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nayner · Posted: Mon Aug 11, 2008 12:35 pm Subject: what should i do ?

Hi,
I have been a lurker here for a while. I have some pdl's and from reading others stories I have called and made some arrangements. My question is regarding a company called Cashback Payday Loans in Nevada.
I did an online pdl with them.. for $450 + fees of $562.50
I did 4 automatic roll overs & then I called them to make an agreement. So they agreed to have me do 5 payments of $112.50. The first one was just the refi fee and then the other 4 would be to pay off the loan. Here's the thing, they should have debited $112.50 on Friday Aug 8th which would have been the first payment towards principal, but they didnt.
So What should I do? Should I call them? I actually dont have the money for them to debit this time, but will next payday
I am in the State of Washington, so I have figured out that they are not legal in WA. I know I could send them a letter that I have found that they are not legal & stuff, but I dont want to go thru the hassle of closing and reopening bank accounts if I dont need to. Im ok with makeing their 4 payments if thats what they want, but Im wondering what should I do since they didnt do the debit?
with the 4 roll-overs, I did pay them back the initial amount loaned.
Any suggestions.

Other pdls are Nationwide cash $300 for $390 4 roll overs and am now doing a paydown
Cashnet $450 for $512.50- which actually I think my bank just returned
and cash Central $500- $575 which will completely pay off on 8/22
Thanks
Renee

Posted: Mon Aug 11, 2008 1:11 pm Subject:

Hi nayner,
Just to clarify, what have you paid on these, total with fees? If you can list them again and post the original priciple borrowed and the amount you've paid, someone who knows your states laws can help you out a bit better.

If you do a search in the box in the upper right hand corner for your state's laws, you might be able to find out some more information.

Keep your chin up!
Jen

Posted: Mon Aug 11, 2008 2:22 pm Subject:

Is your Cash Net Cash Net USA or Cash Net 500? It will make a big difference.

Cash Net USA and Cash Central are legal lenders.

Posted: Mon Aug 11, 2008 3:15 pm Subject: answers

Ok, dont know where my post went.. so i will try again. My name changed to naynernayner

Cash Net USA (legal in Wa) borrowed $450 owe/due on 8/8 $510.75 (no rollovers allowed)

Cash Centrual (legal In Wa ) Borrowed $500 owe/due on 8/22 $575

Nationwide Cash. Borrowed $300 have paid $450 (4 roll overs at $90 each) in fees and $50 toward principal. Owe $ 325 now

CashBack Payday Loans Borrowed $450 have paid $450 in fees (4 roll overs) Made an agreement for 5 pymts of $112.50 for a total of $562.50 - Paid $112.50 towards it. still Owe $450 but they didnt debit my acct on 8/8 for the 2nd payment

Posted: Mon Aug 11, 2008 3:23 pm Subject:

BTW - Washington law specifically states that a loan from an unlicensed company is unenforceable and uncollectible.

I would concentrate on paying off Cash Net USA and Cash Central, since they are the only legal companies.

Nationwide and CashBack, well, you've paid more then principle in fees. You don't owe them another cent!

Posted: Mon Aug 11, 2008 3:31 pm Subject:

Ok, since I dont owe them another cent........

how do I get them to stop collecting? I dont want to have to close my bank account
sun

Posted: Mon Aug 11, 2008 3:37 pm Subject:

You would have to close the bank account - There really is no other way around it.

Is there a specific reason you don't want to close the account?

Posted: Mon Aug 11, 2008 4:43 pm Subject:

I know that closing our bank account is a royal pain, but like goudah said, it really is the only way. You have more than repaid. If they have access to your money they will debit it FOREVER. Please give it some thought.

Posted: Mon Aug 11, 2008 4:52 pm Subject:

yep, dont want to close the account, cause it is joint with my husband & I have direct deposit into it.

My husband is not able to get another account for another year due to a previous problem checking acct, that was actually paid in full, but the bank reported it anyways.

Oh well i will just go with the agreements I have & pay them in full.

but my original question was never answered... as to Cashback, since they didnt debit my acct yet... should I call them ? I guess if they dont do anything by the next pay date then I can be sure to call & find out whats going on
Thanks for all your other help

Posted: Mon Aug 11, 2008 5:15 pm Subject:

I wouldn't worry about the "late" debit. I am sure it will show up, eventually.

Posted: Tue Aug 12, 2008 6:58 am Subject:

Check out our banking forum here - MCA (Mary) is amazing at finding people bank accounts that are on Chexsystems. I'm on Chexsystems and I have 4 accounts at 2 different banks.

It's really worth it to close the account.

Posted: Tue Aug 12, 2008 10:08 am Subject:

i agree, close your account and open a new one, if you explain to your bank what is up they may open a new on for you, without the usual verification stuff.. as for teh illegal pdl's try this letter

To Whom It May Concern

It has come to my attention that you a payday loan I have with you was made in violation of Washington State Administrative codes governing Check Cashers/Sellers and Payday Lenders (Chapter 208-630 WAC Check cashers and sellers - regulation of), wherein it states that payday lenders are required to be licensed by the State of Washington. This law applies to any payday loans made to Washington State Residents regardless of the state of origin or contractual jurisdiction agreements.

Because you were conducting payday lending business in violation of this administrative code and the governing law directing its creation. This violation renders our contract illegal in the State of Washington, rendering ay terms agreed to therein null and void. Under the above noted law, loans made illegally are not collectable.

Effective immediately, I hereby permanently revoke any and all authorizations, assignments or rights granted to ______, its successors and/or assigns to electronically access any account owned by me. Futhermore, I hereby immediately and permantently revoke any actual and/or alledged voluntary wage assignment claimed by you.

On advice of counsel, prior to either initiating civil action and/or requesting that Washington State authorities investigate your business practices (including those of any potentially related businesses) I am requesting a refund of fees paid in the amount of $______ Understanding that this request is an attempt to avoid pursuit of other remedies, I am willing to agree in writing not to pursue additional civil action to seek redress.

I may be willing to explore other options to resolving this situation and I look forward to your written reply

Regards,
[i]

Posted: Tue Aug 12, 2008 11:36 am Subject:

CashBack Payday Loans Borrowed $450 have paid $450 in fees (4 roll overs) Made an agreement for 5 pymts of $112.50 for a total of $562.50 - Paid $112.50 towards it. still Owe $450 but they didnt debit my acct on 8/8 for the 2nd payment

YOU MEAN YOU ALREADY PAID THEM 450 AND THEY WANT AN EXTRA 562 ON TOP OF THAT?????

Posted: Tue Aug 12, 2008 11:49 am Subject:

yep. that was what they wanted.
$112.50 for the last "fee" and then they were going to break the $450 into 4 payments so it made a total of $562.50

I know im crazy, but I dont want to have to close my account. And I dont want to not be able to write checks at the grocery store and stuff.

Renee

Posted: Tue Aug 12, 2008 1:32 pm Subject:

if you paid 450 then you have paid your obligation, but if they want u to pay 562 in total that isn't that bad, if they are legal

Posted: Tue Aug 12, 2008 2:57 pm Subject:

No, they want me to pay another $562.50 on top of the $450 they got back in fees.

They are not legal in WA, im just surprised that they havent deducted their payment yet... they usually do that before I can even check my bank account on line on my paydays
Renee

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