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 Posted: Wed Aug 01, 2007 9:13 am Subject: Magnum Cash Advance
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I need some help with this:
I took a cash advance from Magnum cash Advance In May for $739.00
I paid 325.92 and then they offered me an additional $329.13 which I needed at the time.
I paid another $205.99 and then paid in full of $682.36.
I then found myself in need again because of some other debts and re-loaned with them for $739.00. I paid 4 payments of $183.79, they again offered me an additional
$626.16. I have 6 more payments due of $242.05 to begin this Friday, I can make the first payment but I can't keep up with this any longer. It's a vicious cycle.
I reside in PA and when I looked at the Deleware PDL lending laws it states that they can only lend $500.00 at a time. How are they giving me more that that? They seem to be licensed from what I can tell.
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lynneh4136
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Debtcc Points: 100
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Posted: Wed Aug 01, 2007 9:36 am Subject:
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According the laws in PA, the loan place must be first licensed in their state before they can lend in your state. It looks like they are not following the laws of your state. Report them to the law enforcement agencies in your area. Their are many such companies who are violating the laws and making money illegally from the consumers. You should not let them go unreported.
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onelamb
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frogpatch
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Posted: Wed Aug 01, 2007 10:01 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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The only way out off this Merry Go Round is to close your checking account and request a live check from your employer. Then try to make arrangements to pay back the principal and the legal interest in a way that you can afford. You will risk being turned over to a third party collector. That is what happened in my case. I then sent a debt validation letter to the collection agency and they could not prove that they were collecting legally or did they have any payment history. So I have not heard from them in six months. I had paid them back what was legally owed them. You have at least a moral obligation to pay back the principal. But do it on terms that work for you.
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frogpatch
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Posted: Wed Aug 01, 2007 11:10 am Subject: Magnum Cash Advance
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Thanks for your advice.
Can anyone answer how they are able to lend over the $500.00 stated in Deleware law?
Actully if I go back and look at what I borrowed against what I paid to include the debit from this coming Friday it looks like this:
Borrowed:2433.29
Paid back: 2491.48
Then I would have to add the 24% interest allowed in PA, is that how it works?
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jazzy4136
Joined: 01 Aug 2007
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