
attempt to reach Monterey regarding a payoff until after the Day expiration
date of 9-26-14, outlined in the contract
*** *** would benefit from reviewing the “Prepayment” clause
in the attached contract that she agreed to, which outlines the $service
charge with prepayment, as well as the rebate computation (Rule of 78)
It also
very clearly outlines the interest rate on the loanAt this point, since *** ***
did not fulfill the terms of the Days Same as Cash Option, and she is
obligated to pay the remaining balance per the terms of the contractWith her
recent payment on 10-1-of $116.92, *** *** is able to still take
advantage of an early payoff of $if paid by 10-27-This will save her
$in interest
I urge *** *** to contact our office toll-free at *** to make the necessary arrangements to satisfy her obligation to
the loan
Sincerely
*** ***
Manager
Monterey Loan Servicing

I called in after waiting to for my payment to post days after I submitted itJust to find out that they claim my bank declined and charged me $and cancelled my settlement the Customer Rep was rude and I asked how can I be penalized twice and on top of that the money still in my account so how did it get declinedAsked me to get a rolling bank statement which I'm not doing cause if they ran card it would have went throughStill pending action from my lawyer

I apologize for not outlining the specific details
surrounding my payoff quote statement in my initial response*** ***
contacted our office in July and requested the per diem interest amount and
payoff amount on the loan owed to Monterey FinancialHowever, as an additional
payment was made on August 01, no further call was made to our office to
obtain a new payoff quote with the August 01, payment factored into it
Even if *** *** took the payoff amount quoted by the representative in July
and subtracted the payment amount on August 01, she still sent in an
amount over the amount and per diem rate we gave her in JulyAgain, If *** ** *** *** would have contacted our office after the August 01, payment to
obtain an up to date payoff quote then an accurate amount could have been
provided to them
*** *** states that when he called our office on September
03, he called for the sole purpose of asking for a refundEven if *** ***
*** *** took the amount quote given in July minus the August 01,
payment they chose to mail in more than that amountI have attached the call
recording of that conversation with *** ***, not *** *** as alluded to in
the complaint, for reviewAs supported by the call recording, and outlined in
my previous response, at no time did *** *** ask for the refund to be sent
sooner as stated in the complaintAgain, had she done so the representative
would have presented the account to me to have a refund issued immediately
I apologize *** *** feels that the refund policy is
unreasonable and, as a company, we continually evaluate all policies and
procedures based on the feedback we obtain from our customersAs with any
complaint received all representatives involved with the complaint completes
thorough training on all topics raised during the complaint processRefund
check number *** for $was issued on September 22, and was mailed
to *** *** in line with *** ***’s desired settlement from his initial
complaint
Should *** ** *** *** wish to discuss this matter in
greater detail they can contact me directly, ***

We have previously provided copies of the signed contract and note which were given to us by Resorts Anytime Our position has not changed on the validity of the debt The account will continue to report as a open disputed collection account and the full balance of $as of 6/24/is due As previously indicated, the account continues to accrue interest at an annual rate of 17.9% Mrand Mrs*** have chosen to ignore my previous settlement offers to waive 50% of the outstanding balance The payoff as of 6/30/will be $ I will offer them another opportunity to settle the dispute by paying a significantly reduced amount of $and will remove all credit reporting of the account as a courtesy if the $is paid by 6/30/ I strongly urge Mrand Mrs*** to contact our office at 877-775-to set up the arrangements to avoid further action which could negatively impact them
Sincerely,
*** D***
Collections Manager

In response to the complaint received:
*** *** entered into a lease contract for the purchase of a bed on 10-11-The terms of the lease are clearly outlined within the lease agreement (attached)The lease Agreement does contain an Early Purchase Option And Early Termination option
in the contract (item #8)This option allows *** *** the ability to buyout of the contract at an amount less than the Total of PaymentsAt this point, *** *** is past due for his July and August payments, which are due on the 15th of each monthIn conversations with Monterey representatives since the point *** *** payments fell behind, he has indicated that he has been having financial difficulties, and has fallen behind on several of his billsI urge *** *** to contact a Monterey representative today to discuss the options available per the lease agreement, and to discuss any financial assistance programs that we have available to himHe can reach a Monterey representative toll free at *** to discuss the details
Sincerely
*** ***
Finance Manager
Monterey Financial Services Inc

