Cash Now - Cash Now Plus - Cash Now USA - Miro Zecevic - Andrea Zecevic
3100 Steels Ave East, Suite 201 Toronto, Ontario L3R, 8T9 Canada
Fort Lauderdale Florida
U.S.A.
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Cash Now - Cash Now Plus - Cash Now USA -
Miro Zecevic - Andrea Zecivic ripoff We Paid over $40,000 for a lot of
promises. We found our later that a lot of others have lost as well.
Toronto Canada, Fort Lauderdale Florida
1Author
7Consumer
0Employee/Owner
We are Victims of CASH NOW.com. We have given over $40 Thousand
Dollars to CASH NOW.com for a Licensee and User Agreement and Bank
Charter. Our experience is only one of many I have heard about. Below
you will read actual e-mails from Cash Now.com. This is factual.
If
you are researching Cash Now.com, Miro Zecevic or Andrea Zecevic the
information here is true. I may never see any of our investment again
but if I can save you from making the same mistake, then I have done all
I can.
_________________________________________________________
Our Story:
I am the managing member of a 4 member LLC. I started
looking into the Check Cashing and Payday Loan business in June 2004.
This was going to be another venture for the 4 of us to invest in. We
were looking for a place to invest some money that would get us a better
return than the stock market.
While doing some reading on the
net I can across Cash Now.com. I sent in my request for more
information and started communicating with David McLean. Over the next
few months he answered all my questions but one. That question was,
“can you get me some names of other Cash Now clients?”
This is the e-mail I sent and David's response is entered within the e-mail.
To: davidm@cashnow.com
Sent: Friday, June 25, 2004 5:19 PM
Subject: Investors
David,
Just a thought. Maybe you have
some current Cash Now owners that would like to get into the Phoenix
HOT market but don't live here. I have one guy who I think might be
interested but I cannot speak for him. I will give him a call. Would
you feel comfortable in asking if some might form an LP with me as I
break this market open? 1. If if the owners are making a significant
amount of money and believe in the service, then they would be willing
to open more locations. 2. I can learn from their experience as well.
Usually will offer references once an individual is approved at that
point you would be able to pick their brains.
I am thinking and
looking at every possible scenario. Understandable. I will give you a
call on Thursday to let you know if the guy I have in mind is interested
and also see what the outcome was with your partners.
Have a great one,
David G. McLean
Senior Business Development Consultant
Sent: August 25, 2004 6:34 PM
To: 'David McLean'
David,
I think my partners would feel a
lot better if they could see and speak to a live owner/operator, and
see the potential returns based on their success. We are young
investors and know the real estate market. We know we need to
diversify. CashNow looks like a model we could take and multiply over
and over again. It is just getting the first one up and running that
keeps us asking questions. You are asking questions and that is great,
that usually means that a person is interested, however, I want to not
only know that you interested but that you can realistically pursue
this. My recomendation is that if your are sincerely interested you are
more than welcome to meet us at our office. We will spend half a day
together and cover all the bases. Simply pay a fully refundable deposit
and by all means lets meet.
I would be willing to send you the
$7,500 refundable deposit if you would show me the next
card.>>>> We will show you everything if you would like to
meet with us. We will even provide you with a indepth demo of our
software and technology. I would like to talk to other owner/operators.
Absolutly once we receive a fully refundable deposit. I would like to
talk to you about demographics in Mesa/Tempe, in order to find out what
my rent rates will be and build out costs. Not a problem.
At what
point in the negotiations do I loose my $7,500? You will never loose
it, the only thing we may do is deduct costs if there are any. E.G
traveling expenses ect. And why don't you own one of these yourself?
lol everyone asks me that, I am not as rich as you. Actually I came
pretty close last year, however, I decided to purchased a home. I will
be receiving stock options shortly and hope to use some of that for my
first location. You may meet us and realize that this is not for you and
thats fine but we want to make sure that the intent is there. Let me
know if this works for you?
David G. McLean
Senior Business Development Consultant
08/13/2004
Hi _____,
I spoke with (other Franchisee) and
He is busy opening two new locations and said that now is not a good
time for him. As for the other individual in Scottsdale I left him a
message and he never returned it. Have you tried to see what your bank
can do for you? I remember you telling me that you own real estate,
maybe you can arrange something with them?
David G. McLean
Senior Business Development Consultant
David did mention one
other name. That connection was never made. Notice, only after one has
sent in $7,500 and is approved, will you be able to get the names. I
have since learned that there are many Cash Now former clients that
would love to talk about their bad experience with CASH NOW.com. David
and Miro never produced a list of names even after we had given them
more than $40, 000.00. I have built a list since if anyone would like
to call some of them.
_________________________________________________________
This next question was about the Bank Charters that they sell to Franchisee/Licensees.
David,
Question:
Bank Charter: Is the $15K and estimated cost or does that cover all
the filings, incorporation, and qualifications in order to obtain a
charter? I have done some research on bank charters and it seems like a
lot of paperwork. How many CashNow franchisees have bank charters?
Answer:
The
charter covers everything there is a bit of paper work involved
however, we will walk you through it. The charter is new and no one is
operating with it yet. However, we have around 10 licensees that have
signed up for it. There are great advantages to operating with a charter
even if you are in a state that allows you to lend your own money.
David G. McLean
Look at this fresh off the press article from the American Banker:
New Twist on Payday, and FDIC Steps In
American Banker Thursday, February 10, 2005
By Hannah Bergman
WASHINGTON - The pitch was appealing.
For a $15,000 licensing fee, Cash Now Corp. pledged to help interested
parties become a branch of a bank chartered by the Federal Deposit
Insurance Corp. that could make payday loans.
"Operating under a FDIC Bank Charter will give your business instant
credibility as you will include the bank's logo in your advertising and
signage," Cash Now says in advertisements.
But the FDIC calls the ads deceptive. Though the company has some bank
partners, there is no such thing as an FDIC-chartered bank. The agency
has given Cash Now until Monday to pull the ads or correct them, and is
raising questions about other details of the partnerships. Whether the
FDIC will take action against the partnering banks is unclear.
