#17  
04-07-2009, 11:42 AM
mybabybo mybabybo is offline
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I love you guys already!!
My payments to Magnum Advance are 216.25 every pay period.

My payments to Cashcall are 216.55 every month. I did take your advice and contacted them, they are reviewing my case to see if they will lower the interest rate, therefore lowering my payments.

You guys are a GODSEND!!!
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  #18  
04-07-2009, 11:45 AM
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Cool_Abyss Cool_Abyss is offline

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I am glad progress is being made.

Your payments to Magnum is $216 every 2 weeks? WOW that is ridiculous. So you need to add up the amount you have paid them so far. I am sure you have overpaid at that rate. Please review your bank statements them total up all the fees you paid. If it is over the $550 you borrowed, then you are due a refund and your account marked "paid in full"
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  #19  
04-07-2009, 01:06 PM
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nohiogal nohiogal is offline

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Right. How many times has Magnum taken the $216 from your checking account?
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  #20  
04-07-2009, 05:39 PM
mybabybo mybabybo is offline
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They have only taken it out once, but I have another payment scheduled on the 17th of this month.
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  #21  
04-08-2009, 02:08 AM
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nohiogal nohiogal is offline

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In that case you only owe them $334.
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  #22  
04-08-2009, 03:35 AM
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Cool_Abyss Cool_Abyss is offline

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mybabybo you need to send them this letter below then.

Quote:
Date:

Name Of PDL

Your Name
City, State
Account #


After doing research regarding Internet payday loan laws in the State of _______, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of _____ in general:

Your State Information

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.

Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,

Your Name
CC:
Better Business Bureau
Your State Attorney General
Federal Trade Commission

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