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.On Mon, May 11, at 10:PM, *** *** *** wrote:
I just read through the forms and I did not sign or initial any of themThat is NOT my signatureI can not say who signed itMaybe the clerk at *** *** or maybe someone at Monetery Finance / *** but it was definitely NOT meNow we're talking FRAUD!
--------------------------------------------------------------------------------...⇄ /> see attached signature sample

On 10/28/*** *** signed a retail installment contract for financing furniture through *** ***The contract was placed with Monterey Financial to act as a 3rd party servicer for the term of the contract*** *** contacted our office on 10/29/and authorized Monterey Financial to debit her checking account on 12/01, 01/and 01/for the amount of $for each payment to satisfy day Early Payoff Option, offered the section labeled DAY PAYOFF OPTION on the attached contractAs stated within the DAY EARLY PAYOFF OPTION section of the contract and as disclosed over the phone the early payoff option is valid as long as all payments are made on time with no payments returning unpaid for any reason *** *** called Monterey Financial on 11/25/and 01/12/to confirm the arrangements she had previously set up with our office *** *** contacted Monterey Financial on 01/advising that she has not made a deposit for the final payment to be taken outOur representative advised *** *** that the payment was already submitted to the bank on 01/26/and she would need to discuss with her bank to see if they were going honor it
*** *** contacted our office after speaking with her bank and advised us that bank would not be honoring the payment and that it would be returned due to insufficient funds. Based on the terms of her agreement and as discussed with *** *** multiple times the returned payment voided the day early payment option*** *** does still have the early payment option listed in the PREPAYMENT section of the contract that would see her save over $worth of finance charges if she paid her account in full todayAfter reviewing the call recordings of conversation between *** *** and our office I was able to confirm that *** *** was never denied to speak with a Supervisor as claimed in her complaint
*** *** was not advised that she would be required to pay out the full term of her contract with all interest on the contract or that she would be charged another $to pay in full her contract as she claimsOur representative advised *** *** to contact Monterey Financial once her bank has returned the payment to get an accurate payoff as it still showed paid in our system.
*** ***’s payment for 02/01/was returned from her bank due to a stop payment being placed on the accountI encourage *** *** to contact our office to discuss the discounted payoff mentioned aboveThe next payment on the account is due on 03/01/and per the terms of the agreement is scheduled to draft automatically from *** ***’s account
Should *** *** have any further questions she may contact me directly, ***
Sincerely,
*** ***
Loan Servicing Manager

*** *** along with her Husband, voluntarily entered into a
contract for ***
*** club on November 12, The first payment on
the contract was due on December 15, The contract was subsequently
purchased by Monterey FinancialI have attached the contract and transaction history
for review
As stated in her complaint *** *** changed the date of her payments
with Monterey Financial prior to her first payment coming dueHowever, even
after changing the due date the December payment was returned as insufficient
fundsPer the 2nd page of the attached contract any returned payment
is subject to a $NSF feeWe attempted to call them several times over
the course of December and January to resolve the missing paymentUpon making
contact with *** *** on January 21, she claimed that she had
the funds available and was unsure why the payment declined
\
We offered to
waive the $NSF fee if she was able to supply a letter from her bank on
bank letterhead indicating that the funds were available as of the morning of
December 20, To date we have not received this letterWe spoke to *** *** again on January 25, and scheduled a payment for her
delinquent December and January paymentsThe first of these scheduled payments
on January 30, was also returned by her bank as insufficient fundsWe
called to advise *** *** of this on January 30, She scheduled
a payment for January 31, and requested to speak to a SupervisorThe
Supervisor was unavailable, but returned her call the same day and left her a
messageThe January 31, payment was returned by her bank as insufficient
fundsAs outlined above and per the terms of the agreement each payment that
is returned is subject to a $NSF fee
We spoke to MrDurham and *** *** a few times on February
04th and 5th where they scheduled a payments to be
withdrawn on their accountDuring the course of these conversation Monterey
Financial agreed to waive a processing fee as a courtesy to them in order to
help in getting their account back in good standingThe department Supervisor
also attempted to call *** *** on February 05, 2014As you can see on
the attached transaction history the *** *** was never charged a processing
fee that was not subsequently waivedThe only fees due and paid on the account
were contractual due NSF feesAt no time did Monterey Financial process
payments for an unauthorized amountOn each call the amount and payment method
was disclosed fully to *** ***
The consequence for non-payment given to *** *** over the course
of several conversation, including potential collection placement, were
accurate based on the delinquent status of her account at the time of the
conversationsI apologize she felt that our representatives were rude for
giving her the consequence of further non-paymentThe account is currently up
to date with her next payment scheduled to be withdrawn automatically on March
20, As long as no further payment return *** *** would not
receive phone calls from Monterey Financial or be subject to NSF fees
Sincerely,
*** ***
Finance Manager

