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Posted: Wed Sep 05, 2007 1:37 pm Subject: Fast & Reliable Cash

Well I reached a settlement with Fast & Reliable Cash. My original loan was for $500, which I have already paid $300 in rollover fees, so I still have a $650 balance from when it defaulted. I offered to send them a $150 cashiers check on on 9-14-07, and then work out monthly payments on the balance. They agreed to that arrangement, and will not add on any late fees, NSF fees, or additional interest, they are definately making out on the the deal, since I will actually be paying $450 in interest and fees on a $500 loan, but they said as long as I make the payment, my account will be in good standing and they will not report me to collections. Since they are licensed in Utah, which has laws that only benefit the PDL company, and I live in WI, which requires us to follow the laws of the state which the PDL is licensed in, I didn't have much room for negotiation. On the upside, they were very easy to work with, and they respected my request to only contact me via email. I'll just chalk it up as a costly learning experiance. Smile

Posted: Wed Sep 05, 2007 1:48 pm Subject:

Do you have the written copy of their agreement? It is a must to have a proof of the arrangement and mentioning that there won't be additional charges added on the account in the settlement offer.

I am glad to see this company working on your terms. Hopefully, you won't miss a payment until the loan gets paid off. Make sure that you get the PIF in writing after clearing the account. This definitely turns out to be a costly learning experience.

Posted: Wed Sep 05, 2007 1:50 pm Subject:

I am glad they were willing to work with you. I have three that are working with me. One is harrassing me. The other 4 have disappeared at least for the time being. I am concentrating on paying off the ones willing to work with me first then I will tackle the others. It amazed me though that ameriloan was so quick to agree to my terms after I heard all of the complaints on here that they were harrassing them. I guess they pick and choose who they want to be nice to and who they want to aggravate. Now their sister company 500fastcash told em that they would no longer respond to my emails and then I haven't heard a thing from them since.

Posted: Wed Sep 05, 2007 1:51 pm Subject:

Yes, all correspondence with this company has been through email. I have saved all the emails, I guess I should print it too, just in case the computer crashes.

Posted: Wed Sep 05, 2007 1:57 pm Subject:

Yeah, I guess you just never know how they are going to respond. I haven't really been hassled yet by any of them. Although Crown Lending informed me they sent my account to Westbury for collections, which is fine with me...They are located in the Bahamas, so I doubt they are licensed anywhere in the states. I will just sent them a debt validation letter when the contact me.

Posted: Wed Sep 05, 2007 2:03 pm Subject:

Email is a good proof. However, you can request the company to send the settlement deal in their company letterhead. If there is a dispute later, their letterhead will be an evident proof about the deal.

Posted: Wed Sep 05, 2007 2:06 pm Subject:

That's a great tip fatb88! Thanks!

Posted: Thu Sep 06, 2007 8:52 am Subject:

fatb88 is right- get that letter!!

I mad that mistake, and not only did not receice a letter, like they said I would, but they didn't contact the credit agencies either!! I learned that one the hard way!

Good Luck..Karen Very Happy

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