The
quirky case shows that the line between legitimate and off-limits
partnerships of banks and payday lenders remains fuzzy. The Comptroller
of the Currency, the Federal Reserve Board, and the Office of Thrift
Supervision have banned such partnerships, but the FDIC permits them as
long as they adhere to guidelines it issued two years ago.
David
Barr, a spokesman for the FDIC, said the agency's general counsel sent a
letter to Cash Now on Feb. 3 that gave it 10 days to remove
misrepresentations from its Web site and prospectus and to correct press
releases.
The advertising is "factually incorrect" and has "a
capacity to confuse investors and consumers," Mr. Barr said. "We don't
charter banks, and they don't become a branch of the bank."
The company came to the FDIC's attention after it issued a press release
Jan. 13. At least 200 Internet and storefront lenders use a Cash Now
product, according to the company's Web site.
Cash Now, which is a
publicly listed company in Fort Lauderdale, bills itself as an
aggregator and seller of information, meaning licensees of the company
receive all the information they need to start a payday lending and
check cashing business.
That includes software and even check paper to print cashiers' checks on, according to Cash Now's Web site.
"Cash Now deals with a variety of well known reputable banks and will
choose the bank that is most advantageous for you," according to
documents on Cash Now's Web site. It does not disclose the names of the
banks, but an executive said in an interview two small banks receive
most of the company's business.
Customers using Cash Now outlets can open bank accounts, receive a debit
card, and get direct deposits of government benefits that can then be
borrowed against for a short-term loan.
"When you choose to lend
money on a face-to-face basis under a FDIC Bank Charter, you will be
lending the bank's money," Cash Now says. "You will assume no risk
regarding customers who default in repayment of their loans as the bank
is solely responsible for collecting their own money."
Cash Now says its product is not what the FDIC fears it is.
Miro
Zecevic, the company's chief executive, said Cash Now merely sets up
partnership between banks and its licensees. The licensees attract their
own customers, who can open accounts with the bank partner through
them, receive a debit card from the bank, and then in most cases can
overdraw that account by $200 - essentially taking out a payday loan.
Mr.
Zecevic said the fees are much less than overdraft protection on a bank
account or interest on many payday loans, though there are monthly fees
to keep the account open.
Cash Now does not claim that paying
them $15,000 will automatically lead to a bank charter, he said. Even if
the ads are corrected, Mr. Barr said the FDIC would object to
partnerships between a bank and the business that Cash Now describes.
For
example, Mr. Barr said, Cash Now's documents suggest that when
extending payday loans through bank partners, licensees can use
standards that the FDIC would consider unsafe and unsound.
"The
FDIC would not permit supervised institutions to participate in the
business model described in the materials, and many of the
misrepresentations are in violation of our July '03 guidance on payday
lending," Mr. Barr said. "If we do find that any of our institutions are
in this type of program and are in violation of our guidance, we would
ask the bank to work within the guidelines, or we'll take appropriate
action."
Consumer advocates also question Cash Now's products.
Jean Ann
Fox, the consumer protection director for the Consumer Federation of
America, said she was aware of Cash Now's January press release and that
she had expressed concerns to the FDIC about the ads.
"We took it as a sign that this is more explanation why the FDIC should
make sure that the banks they insure are not involved in the payday loan
industry," Ms. Fox said.
Cash Now has caught the attention of
other regulators. It was one of 91 payday loan companies that were
issued cease-and-desist orders Thursday from Massachusetts' bank
commissioner.
_________________________________________________________
Cash
Now and I continued discussions. It is now the middle of November 2004
and the training class was coming up fast. We wired our $7,500 deposit
and then received our letter of invitation along with our contract for
services. We sent back our signed contracts and the balance of our
Licensee fees, $37,000.
According to the contract and this next
letter from David McLean, the motel and airfare for training is covered
in the license fee. I submitted my receipt for reimbursement on
12/15/04, as of this date 02/15/05 I have not received any reimbursement
or correspondence.
11/08/04
Hi ____,
Good price, remember that your hotel and air fair are included in the license fee. (for one person)
The
training has been bumped ahead to Dec 9,10,11. The company wants to
make sure licensees are well prepared as time is running short. I am out
of the office today but will be returning tomorrow morning, I will call
you then to discuss.
Have a great one,
David
_________________________________________________________
From
this time until training David was a great help for looking at possible
locations. I sent over several pictures and addresses and he would pull
up demographic information about all of them.
Florida Training, December 9th to 11th:
As
you will read, the training in Florida was a waste. This is a letter
that I was requested to write to Gary McNulty per this e-mail:
Hi ____,
I just reviewed with Gary what you had told me today regarding the
training and software. Gary has asked me to ask you to create in a
professional but still candid manner a letter stating what you found to
be unsatisfactory during training. Also, if you could, a list of areas
that you feel need to be improved on and suggested remedies. For example
the software, training and what you expect to be provided in order to
consider Cash Now's training to be more than adequate. Basically what
you told me. Gary will then present your letter to the other management.
Thanks,
David
This is the letter we wrote, (my partner and I who attended training).
December 22, 2004
Mr. McNulty,
Attached
is a letter written by ___ ______ and myself outlining our training
experience, recommendations, examples, and a request to refund our
Licensee fees ($34,500) and Bank Charter fees ($10,000). Your prompt
response is appreciated.
Thank You!
Mr. Gary McNulty
International License Development Manager
CASH NOW
3100 Steeles Ave. East, Suite 201,
Toronto, Ontario. L3R 8T3 CANADA
Dear Mr. McNulty,
Following is ____________ analysis of the training we received in Florida in December 2004.
Per ___________:
Prior
to our arrival in Florida we were asked to read and review the manuals
provided. Pete and I both accomplished this. On the first day we
reviewed the introduction to these manuals in some detail and also did
some role- playing directly from a script, which could have been
reviewed in our own time, we felt it was a waste of important training
time. After training, Andrea stated to us that she didn't want to
“overwhelm us” on the first day. At the lunch break most of the class
did not return due to their interest in only the payday loan portion of
the training and there were only 3 trainees left, we returned at 1:00
and Andrea finished with her introduction (directly from the manual) to
check cashing at 2:30 and released us, training was scheduled until
5:00. The third trainee chose to leave; ____ and I remained as we had
several questions for the instructor. After about 40 minutes of this
Andrea seemed anxious to leave and said this info would be covered in
tomorrows training. We were hopeful!
