We foolishly (once again) renewed a loan we had with Cash Transfer Centers. As I'm sure many of you know Cash Transfer Centers makes you pay it back all at once plus their "interest".

We borrowed $550 from them. The thing is we've renewed this loan many, many times over so I know they've received their money back and then some.

We are in Massachusetts so I know they're illegal.

They will attempt to debit our account on Tuesday (3/31) but it has been "blocked" by the Bank Manager. The account will be closed on Tuesday as well. We have to wait until them because like so many of you, we're in deficit.

My question is, what is our obligation to them at this point ? I'm asking because it is a new loan. But as I stated, it has been renewed many, many times over so technically they've been paid.

Any advice or suggestions are greatly appreciated.

Thank You.

The only amount you owe is the amount borrowed.

I can tell you that they are awful to deal with. I have known others to demand that overpayments from previous loans be used to pay the current loan.

It does not always work but worth a shot.

Do not be surprised when you get emails stating they are in Malta and you have to follow Malta law. That is BS.

If you search there are several threads about them now and their "Malta Mafia" tactics.

They are illegal.

The one thing I will suggest is to get a wage revocation statement to your payroll ASAP. They will try that in some cases.

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Here is another POST on CTC for more information.

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Thank you for the responses.

From reading this board I've seen they're terrible to deal with...

"If" we pay them back without asking to use the interest they've already received, do you know if there is a way to make payments to them ?

Thanks again !

We do not advocate getting a payday loan or renewing one when you are aware it is illegal and have no intentions of paying it back, that borders on theft. Even though this company may not be licensed it would still be wrong to take money from them with no intentions of paying it back.

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Pay them back the principal in payments. Offer it right away and be sure to tell them they are illegal and wage assignment is revoked.

Tell them to only contact you in writing and failure to do so and you will report them. They will fold. Always do. But it is wrong not to pay them even if its a reloan

Shazzers, that is not what I'm saying, please go back and read my original post.

I/we would never do such a thing. I was just asking if it was possible to use the few thousand dollars in interest already paid to them as payment for this most recent loan.

I also asked if anyone knew of a way to make payment arrangements with them.

Sorry, that was me on the last post. I forgot to log in.

Shazzers, I don't think when they renewed the loan they knew they were illegal. I think they found out a short time after the renewed.

I would think your best bet is to state you owe the principle on this loan and you are willing to pay it. I don't know if they take payment arrangments.

As long as your bank account is closed or secured then they can not do anything but threaten and harrass you.

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That may be possible with some Illegal lenders. Just know CTC does not fold easily and that is a far stretch for them to consider. However, it has happened in the past for others.

Best of Luck!

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"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

FashionDolls wrote:
My apologies, I took the OP the wrong way, I am sorry I didn't respond to this earlier but I am having problems reading and posting at Debt CC. This seems to be the only website I am having problems posting and reading. Anyway, without wasting a bunch of time trying to explain why I responded the way I did, I apologize.

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Ohio Payday Loan Laws
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wish you the best of luck

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Shazzers, thank you very much for responding the way you did. I really do appreciate it.

And that is true, we had no idea that PayDay loans were illegal in this state (MA). It is only after finding this site that we found out. Unfortunately the loan with CTC (as well as one with PayCheck Today) had already been taken out.

Thank you everyone for your help and good wishes.

Here is how CTC operates. They will send a wage assignment to your employer which you agreed to when you took the loan. You have the right to revoke that. It is not a wage garnishment, it is purely voluntary. You must send them a certified letter revoking that immediately. Their address is in British Columbia although they claim the laws of Malta. They are not licensed in the US anywhere. The next step they will take after the wage assignment fails, assuming you contacted your employer regarding your revocation, is to offer you a settlement of about 40 percent of what you borrowed. It would be best to take it! You may call and get an obnoxious collector but just keep referring to the letter you received.

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Shazzers I am not happy you are having problems posting but I am "happy" I am not alone. I was unable to respond to anything for hours yesterday. It seems fine today but yesterday ggeeeezzzzz I just wanted to throw my computer out the front door but I had no problems with other sites only DCC.

I do not mean to be a nudge or nooge or how ever they say it but could we start a new thread about this. I have been getting the "too many visitors" message at 5 AM Eastern time. Lets go to the pub with this please!

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