Cashnet 500 - anyone dealt with them recently?

I just got two emails from Cashnet, one to advise me that they will not work with a 3rd party for payment arrangements, and they do not work with consolidation programs. The second email was basically a forwarded message from someone else who works for this company trying to set up a 3-pay arrangement. They will not accept mailed payments, no checks or money orders.

I was then told to email my card details (i.e., number, expiry date, validation code) and the money would be debited on certain dates. The kicker was that they charge a $5 processing fee for each payment. Also, the amount they claim I now owe was interesting. The loan was for $300 and I paid $90 before defaulting. Now they say I owe $510.

They are not licensed in my state, and their finance charges are illegal in my state as well. I did respond and stated that they were insane to think that I would email my card details to them or anyone for that matter. I also informed them that I do know that they have accepted payments from consolidation programs, and that if they weren't willing to act in a legitimate, reasonable and legal manner, then I would file complaints with the AG, BBB, etc. Wonder what kind of reply I'll receive??

Anyone else have any similar dealings with this company?

I would call and report my card as stolen, that way when they try to use it it will be useless. I wouldn't wait, I would go ahead and file your complaints against them, they are not going to treat you fairly so why should you treat them with any respect, they are only going to get more nasty. You don't want to become overdrawn on your card and charged more fees by your bank.

I meant to say report the card as lost/stolen.

You must force Cashnet to break up the calculation that brings them to a total of $510. The charges should not go above the rates allowed in your state. Cashnet not being licensed in your state also puts them on the weaker side. They won't have a leg to stand on.

I never emailed them my card details, and the checking account I had when I got the loan with them has been closed, so they can't get anything from me at the moment. I am not paying a $5 processing fee, nor am I giving them my current debit card info. I put this account in with my consolidation/settlement stuff, but as stated in my previous post, they are saying they will only deal with me directly.

I'm guessing they are coming up with $510 by adding on the finance charge each pay period since I defaulted. But I will request a breakdown, thanks for the advice.

I have informed them that their finance charges are illegal in my state, so I'm waiting on a response. Just wondered if anyone has defaulted with them and included the loan with a consolidation program.

Cash Supply is trying the same thing with me. I didn't default, when I contacted them they said for $590 I close my acct. and be paid in full. I don't think so. I have filed my complaints and I recently filed one with NM BBB and waiting for response. (Now of course I am in default with them because I don't get the $590 charge, ridiculous)

Tiffany, do you mind telling me your state so that I can also check out the laws and everything.

They tried that shtick with me too! I forwarded a phone number to them that was the direct line to Fl.Dept. of Bus. and Prof. Reg's investigator for Financial Crimes. The guy at cashnet actually called him thinking he was going to get some money! lol
Never heard from them again...
BTW...I paid them over $900 on a $350 loan and they said I still owed them $750!
I hope they all go to jail!

That is too funny! I wish I could've been sitting next to the guy when he realized who he was talking with!

I know, the investigator called me back and told me what he said. It seems it was a pretty interesting conversation!
That's why I tell everyone to go to their local state department financial regulation dept. They have been extremely helpful, if even only with a phone call.

I gave Bahama Mktg. (with ASAP) my AG contact info., explained they really needed to call. They haven't called me back since. But I told them who it was, they kept saying I was lying I never filed a complaint, I gave them the contact name, number and complaint #.

I'm in Indiana. This is where I got the info on small loan lending laws in my state. http://www.in.gov/dfi/statutes/

A rep from Cashnet sent me a reply to my email advising about the illegal rates, etc. and the subject line of the email was "High." He said he didn't blame me for not emailing me card details, he said he wouldn't do that either if it were him. He said because they are an internet-based company, they can only accept payments via ACH debit. He was also adamant that they do not work with debt consolidation/settlement companies for repayment.

I reiterated the illegal charges they are imposing and noted that I had already paid $90 of the $300 loan. I also advised that because they are charging illegal interest/finance charges in my state, I am only obligated to repay the principal, which would make a balance of $210. I gave him a payment proposal and said I would only send the payments via money gram, mailed money order or Western Union. I urged him to accept thhe proposal, or I would file claims with the Attorney General, BBB, etc.

I got a reply telling me Cashnet is based in Utah, so they follow Utah laws!!! I replied that his company chose to residents of other states that his company is not licensed in, therefore he is subject to the laws of the state the debtor resides in. We'll see what type of reply I get this time.

I defaulted with Cashnet when I went with T &C. They were really weird to deal with. They would send me e-mails at home and faxes at work. I sent them a certified letter, the first one refused, the second one went through. I had overpaid them myself per my state laws but they have been quiet for a long time. As for the fees, they probably have added on stopped payment fees and are probably adding on more finance charges. I had one company who doubled what I owed in less than a month. It's absolutely ridiculous what they try to get away with. You should check Cashnet out on the BBB website, talk about a bad rap!