2nd day:
We arrived
anticipating some answers to our questions and a full day of training
with the software. The first task was to fill out an application in the
training vault. There were 8 people in total and none made it through
their application on the first attempt. The first line is “User name”
(it needed to be Create a User Name)! We all entered our names and our
info and were rejected. This happened several times for some of us until
we were told that this was a code name. How would an applicant feel at
this point? Not only was our info rejected, all other information was
erased and needed to be re-entered.
Finally after we successfully
completed an application we went to the import /export portion. There
was a choice for either the “o” or “f” online /face-to-face for those
who chose the “F” we could not log on and were rejected. Then we would
receive an error message. When we attempted to return to the previous
page we were sent back to the beginning with all information lost. At
this point in the training we all (8) had a question. Where is the Back
button, how do we go back and forth? Andrea stated that there wasn't
one but one of her office staff was able to accomplish this with little
effort but she was not sure how this was accomplished. She is the
trainer, right? After about an hour by mistake ___ (franchisee) found
that by right clicking on the page a menu was brought up allowing us to
go back and forward. I asked, “Why is there not a back button on the
page “I was told to write this question down and give it to her after
class. My real question is has no one in all of the training sessions
ever asked for this function, we were all curious about this?
Also
during the training, after completing a portion of the application,
Andrea asked us “ ok where do we go next” Everyone just stared at her as
if this was the first time seeing this process, my next question to her
was why is there no “next” button? Once again I was asked to write it
down to present later.
We continued the training through lunch,
starting over several times trying to perfect the process, this
continued until 6:30, we were all (8) still confused on how to use this
state of the art program Also during the training several questions
arose and were asked several times in different ways and were never
answered.
Later that night we were able to talk to one of the
franchisees alone, he told us that he had been to a previous training
session and it was disastrous so he was here for further help, we were
becoming very concerned as this session was looking that way also, but
he had so much time and money invested he was going to stick with it,
not to mention he was opening his doors on the following Monday and had
very little choice.
That night Miro and Andrea invited us to
dinner, we hoped for some insight from the owner concerning structure
and percentages but only found more confusion. Maybe it was too much to
expect at dinner, as Miro also was able to deflect any direct technical
question.
After dinner (my partner) and I went to the hotel guest
computers and got online and searched for payday loan software, within
seconds we were looking at software pages that were structured in a user
friendly easy to understand format, why if Cash Now were leaders in the
industry did they not also have this user friendly format?
3rd day
We
arrived early and were greeted by two other licensees, they promptly
asked our opinion of the software, and we stated that it was not in our
opinion user friendly and was confusing, they wholeheartedly agreed.
When Andrea arrived, she had some other portion of the training prepared
but the entire class asked for further training on the software because
no one understood the process. Andrea, somewhat frustrated, decided to
write it down and proceeded to write it on the 2'X3' easel. Several
times during her listing she was questioned by one of the class members
for skipping a step we had talked about in prior sessions. Upon
completion there were 27 steps, 3 steps per sheet and tacked to 2 walls
of the meeting room. Completion of the application was but one step. The
average person has trouble remembering more than 7 phone numbers, how
were our employees expected to remember 27 steps with no user-friendly
promptings. This went on until lunch. At lunch all the trainees met
downstairs and we took an extended lunch discussing our concerns, by the
end of lunch we all agreed, no one was comfortable with the software.
Upon returning Miro was still not there so Andrea continued for another
hour. Finally Miro came, two of the licensees talked to him outside and
presented their concerns, (my partner) and I soon joined them and Miro
decided to address everyone in class. All of us voiced our concerns
about the software but he took it as a personnel attack on himself and
his company, placing blame on two of the franchisees for corrupting the
class. After an hour of discussion, Miro still would not recognize the
problem with the software. Miro then attempted to access the software on
his computer and was unable to, even though we were all able to access
it on ours! After many more attempts we were unable to relay our
concerns. We then presented Miro with a letter asking to release us from
our license agreement; he would only recognize our request not grant
it, ____ and I promptly left. Later that evening, ____ called ___
(franchisee) and asked what happened after we left, ___ said they took
Miro to the hotel computers and even he was unable to complete the
application, let alone the total process. On a good note the weather was
nice in Florida.
We were promised: (taken directly from CashNow website)
“We are very proud of the training provided to our licensees and
franchisees. It is absolutely the best in the industry. We take new
operators through all aspects of the payday loan and check cashing
business from A to Z!
YOU WILL LEARN EVERYTHING THERE IS ABOUT THE LOAN BUSINESS! “
Mr. McNulty,
I concur with all that ___ has stated above. I want
to make clear that we told Miro we loved the CASH NOW name and the
people we had worked with to this point. We appreciated Miro and
Andrea's efforts to teach us on software that was not cooperative.
Several times during the training I could tell that Andrea was
frustrated by the problems the class members came up against. It didn't
seem as though Andrea has ever sat across the desk from a real
customer. I recommend that you send someone whom has had hours of front
line experience with this software, both online and face-to-face, to
assist whomever is doing the actual training. Andrea may be the perfect
person for the technical aspect but we don't care about the
programming, we want to know it is going to work time and time again.
___
mentioned that we looked at several Payday Loan software venders on the
internet. These are just a few I found today that are Windows based
and had a user friendly appearance. We have not used any of them but
thought you might want to look at them as an example of what we are
looking for.
http://www.idealss.com/products/cc.htm#,
http://www.aocg.com/Windows_Cash_Advance_Software.htm,
http://www.echecktrac.com/screens/
These are other software that I
use on a daily basis, along with some tours and tutorials at the
following links. Quick Books Online has great online software that is
user friendly and easy to follow.
http://oe.quickbooks.com/see.shtml Click on See A Product Tour
https://www.paycycle.com/services/default.jsp?SetBizType=sb
Enter AZ as state and Click on the DEMO button
http://www.proseries.com/products/basic/index.aspx ProSeries Tax Software – Click “View Tour”
When
I read that Cash Now had state of the art software, I compared it to
the other tools I use daily. As an accountant I was interested in
reports and reconciliation and flow of information, I didn't see that
with this software or training.
