Credit Protection Depot collecting for mycashnow

My son fraudulently used my bank info to get a loan through these people. They sent me an email saying, congratulations, your loan has been approved. I immediatedly sent them back an email telling them I didnt apply for the loan and I didnt want or need their money or their loan. Because of the fraud with my son, I was getting the checking acct closed. Unfortunately, they got in just under the gun and got the deposit into my acct right before it was closed. I told them they were getting their 610.00 dollars back and to tell me where to send it. They wanted my new checking information. Did they think I was born yesterday??!! So they said that I had to send it western union. The money was deposited on thursday, this was friday. I told them I would send it back western union minus the cost of the western union. They insisted I had to send the whole amount back. I told them the next person they would hear from would be my lawyer, since this was fraud. I am not going to sue my son, but I will sue them if I have to. They are nasty people. But creditprotectiondepot.com is just the third party for paydaymax. They are nothing but loan sharks and crooks. Because I didnt rush right out on friday and send the money, they sent me an email today saying I owe them 683.02. Are they nuts? Even if I had wanted the money, to go from just putting the money in on thursday and on monday demanding that much interest?? You gotta know that they are crooks. Well, we'll just see what my lawyer has to say about all of this.
Linda Holway

Welcome to the community Linda, payday loans are a form of (depending on your state law) legal predatory lending. Your right, interest rates are insane at sometimes over 1000% They sometimes have a nasty habit of trapping consumers by forcing them to either pay only their service fee, or the entire loan plus their service fee. It keeps the consumer almost trapped in the loan. If this was a result of fraud you may need to file a report for identity theft in order to get it cleared up.

Also, what state do you live in? I would like to look up your state's law on payday loans to see if they are legal in your state.

Linda, I just did some research with paydaymax.com, they are located in the United Kingdom.

I too have had problems with this company. I lost my job and had no money while they repeatedly bounced my checking account over and over when there was nothing in there and now I owe my bank around $600 in fees from mycashnow and I have mycashnow threatening me with the exact same emails saying I owe them close to $700 for a $300 loan that I had started paying on before my job let me go. I'm not sure what to do as this has turned into a big ugly mess. And the best part is they still continue to try to debit my bank account and are running my bill up with my bank to an insane amount. Anbody have any advice for me as to what I should do? I live in Nc. Is the company really based out of the country?

Here is the legal status for PDL's in NC:

North Carolina State Information

Legal Status: Prohibited (N.C. Gen. Stat. § 53-281 authorizing payday loans allowed to sunset in 2001)

Citation:
The consumer finance act applies. N.C. Gen. Stat. § 53-173

Small Loan Rate Cap
36% per year

Where to Complain, Get Information:
Regulator: North Carolina Attorney General (See also Commissioner of Banks)
Address: NC Attorney General's Office 9001 Mail Service Center Raleigh NC 27699-9001
Phone: (919) 716-6400
Fax:

Apparently since they are illegal you are only responsible for repaying the principal balance plus interest as it may legally be applied which is 36% per anum.

These people are con artist, don,t send them money! They can not hurt you or your credit rating. Stop these threats now! Tell them you do not owe them a dime!

If you actually speak with CPD, and ask for a physical address they will not give you one. They will tell you they are not allowed to do so. I settled with them relatively easily AFTER I faxed them a copy of my C and D letters to both MyCashNow and PayDayMax. My MyCashNow account was marked PIF immediately, and my PayDayMax account was settled with the remaining balance on the principal ONLY. The payment was directed to a LasVegas address. I would try faxing my C and D letter over to a one Mr. William S. Reed at CPD, Inc. 1-866-645-1662. Ask him to review the C and D's that were sent to the respective PDL. I would also attach a copy of my State Laws. Being in New York, PDLs are also prohibited here and I think that status worked in my favor. You could also give ACHC a jingle as they are the processor for both MV+CN and PDM. Wouldn't hurt to cover all your bases.

oopsy. . sorry bout that. . .I meant MCN and PDM. It's Saturday and it's early! I haven't found my typing fingers yet this morning! Anyway. . . .good luck and keep us posted.

account #14******* please contact me ******


email and personal information deleted for your safety

Guest. . .we have nothing to do with Pay Day Loans. We are a dedicated site to help people get out of the PDL trap. If I am interpreting your state laws correctly, PDLs are prohibited in NC. If that is the case, send a copy of your C and D letter to Mr. William Reed, at Credit Protection Depot, including your State laws. That is exactly what got me my PIF on my MyCashNow loan.

Your bank returned the debited transactions to repay your loan obligation. Your account is now seriously delinquent. I have made several attempts to contact you both by phone and e-mail, with no response by you. I am attempting to make arrangements to settle this account. I am the last contact you will have with Credit Protection Depot before this account is turned over to an independent outside agency.
I feel I should remind you that your agreement states, you will be responsible for all collection fees, court costs and attorney fees associated with collection of this debt. If the account is turned over to an Outside agency they will charge additional fees over and above the amount you currently owe and will take whatever steps necessary for the total fees due which could possibly include a court appearance for a possible judgment be issued against you for the repayment of this legally binding debt.
I also feel I should tell you this action may not only affect your credit report rating but is also listed on the Tele Track System, which is used by Cash Advance Loan companies, rental companies, and other businesses, in determining whether or not to approve a loan. This could prevent you from even receiving a cash advance loan any where in the U.S. We must require that you render your payment in the amount of $480.71 via western union quick collect or money gram immediately. This payment reflects your balance as of January 23rd 2009.

thats what they mailed me today Ive tried to email and call them but no luck so they are just scam artists thats it screw mycashnow

screw them loan people if they b alot nicer maybe we would consider paying them back until till they can kick rocks cause they dont stress me out about anything

My Cash Now, Payday Max, Discount Advances, Support Seven, Credit Protection Depot, Credit Payment Services

5962 Brainerd Rd Chattanooga TN, 37421

I have the same problem with ANONYMOUS GUEST. Got the same text when they emailed me today. I tried to email them back but it did not went through. They are charging me 2,620.05 with my original 930.00 loan. What can I do? Please help.

I just tried to send an email to cpdcustomerservice@creditprotectiondepot.com. It came back as Undeliverable.