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 Posted: Fri May 16, 2008 5:58 am Subject: Just got this email from CashNetUSA that they overcharged me
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After a recent system update, we discovered an error in the annual percentage rate (APR) disclosures for your loans listed below. We are sending this letter by email and U.S. mail to correct the errors and adjust your accounts with us.
In each loan listed below, we mistakenly understated the APRs in our original disclosures. The correct APRs are listed below. To fix the mistakes we are issuing an electronic credit in your favor to your bank account ending in ****7529 for each loan listed below. The credit to your bank account for each loan listed below is the difference between the Finance Charge we originally disclosed and the Final Adjusted Finance Charge (which is the dollar equivalent of the lower APR).
After depositing the funds in your bank account, the Final Adjusted Finance Charge will be LESS THAN the Finance Charge originally disclosed on your loan agreements.
Loans affected:
Loan ID Funding date APR originally disclosed (understated APR) Correct APR Finance Charge originally disclosed Final Adjusted Finance Charge (dollar equivalent of the lower APR) Credit to your bank account
23335314 3/18/2008 811.11% 912.50% $100.00 $88.88 $11.12
23388069 3/28/2008 579.37% 651.79% $100.00 $88.88 $11.12
23473643 4/11/2008 579.37% 651.79% $100.00 $88.88 $11.12
These adjustments are the only changes to your disclosures. The terms in our written agreements continue to apply. Our mistakes occurred unintentionally, despite our maintenance procedures to avoid such errors. We regret the mistake and apologize for any possible confusion. At CashNetUSA we are dedicated to providing quality service to all our customers.
Please note that if you have an outstanding loan, then your due date and amount due will remain the same as originally disclosed. Only the loans listed above were affected by our temporary system error and subject to adjustment.
If you have any further questions, please contact our Customer Service Department by phone or email. Thank you for choosing CashNetUSA for your short-term financial needs.
Steve J
Quality Assurance
Phone: (866) 326-2229
Email: support (@) cashnetusa.com
______________________________________________________
Can I use this to tell them to mark my account paid in full? I paid them $300 in fees on a $400 loan.
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jt_91972
Joined: 21 Apr 2008
Posts: 110
Debtcc Points: 1236
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Posted: Fri May 16, 2008 6:16 am Subject: reply
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since cashnet USA is legal i would call the number on your email to enquire as to the status of your loan.
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paulmergel
Debt Samaritan
Joined: 24 Jun 2007
Posts: 2350
Debtcc Points: 8364
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Posted: Fri May 16, 2008 8:33 am Subject:
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No, this wont' work to get them to mark you PIF . . . . They caught the mistake, and fixed it. They are crediting back the excess fees charged, so they've done everything they need to do per the law.
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How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7935
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Posted: Fri May 16, 2008 9:46 am Subject:
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I'm a little confused what's the difference between the APR and the small loan interest rate cap for each state?
I got the same thing from CashNet saying:
23274159 3/6/2008 1037.52% 1170.63% $51.32 $45.45 $5.87
23314303 3/14/2008 500.68% 566.76% $52.79 $46.56 $6.23
But Maryland's site says:
"Small Loan Rate Cap
2.75% per month; 33% per year."
Am I missing something because 500% and 1000% is WAY over the loan rate cap?
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Guest
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Posted: Fri May 16, 2008 9:48 am Subject:
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Oops forgot too log in again,  the above is my question.
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eulogyforinnocence
Joined: 08 Apr 2008
Posts: 42
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Posted: Fri May 16, 2008 9:50 am Subject:
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In Maryland, Cash Net USA is not a payday loan company, they are a CSO.
| Quote: | | CashNetUSA will not be the lender for loans received at this site. CashNetUSA is a Credit Services Business. We will attempt to arrange a loan between you and a third party lender and service that loan once it is issued. Upon the completion of CashNetUSA's services to you, you will pay CashNetUSA a credit services fee ("Credit Services fee"). |
Federal Law allows them to charge fees, which cannot be considered as interest. What they are doing is this:
| Quote: | | Your Credit Services fee will be $25.00 per $100 borrowed. You will also be charged interest by your lender of 24% APR on loan principal and Credit Services fee borrowed. |
So the actual interest you are paying is only 24% a year, it's the fees that are killing you. But Federal Law says those fees cannot be considered as interest, so they are 100% legal.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7935
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Posted: Fri May 16, 2008 9:58 am Subject:
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Arggghhh  that's bollocks  . But that's how they get passed the "rules", I guess. There's always a catch or some clause that can be bent.
I was reading somewhere else in the forum that another member wrote:
"CashNet USA is licensed in the state they are in. Since they are an internet pdl they are legal. Somebody else will give you the to info on your state and the laws."
...Which seemed totally wrong to me because isn't that what half us are fighting against, PDL's licensed in other states, but not licensed in our own which would make them illegal in our state and they have to abide by the resident's state rules, not the state the business is planted in.
Blaaah.  I'll be glad when I'm free of this and can move on to bigger, happier times (debt-free  )
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eulogyforinnocence
Joined: 08 Apr 2008
Posts: 42
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Posted: Fri May 16, 2008 10:08 am Subject:
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I think what they meant is that Cash Net USA is legally licensed in every state it lends in, or is a registered CSO. They are legal in every state they lend to, and are very careful to follow each state's laws.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7935
Debtcc Points: 111173
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Posted: Fri May 16, 2008 4:50 pm Subject:
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'Cash Net USA is not a payday loan company, they are a CSO.'
How did you find out they are a CSO? How many other CSOs are out there in cyberspace?...anyone have an idea?
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skymerle
Joined: 21 Apr 2008
Posts: 45
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Posted: Fri May 16, 2008 11:37 pm Subject:
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I got the same email from them, and sure enough, a credit to my account of $1.36
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Caress the one, the never-fading rain in your heart; the tears of snow-white sorrow. Caress the one, the hiding Amaranth in a land of the daybreak ~ Nightwish
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Amaranth
Joined: 10 Mar 2008
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Posted: Thu May 22, 2008 7:37 am Subject: CashnetUSA
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I have the Attorney General for the state of Maryland looking into this now. You can contact the Department of Labor, Licensing and Regulations regarding any payday loans. I spoke with A Suzane Elbon there and she is handling all of my PDL's she is great and will get back to you quickly. Just file a complaint against this company or any others that you may have. You must submit all contracts and a letter with additional info. Do not let these people get to you. Suzanne advised me to tell them that the loan is under investigation and is on hold until furhter notice. They do not listen they will keep calling and emailing you but I just keep saying the same thing to them. Just as a FYI- they are legal in the state of Maryland but Suzanne advised me that the interest rate is above the usury state law. Once she advises me on what to do then I will take it from there. As of right now she has forwarded all complaints to the Attorney General so hopefully we can get an answer soon. Please file your complaint with them if you live in Maryland.
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Guest12
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