Looking back I can see why we were not allowed to contact any current
franchisees. It would appear that they are not singing the praises of
Cash Now. I have been told that there are anywhere from 125 to 200+
licensees/franchisees using the Cash Now system. During our discussion
we repeatedly asked Miro for a list, that we would not keep, that we
could choose 6 or 8 names at random to call and ask about the software.
Miro refused to give us such a list, but offered to hand pick some
customers we could call. I would venture a guess that the franchisees
are not using the software either because it doesn't suit their needs or
it discloses the number of sales they generate and increases the
royalties they pay to Cash Now.
I have been told by different
people in the Cash Now team that there are no Licensee/Franchisees in
Arizona, but at dinner, Miro said that he thought there were two. Why
is it such a mystery?
We realize that Cash Now has spent time and
money in order to bring us to this point. We to have spent over 6
months researching just to find out we had been over promised and under
delivered. We have learned nothing about the Bank Charter. We have not
filed any applications nor do we see a need for the charter after the
training. We request that Cash Now refund the $10,000 we paid for the
Bank Charter.
We paid $34,500 for the Licensee agreement because
the software was such a secret that we would not be able to be trained
or have access to it without paying first. We trusted that we would be
satisfied and even paid for ____ flight to see the training. We request
you refund our $34,500 we paid for our Licensee Agreement.
Thank You
____ ______
Six days later after the Christmas Holiday I got this note from Gary McNulty:
12/28/04
Hello ___:
Thanks for your candid input. As the
refund of fees is not within my jurisdiction, I've passed on your
comments to Miro. You should be hearing from him shortly.
Gary
This was my response to Gary McNulty:
12/28/04
Mr. McNulty,
Thanks
for you prompt response. I was planning to call you this morning.
Unless there is any other information you need from me I will wait until
the first of next week to make any contact with you or Miro.
I
would like to know why you or Miro think Cash Now has earned our $44,500
and why there is any question about it being refunded?
Thanks
This is Gary's response:
____:
I'm now out of the picture. You must deal with Miro only. He's the only one who can authorize refunds.
Gary
On 12/28/04 I also followed up on my travel reimbursement that was faxed 12/15/04. This is the response:
Hi ____,
You should be contacting the Accounting Dept regarding your reimbursement for your training expenses.
Note:
I have been advised by the Accounting Dept that it takes 60 days from
training for a check to be processed and mailed to you.
Thank you
Paula Estrada
Administration
It is now Feb 15th, 2005 and I have never seen a payment or a call.
01/04/05
I have waited for a call from Miro. This is the e-mail I sent to Miro.
Miro,
As
per the e-mail I received from Gary, the refund of our Bank Charter
fees ($10,000) and Licensee fees ($34,500) is now up to you. My
partners and I have waited long enough for you to respond. We do not
want to spend the money for legal council but will if necessary.
Please respond as soon as possible.
Thanks
This is Miro's response:
01/04/05
Dear Mr _______;
Enclosed
please find a copy of my e mail to (another franchisee) which is self
explanatory. I'm sending you a copy of that e mail as your concerns are
similar to his. Simply put you refused to take in the training and
accept that this is how the payday loan operates. The license and bank
charter fee is non refundable. If you wish you can sell it and we will
waive any transfer fees.
Be advised that we intend to defend our
interests vigorously with any legal claim brought forth and that your
actions have caused us over $ 250,000 of tangible and equitable
damages;which we will be seeking relief for.
Regards
Miro Zecevic
X-Sender: m.zecevic:cashnow.com@127.0.0.1
X-Mailer: QUALCOMM Windows Eudora Version 6.0.0.22
Date: Tue, 28 Dec 2004 23:44:35 -0500
To: "Mark at Cash Now Naples" ,
"Andrea Zecevic" ,
"Miro Zecevic" ,
"Paula Estrada"
From: "Miro Zecevic (remote eMail)"
Subject: Re: reply 1 to CASH NOW COMPLIANCE WITH FLORIDA STATE LAW:
APR RATE:
X-iHateSpam: Checked on 12/30/2004 12:35:07 PM
X-iHateSpam: Detection -129
(Franchisee Name);
I must
first tell you that what you are doing constitutes abuse and I'm not
sure how long we are willing to tolerate this unnecessary and ridiculous
behavior. Had you just absorbed the training and understood why things
are calculated the way they are and why things are done in such a way
then none of this would be relevant at this time. Instead you as one of
the ring leaders choose to argue why the software does not have pretty
pictures with pretty buttons instead of being what it is a serious
business utility tool. We admit the software does not have pretty big
buttons with "PRESS HERE" text under each button with help text. ITS A
BUSINESS TOOL NOT AOL!!! That is in the Trust Vault but you never
allowed the training to proceed to hear that!
Having said that
and setting this aside the Florida contract is CORRECT!!! Read the
language in the contract!!!! While we, the various associations and the
entire industry are fighting tooth and nail saying that this is not an
APR loan but rather a 1 time fee you say (as an operator) this is not
so!!! OK go figure!!! . Our contract goes on and says your rate is 51%
as we want the MAXIMUM capitalization on default. Remember 60% is the
max and at 51% with compounding; you are very close to the 60% range !!!
Now there are 11,000 payday loan companies in USA who share our view
and multiple payday loan association's stance THAT THIS IS NOT AN APR
rate yet you based upon your multi year experience are going to admit
that you are a loan shark, and that you do charge over 60%!!! Look at
the fact sheet on this link. (You can also get there from the software
did you take notes in class?)
https://cashnow.securesites.com/prospectives/facts/
In
Florida you can NOT RE UP! Read what the Florida law states!!!! Now
use your head why does the contract say 51%? How will you collect or get
a judgment if it says 340%? What judge will grant you a judgment? Mark,
as so far as your comments that the contracts are wrong, our contracts
were done by a large and respected International law firm in Washington
DC. Our legal bill was close to $ 200,000
As so far as your
comments that the software is useless be advised that in the next 2
weeks we will be posting in the newsgroup that we exchanged our
technology with a certain other payday loan company that provides their
systems to large chains. We are providing them with Trust Vault (that
you see no value in) and they are giving us their desk top based
software used by other leaders in the industry. Cash Now software is the
only software that will export from the Trust Vault without you having
to re type an Internet application, it will soon allow tracking of
affiliate programs that you can set up yet you choose the path of least
resistance of slaving away in a single retail establishment. We are
trying to tell you that there's another world out there of consumers on
the Internet but you simply do not want to listen!!! If you get a chance
review CBS 60 Minutes that aired this past weekend! This is the same
thing we have been saying! To reach generation X and Y you have to
embrace the Internet and not retail!