On 12/27/*** *** entered into an agreement with *** *** for the financing of her daughter’s insulin pumpHer account
was placed with Monterey Financial Services on 01/09/to act as a 3rd party servicer for the remainder of the balance
On March 29, at 1:09pm PST *** *** logged into the Monterey Financial website using her unique user ID and password and signed up for the debt protection programI have attached a copy of the debt protection program contract for referenceAs outlined in the attached contract the monthly payment amount was increase by $to cover the amount of the fee for the debt protection program.
Over the last year *** *** visited Monterey Financials website and spoken with representatives on several different occasionsAt no time did she voice any concerns that she had about the debt protection program or the extra $being charged A review of our phone records and call recordings show no messages left for our office by *** *** over the last several monthsHad a message been left an immediate return call would have been placed to herMonterey Financial has no record of any letter that was included with her last payment
Despite the fact that she voluntarily signed up for this program and has had coverage outlined in the attached since March 29th, Monterey Financial will credit the $that she has paid towards the program to the remaining balance owed
I apologize *** *** felt the representative she spoke to was rude or unprofessionalI will review the call recording *** *** had with our office and address any and all training issues from the call
Should *** *** have any further questions she may contact me directly at ***
Sincerely,
*** ***
Loan Servicing Manager

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID *** and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear belowAs the Collections Manager states in his response, I am not responsible for the balance pending on the account, yet, they continue to attempt collection from me; he admits this in his response as well, the situation regarding *** ***, the responsible party, has been explained to them multiple times, again the Collections Manager admits knowledge of this. This is only one issue, the other, more important issue, is the fact that due to their "hold" on the account with ***, they are attempting to prevent ***, a minor (who is obviously not responsible for the account) access to medical supplies and upgraded medical equipment for a life threatening disease
Regards,
*** ***

In response to the complaint received:

On 6-5-14, *** *** ordered an insulin pump # & associated supplies from *** MiniMed (Agreement & Payment plan attached)This loan was placed with Monterey Financial Services to service the payments outlined in the agreementAfter *** *** informed a Monterey representative on 7-that she had returned the pump, Monterey immediately reached out to *** Minimed to verify the return
Monterey was notified by *** Minimed on 8-that a return had been processed, and that *** *** should receive a decrease in her overall balance in the amount of $1,*** *** did not return box of MMT-7008A, which left her remaining balance
As a courtesy to *** ***, Monterey will adjust her account to reflect her next payment due on 10-1-in the amount of $52.80, and have the amount of $that is currently reflecting as past due placed to the back of the loanThis will leave her account current, and in good standingShe will receive statements accordinglyThe Payment Agreement outlines the monthly service fee, which is assessed each month there is a balance with MontereyThese fees will not be removed
I apologize for any miscommunication that *** *** may have experienced while executing the partial return of her productsI urge *** *** to contact Monterey Financial toll free at *** to set up automatic payments to ensure timely payments, or to pay off the remaining balance to avoid any future monthly Service Fees
Regards,
*** ***
Manager
Monterey Loan Servicing

Monterey Collections is a third party Collection Agency that was hired by the bankruptcy trustee for *** *** *** to collect on some of their unpaid balances for services rendered. We do not have access to *** *** insurance claim or insurance payments as that information belongs to *** *** ***
Monterey only has access to ***’s data base concerning the services rendered and the invoice # *** for services rendered on March 4, shows unpaid. As previously stated, should *** *** provide us with the explanation of benefits (EOB) for the service date referenced on the invoice, and if there is no mention of a check being sent to her, then we will cancel the account with no impact on her credit whatsoever
We are aware of ***’s policy to assume all risk for any denied tests and are not pursuing her for any balance other than the insurance check amount that she may have received. If the explanation of benefits confirms that *** *** received a check, she will be responsible for the amount of the check received that should have been previously forwarded to *** We have explained to *** *** our request for the explanation of benefits and per our last conversation with her on May 18, she was going to attempt to obtain the EOB. That being said, in an effort to resolve the matter amicably I have flagged *** ***’s account as cancelled and we will not be pursuing the matter any further
Sincerely,
*** ** ***
Collections Manager