recd this from cashnetusa today. I revoked ach yesterday. I live in Mississippi and think they are actually legal here. I would like suggestions for the best way to deal with this staying within the law. Should I now email asking for a payment arrangement and are there sample letters for that on this site? Loan should be due on 07-01-2009 Borrowed 150.00 owe 182.92. My account is closed at the bank.
At CashNetUSA, we understand how important it is to our customers to have access to payday advance funds as soon as possible after an advance is approved. That's why we fund our advances through an electronic funds transfer provided by the automated clearing house ('ACH') network. We also provide for repayment of advances via ACH. Because our advances are single payment advances (that is, we advance a sum of money that is to be repaid in a lump sum), we are permitted to require ACH repayment in accordance with the Federal Electronic Funds Transfer Act ('EFTA'). Under the EFTA, a lender cannot require a consumer to repay a loan by means of preauthorized electronic funds transfers as a condition to approving the consumerâ€™s loan. The term â€œpreauthorized electronic funds transferâ€ is narrowly defined by the EFTA to mean â€œan electronic funds transfer authorized to recur at substantially regular intervals.â€ As explained by the Federal Reserve Staff in its official commentary to the EFTA, â€œCreditors may not require repayment of loans by electronic means on a preauthorized, recurring basis.â€ 12 C.F.R. 205, Supplement I â€“ Official Staff Commentary, at 10(e) (1) (Loan Payments). As a one-time payment, the repayment of a CashNetUSA advance is not encompassed by the EFTAâ€™s definition of â€œpreauthorized electronic funds transfer,â€ and is therefore permitted under the EFTA. If you have any questions or concerns, our customer support team is available 24 hours a day, seven days a week to help answer all your questions via phone, email or online chat. CashNetUSA Customer SupportPhone:(888)801-9075Fax:(866)413-3888www.cashnetusa.comDalila L
Btw - CMG group called and left message (after do not call letter was recd) and offered to reverse the loan. In other words, on Monday they would debit 350.00 The loan agreement I signed (not legal in MS)(and I do have original copy) was for 250.00 but they deposited 350without advising me of that. course that money is gone now.
all illegal pdls tried to debit account today even after ach revoke letter. Its about to get ugly isnt it? Here is a list of who tried to debit even after ach revoke.
Sagamore, JVC processing, Cash Transfer Centers, Paycheck now, discount advances, Cash advance networks, All tried to debit regular payment except cash advance networks who tried to debit full balance of 260.00
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