Now, the software works! The
system works. Step back and see the forest!! By February you will
receive desktop based software with pretty buttons used by many
retailers however we will continue to enhance and keep adding to the
Cash Now system.(Don't worry once the desktop is released you will no
longer have the Cashnow software access it will be out of your hair!!) I
gave Paula the OK to tell you to just do whatever you want. You can
print the contracts insert 4,000,000,000% rate do whatever you want
because you are beyond receiving assistance. You wanted out, so
therefore you must stop using the Cash Now name and I figured its only a
matter of time till the authorities shut you down for loan sharking and
bad business practices! That's the direction you are headed into and I
can't stop you! WE CAN'T STOP YOU!!!
I do not want to end this
note on a negative, but what a waste of time instead of spending quality
time with my family! I'm simply asking you to read your manuals
provided to you, and to take the time to absorb the law, the methodology
and get past all this whining! Again the new software will be here in a
month and if that doesn't work for you then NOTHING WILL! In the
meantime I ask that you show some respect, professionalism and courtesy
to the staff at the home office, until we get through this or we part
company on amicable terms.
We are ready for both!
Regards;
Miro Zecevic
This was my response to Miro:
01/04/05
Miro,
After
reading your response and the response you sent to (franchisee name), I
would have to say you don't understand my position. How can you
honestly say you have earned the $44,500 I have paid you for something I
will never use? Please explain how I have "caused us (CashNow) over $
250,000 of tangible and equitable damages"?
Thanks
This response came directly back from Miro:
Mr _______;
The
services we offer are training, banking relationships, how to manuals
and books, our proprietary web based software and 3rd party suppliers
relationships for the payday loan and check cashing industry. I have no
knowledge if you will or will not use any or all of the services you
were provided. They are there, they were supplied to you and if you
choose not to use them that is your prerogative. Your, your partners
(named two franchisee that were at training, no relationship to us)
slander have caused us significant damages and be advised that we are
adequately prepared both financially and motivation ally to see this to
its finality!
Had you given the system just 1 week to work a
reasonable person could say is there possibly something wrong? Simply
put there is nothing wrong! You either got buyers remorse or you saw an
opportunity to extract all the suppliers names how to etc without paying
the consulting and licensing fee.
We take the position that we
provided the services we were contracted for and if and when you choose
to start operating your business is beyond our control. I feel you
missed an opportunity to be involved with a dynamic company and a chance
at something big!
We wish you all the best in your future endeavors
Regards
Miro Zecevic
We
hired legal council to review the contracts. We found that according
to the agreement, if we were never approved for the bank charter we
could be refunded our money.
On 02/02/05 I sent the following letter certified as well as e-mailed.
February 2, 2005
CASH NOW .COM LLC & TRUST VAULT.COM
Miro Zecevic, Andrea Zecevic, Gary McNulty, David McLean
3100 Steeles Ave East, Ste. 201,
Toronto, Ontario Canada L3R 8T3
Re: Cancellation of Bank Charter and refund of $10,000 Fees.
Cash Now:
Our
legal council has advised us, __________________, LLC to our right to a
refund of the $10,000 we paid for a Bank Charter that was never
approved.
Per our Software License and Service Agreement;
Section
6.03 – FDIC Bank Charter: For USA Operators only. Licensee shall have
the option of applying for a FDIC Bank Charter. The fee for the
charter is a one time payment of $15,000 and is payable together with
the License Fee. If Licensee's bank charter application is not
approved, Licensee shall receive a full refund in the amount of $15,000.
The Bank Charter application was never completed therefore was not approved.
Please send certified payment to: _____ __________, LLC
(Business Address)
Arizona
Thanks,
_____ _______
for _____ ____________, LLC
There has been no response to this demand.
Conclusion:
Our
goal is to help others from making the same mistake as we did. We have
registered the domain names www.cashnow-ripoff.com www.mirozecevic.com
and www.andreazecevic.com If you want more information about CASH
NOW.com and the others who have volunteered information about their
experience with CASH NOW.com. go to that site and see. As of 02/15/05
it is under construction, keep trying back.
Aspen Enterprises, LLC
Phoenix, Arizona
U.S.A.
Click Here to read other Ripoff Reports on Cash Now
REBUTTALS & REPLIES:
1Author
7Consumer
0Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Pete - Phoenix (U.S.A.)
SUBMITTED: Wednesday, February 16, 2005
Jul. 3, 2004. 01:00 AM
Payback sought from payday firm
U.S. franchisees pursue Markham loan company
Cash Now has also tangled with regulators in four states
NICOLE MACINTYRE AND JIM RANKIN
STAFF REPORTERS
Less than a year ago, Cash Now ranked 10th on Profit magazine's hot 50
list of Canadian businesses to look out for. The Markham-based company
sells payday lending franchises over the Internet. Sales, according to
the magazine, had jumped from $165,000 in 2000, to $2 million in 2002.
"The Gold Rush is On," declares the company Web site. "If you missed the
Real Estate Boom of the '80s, the Recycling Boom of the mid '90s, the
Internet Boom of the late '90s ... DO NOT let this opportunity pass you
by!"
Miro Zecevic, CEO of Cash Now, is eager to sit down for an interview. He
picks a time and place. The day before the interview is to take place,
he cancels.
"I'm just a small guy trying to run a business," Zecevic says over the
phone. "We develop software. We've got this fabulous technology, we are
on the threshold of going public. This can really derail everything ... I
work too damn hard, I put my heart and soul and my life, I mortgaged my
soul, everything to do this. ... It's not worth it."
Zecevic is the man behind a labyrinth of Internet ventures, the most
prominent of which is Cash Now, a Markham-based company that offers
payday loan franchises, including software and territorial rights, for
sale online. The payday lending business is a controversial and
unregulated industry that charges heavy interest and fees on short-term
loans.
Cash Now has run afoul of U.S. regulators in at least four states for
selling unregistered franchises, and more than a dozen American
investors feel they didn't get what they paid for.
In California, Cash Now USA collected money from at least five
entrepreneurs before officials stepped in and ordered the company to
stop. Virginia Jo Dunlap of the California Department of Corporations
says Cash Now USA didn't disclose to its purchasers that it had been
issued similar "stop" orders in other states, including Washington,
Wisconsin and Illinois.
After changing his mind about a face-to-face interview, Zecevic agreed
to accept a set of questions from the Star by e-mail. He didn't answer
many of them, and instead directed the Star to public documents and
company information posted on Cash Now's Web site.
"At Cash Now we strive to answer our clients' needs and to assist them
through their temporary financial difficulties," Zecevic wrote in a
reply e-mail.
Zecevic said the problems the company had in Illinois and Wisconsin had
been cleared up, and directed the Star to a news release announcing the
dismissal of Cash Now staff at its Philadelphia offices. The lengthy
release says the office's top managers were fired because they attempted
to usurp Cash Now's franchisees by starting their own payday lending
company. Cash Now headquarters has filed a lawsuit against one of the
Philadelphia staff.
"There are no 'difficult times' ahead for us. There is no hardship. To
us this is just 'another day at the office,'" reads the release, which
goes on to tell franchisees that Cash Now will not hold them back if
they want to jump ship.
"We believe in the old saying, if you love something, you set it free.
The only difference in this relationship is that if it does comes (sic)
back, we don't want it!"
A number of the American franchisees say they were never given a list of
franchisees or a Uniform Franchise Offering Circular, a prospectus
required by law. Franchisees also say there was a lack of support,
inferior technology, inaccurate earnings projections and inadequate
training.
Uday Roy is still waiting for his money back. He paid $29,500 (U.S.) for
a Cash Now Plus franchise last fall after reading about the business
online. Roy, 31, says he was told he would be the first franchisee in
California. He later learned there were others and they were unhappy.
That was enough for Roy. He wanted out.
In an e-mail to the company, Roy, stating his concern over the illegal
offering, requested his signed contract be returned, along with his
money.
"We are not returning any signed contracts. You told us why you
cancelled and it has no merits," Zecevic wrote in one e-mail forwarded
to the Star. When Roy wrote back demanding a full refund, Zecevic
responded with a single line: "Get Real!"
Fearing he wouldn't get a cent back, Roy says he brokered a deal,
telling Zecevic he wanted to change to a Cash Now Express franchise,
which would allow him to offer payday loans over the Internet, without a
storefront. The online franchise is cheaper at $19,500 U.S. Zecevic
agreed and refunded Roy $10,000.
Roy hasn't opened up his online shop, and doesn't intend to. He says he
wants nothing to do with Cash Now, and is still trying to get all his
money back. When asked to comment on the complaints of the California
franchisees, Zecevic did not respond.
--------------------------------------------------------------------------------
'I just assumed they were legitimate if they were offering a system for $20,000-plus.'
Randy Wright, franchisee
--------------------------------------------------------------------------------
His story is repeated in Illinois, where a franchisee is suing,
demanding a refund after Cash Now was fined $1,500 U.S. by the state for
selling a franchise illegally. The queue of disgruntled Cash Now
franchises stretches across the United States.
Randy Wright started out a happy customer. So much so, he gave a
videotaped testimonial, extolling the benefits of being a franchisee. If
you click deep enough into Cash Now's Web site, it's still posted as a
marketing tool. Wright says he and Zecevic don't speak any more though,
except for "very malicious e-mails."
Wright first bought the rights for Cash Now in Maryland. After setting
up shop, he discovered payday loans are illegal in Maryland, a
technicality he hadn't bothered to check because he presumed Cash Now
knew the rules. "My own stupidity, I went on their word. I was told that
they were an up-and-coming big company and obviously, I just assumed
they were legitimate if they were offering a system for $20,000-plus."
Changing his Maryland business to an online operation, Wright then
bought the rights to Cash Now in parts of Washington, D.C., and
Virginia, where he could sell loans face to face. Soon after the $60,000
U.S. investment, he sued Cash Now for selling franchises within his
territory. The case was settled outside court.
Roger Sawatzky bought a Cash Now franchise for $19,600 U.S. in January,
2003. He says the company told him it would take care of any licences he
needed to sell payday loans in Wisconsin. Nearly 60 loans later,
Sawatzky says he discovered he was operating illegally as neither he,
nor Cash Now, had gotten a licence. The state sanctioned Cash Now for
illegally selling a franchise. Sawatzky eventually got a licence and
reopened his business. He says he contacted a lawyer who told him it
would cost more to go after Zecevic in Canada then he could ever
recover.
In Colorado, Bob and Sue Knight united with three other Cash Now
franchisees to file a letter of complaint to the office of the state
attorney-general after they each invested between $19,500 and $29,500
U.S.
The Knights bought their Cash Now franchise after Bob retired from the
police department in Grand Junction. They were open for less than a week
when they realized they were breaking the law by operating without a
licence. When they submitted Cash Now's contracts for approval by the
state, they say they were rejected.In their nine-page complaint letter,
which the attorney-general's office has forwarded to the Federal Trade
Commission, the Knights and others say they were forced to hand over a
non-refundable deposit before they could see disclosure documents.
"Everything they've got," says Bob Knight, "is just smoke and mirrors and a sham."
Cash Now's headquarters is the second floor of the Data Mirror
Technology Tower on Steeles Ave. E. It's unclear how many franchises
Cash Now has sold in Canada and elsewhere. Zecevic wouldn't answer that
question.
According to an undated story posted to http://www.iefranchise.com,
there are 100 "international and domestic" Cash Now franchises. A search
of Canadian phone listings spits back about 20 Cash Now stores
sprinkled across the country, including several in the GTA.
A Web domain registration search shows the iefranchise.com Web site
shares the mailing address of Cash Now. The story with the hundred
figure is about Zecevic's wife, and her success as chief operating
officer of Cash Now.
Roxanne Cashluba is one of the Canadian franchisees. She bought into
Cash Now nearly three years ago, and says her Hamilton store is making
money, and that the business pulled her out of serious debt she had
racked up on two failed business ventures. For that, she is grateful.
But she knows of others who weren't so fortunate. She pays Cash Now $300
in royalties each month, and has little communication with
headquarters.
"Cash Now, the head office, is very inexperienced," said Cashluba. She
is aware of the problems in the U.S., and says other Canadian investors
have had problems as well.
In an e-mail, Zecevic reminded the Star:
"Our good reputation is paramount to the success of our business.
Therefore, any misleading or inaccurate statements made about any of the
Cash Now principals or the Cash Now group of companies will have a
significant detrimental and damaging effect on our business."
When he made the top 10 list in 2002, he was asked for his "best advice."
Zecevic was brief: "Take risks and let things flow."
Reprint of the article can be found at
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1088806210024&call_pageid=1087552987718&col=1087552987710
#2 Consumer Comment
AUTHOR: Pete - Phoenix (U.S.A.)
SUBMITTED: Tuesday, February 22, 2005
This is an e-mail that I received from The Canadian
Association of Community Financial Service Providers when I asked them
for information about Cash Now.com.
Their Response:
Mr.__________:
The company CASHNOW is under suspension from this association, The
Canadian Association of Community Financial Service Providers because of
unanswered questions on their business.
For complaints re.companies that involve an international link you
should contact the Canadian Federal government agency known as The
Competion Bureau.The website is
www.competition.ic.gc.ca Their email address is
compbureau@ic.gc.ca
Yours truly
Liz Collinson
CACFS Customer Service Representative
#3 Owner of Company
AUTHOR: Miro - Fort Lauderdale (U.S.A.)
SUBMITTED: Tuesday, March 15, 2005
The e mails and responses were altered, and doctored by the
people making this bogus “complaint”. The actual e mail exchanges and
affidavits are filed in the Superior Court Ontario. Their motive was
basically to steal the technology and the system and black mail us into
refunding the fees paid by slandering us unless we gave in.
For example they identified companies that stopped offering franchises
several years ago and inserted text like “Dear Franchisee”. Who wrote
that? What year was that written? They purchased the software from a
software company yet took a poke at the franchising company that no
longer offers franchises. How does that work? Remember these are 4
“accountants” that advise clients on their businesses! In their defense
and to be fair to all, the Internet Service Provider (Bell South) did
go down during training for about 20 minutes and the new DELL laptops
had to go through a virus scan before the software could load. I spent
about 90 minutes trying to explain that running a virus scan is a normal
computing experience!
That delay was simply unacceptable and this is why they felt the refund
was in order! I was also put on notice that their tech team, who are
master database builders assured them that viruses do not get into
Arizona computers! Unless I was prepared to accept that fact then we
should immediately issue a refund!!
Honestly we thought these guys spent a bit too much time out in the desert!
1) Their major concern was that the software was text based and did not
have pretty pictures! We tried to explain that this is A BUSINESS TOOL
AND NOT AOL!
2) Then they got all twisted out of shape because Florida changed the
statue of the fees that can be charged. We gave them a link to the
Florida State web site and what our RD indicates. The chubby one wanted
to know how he could charge more! He was an “accountant” and expressed
his concern that the Florida laws suck because they only allow a 650%
APR rate!
3) The straw that broke the camels back was the fact that we refused to
sell them leads for Arizona applicants only. They were offering a grand
total of .50 cents per name! Now when we advised them that we are not
in that business (selling leads by State) and that there are companies
selling leads for $ 15.00 to $ 20.00 that's when they made peace with
their God that maybe they are not fit to be accountants.
As the dinner and the evening wore on (yes had a hearty dinner at Shulas
steak house) Only one of the best steak houses in North America (and
after the chubby one knocked off an 18 oz NY Strip) he noticed a “piece
of poo on his steak”(I'm not making any of this up so help me God!) I
assured him that, this reputable steak house does not serve poo with
their steak! I picked up the bill to avoid having to sit through the
nonsense of listening to them trying to explain to the head waiter that
they “found”.
It is sad that these creatures spread false rumors about good hard
working businesses. They are not accountants by any stretch of the
imagination. I classify them as petty con artists or fools at best.
Perhaps a fool and his money do quickly part ways!
As our corporate literature clearly states some people should not go
into business and these 4 definitively fit the bill! We called their
bluff and offered to buy them any software they choose (from any of our
competitors).They refused! We offered to re train them. They refused!
When we challenged them to sue us so that a court could decide if ewe
did anything wrong. They refused and resorted to slander and
disinformation on this web site!
Miro Zecevic
#4 Consumer Suggestion
AUTHOR: Paul - Anaheim (U.S.A.)
SUBMITTED: Tuesday, March 15, 2005
According to your complaint, you sent $40k off and got Licensee and User Agreements and Bank Charters.
In other words, a handful of papers. Worthless papers, as it turns out.
And, let me see if I understand completely. You were looking for a better return than the stock market.
Well, are your papers able to be sold for more than you paid for them? If so, the investment was a good one. If not…
I can't see many people doing this. I have to be honest here. It smacks
of a get rich quick scheme. Knowledgeable investors look at those things
and laugh as they turn the page.
Beginners and amateur investors are about the only people that buy into
this nonsense. And, most of them usually get conned on a vending machine
scam long before cash now ever gets to see them.
Still, I guess for every worthless business idea, there is a dreamer that will buy into it.
So, thanks for the warning!
#5 Consumer Comment
AUTHOR: Pete - Phoenix (U.S.A.)
SUBMITTED: Friday, April 08, 2005
February 22, 2005 07:41 PM US Eastern Timezone
California Department of Corporations, Federal and State Law Enforcement
Agencies Launch Major Assault on Business Opportunity and Work-at-Home
Scams
SACRAMENTO, Calif.--(BUSINESS WIRE)--Feb. 22, 2005--In a massive
criminal and civil crackdown on promoters of illegal business
opportunity and work-at-home programs, the California Department of
Corporations (Corporations), the Federal Trade Commission (FTC), the
U.S. Department of Justice, the U.S. Postal Inspection Service, and
state law enforcement agencies from 13 other states have charged more
than 109 operations with violating consumer protection laws and/or
engaging in fraud. Business opportunity and work-at-home fraud, in
particular, cause substantial consumer injury. In California's cases,
Corporations took enforcement actions against franchises and business
opportunities that illegally offered or sold business operations for
payday advance loans, medical spas, mobile food kiosks, Internet kiosks,
fitness centers, and restaurants.
"The perpetrators of these frauds were operating illegally and without
the proper registration from Corporations to offer and sell franchises,"
said Corporations Commissioner William P. Wood. "By coordinating
efforts with federal regulators and law enforcement, we can move
aggressively to stop these scam operations which prey on unsuspecting
consumers."
The enforcement sweep, known as Project Biz Opp Flop, highlights
enforcement actions filed by a multitude of state enforcement agencies,
including Corporations. The 14 states, including Maryland, Texas and
Washington, announced 109 actions against franchise, business
opportunity, and work-at-home promoters. The perpetrators are located in
22 states and Canada, with the greatest number of actions taken in
California, Florida and Arizona. (See below listing of state actions.)
State Enforcement List for Calendar Year 2004 & Early 2005
California Department of Corporations
Arkansas
1. Home Business Systems and Sharon Henningsen, Civil action filed for restitution, AR parties, AR Attorney General (1/28/05).
California
2. Cash Now.com, LLC, Cash Now Plus.com, LLC, Miro Zecevic, C&D
Order, PA and Ontario, Canada parties, Cal. Dept. Corp. (4/2/04).
3. Cash-Now USA.Com, Inc., Cash Now.com, LLC, Miro Zecevic, David G.
McClenan, Gary McNulty, Victor Graham, C&D Order, PA and Ontario,
Canada parties, Cal. Dept. Corp. (3/30/04).
Etc.........
#6 Owner of Company
AUTHOR: Miro - Fort Lauderdale (U.S.A.)
SUBMITTED: Thursday, July 21, 2005
These "reports are erroneous" and misleading!
They are hurting innocent people with these misrepresentations.
Please see these 2 filed lawsuits which are self explanatory.
"Pete" and the Arizona group are dodging the process server, and
continue to slander on various web sites while Toronto Star has defended
and has stopped slandering and are now talking about settlement!
Please see http://www.cashnow.com/legal/ThorleyLawsuitFINAL.pdf
AND also:
https://cashnow.com/torontostar/index.pdf
These matters are self explanatory
#7 Consumer Comment
AUTHOR: Pete - Phoenix (U.S.A.)
SUBMITTED: Friday, August 26, 2005
From the Arizona Group,
Just a note to tell you I spoke with Miro on the phone about a week ago.
He first told me I was under investigation in the State of Arizona and
that he could not talk to me. Then for the next 20 minutes I couldn't
get him to shut up.
I asked that he accept our offer to settle by refunding our $44K that we
sent to him for a Bank Charter, that we never even completed the
application for, as well as the Cadillac (excuse me) Rolls Royce, Miro's
correction, of software support and license agreements. He said he
would never refund us our money.
If you have had similar experiences with Miro, I invite you to tell the
world by responding to Ripoffreport.com. Miro said it was helping his
business, and we all want him to do better because we need there to be
something to attach a lien to.
This is the Miro – Cash Now report for Friday August 26, 2005
#8 Consumer Comment
AUTHOR: Pete - Phoenix (U.S.A.)
SUBMITTED: Tuesday, November 01, 2005
CASH NOW CORP (CHNW)
0.16 -0.08 (-33.33%)
As of 10:10 AM EST on 11/01/2005 (Other OTC Delay: 15 mins.)
Manage Alerts
Notices & Terms Confirm all data with your broker before trading.
Previous Close 0.24 on 10/10/05
Open 0.15 on N/A
Volume 45,000 on Other OTC
Day Low 0.15 as of 9:57 AM EST
Day High 0.16 as of 10:10 AM EST
If
you are looking to put your retirement savings into a company, this is
not where you should put your money. If you look at Enron stock, you
will see the same future.
Have a nice day Miro Z.
#9 Consumer Comment
AUTHOR: Randy - Kensington (U.S.A.)
SUBMITTED: Tuesday, November 22, 2005
It looks like the house fo cards at Cashnow.com is about to
come blowing down in the wake of the recent hurricanes. I see MR.
Zecevic -the founder, CEO, Know it all, Master, Sheister, CAnt touch me,
is finally being replaced at the helm by a new CEO. Does anyone think
Mr. Price has any idea what kind of snakes den he has just walk into? I
want to address John the big investor whom claimed this was a company
with a market cap in excess of 50 million dollars whom never responded
to my questions of how marklet cap is defined. Are you still buying this
dog? You were warned to dump this dog at .23 now it as .15 and with a
new CEO. Does he have any experience in the rapidly changing payday loan
business? What happened to Miro and Andrea? Why were they replaced as
CEO and President-The press release only states they were replaced but
with no explanation. Does any one find it odd that the two founder
bonnie and clyde team are being replaced after all their so called
brilliance and marketing and leading edge technology that they would
just vanish with no explaination? I think something more sinister may be
in the works. I guess all of us who lost thousands of dollars to these
scam artist will just have to wait and see. We may never get our money
back but I know a lot of satisfaction will be felt around the US by
those that were stolen from by this out fit if Justice finally prevails.
It would almost make the loss worth it to see the Zecevic's in stripes.
I will continue to follow this pair of EXECUTIVES ( I use the term
loosely) to whatever rock they climb under and make sure the general
public is always aware of their latest move to avoid the accountability
of their actions. We live in a great country here in the USA and even
the socialist in Canada can't out run the long arm of the law for ever.
So please to any potential investor in this orginazation or any of its
subsidiaries please do all you homeowrk. Check with every state bureau
of finanacial institution, every attorney general, every SEC division in
the appropriate states. Trust me if you do your homework you will save
yourself alot of money and a tremendous amount time trying to figure out
whom you may have just done business with. There are several other
solid companies in this industry that provide a proven record and lots
of happy customers. Go find one of them before it is to late!
Asta la Vista,
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