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Karmel · Posted: Fri Apr 04, 2008 4:22 pm Subject: Stressed Over Payday Loans in Missouri

I currently have 2 internet payday loans (Cash Net USA $585 & Nationwide/Ambassador $700). Both of these companies have caused my bank account to become seriously overdrawn so I opened a new account at a different bank. Nationwide somehow found out I had another account and debited my account for the fees. Thankfully I was able to get the funds back but they are now calling me at work, emailing me at work, and faxing personal information to my attention at work. It's amazing how they found out my work email, work fax # which isn't in my department, and new bank information. I spoke with both companies trying to work out a payment plan but they would not go beyond 3 payments. I have made 1 payment of $100 to Cash Net USA and I am to make a payment of $200 to Nationwide in a week. I simply can't afford this as I have 2 other storefront loans that I am also paying on. I'm not sure what to do at this point other than to go into the bank and ask for a hard debit on the overdrawn account and close my new account. Please help...any assistance will be greatly appreciated.

Posted: Fri Apr 04, 2008 5:45 pm Subject:

Hello Karmel, please don't panic, you are in the right place for good advice. You say you live in Missouri so I will post the payday loan laws for there shortly. Could you please make a list of the payday loans you have a loan with, which are store front, and which are Internet loans, how much you borrowed, and how much you have paid back so far. As soon as we obtain that information someone will be able to assist you better. As far as your new account, how did they get your account info, do you know? Is the new account at the same bank as your old one, or is it at a different bank. If it were me, I would close both accounts as soon as possible, but do NOT tell these PDL companies you are going to close out these accounts before you do it! Also, please make sure that you read the sticky at the top of this forum, regarding closing accounts, here is the link: http://www.debtconsolidationcare.com/paydayloan/close-account.html

I will be posting your pdl laws shortly. Please hang in there, either I or someone will be along to help you shortly, whoever gets to you first! Smile

Posted: Fri Apr 04, 2008 5:47 pm Subject:

Posted: Fri Apr 04, 2008 5:53 pm Subject:

It sounds like you need to send all of them a cease and desist letter, here is a link for a sample letter to give you an idea of what I am talking about:
http://www.debtconsolidationcare.com/letters/sample9.html

I would also add in that letter that you are revoking their rights to debit your account, or any wage assignment you may or may not have signed when you applied for the loans. As soon as you list more information about your PDL's, we will be able to assist you better. Smile

Posted: Fri Apr 04, 2008 5:58 pm Subject:

Oh my, Missouri's payday loan laws doesn't look like they offer a whole heck of a lot of protection for the consumers. Confused

Posted: Fri Apr 04, 2008 8:10 pm Subject:

karmel · Posted: Fri Apr 04, 2008 10:48 pm Subject:

The storefront loans are Advance America borrowed $200/amount to pay back is $235; Quik Cash borrowed $500/amount to pay back is $590. The internet loans are Cash Net USA borrowed about $400/pay back amount is $585 & Nationwide/Ambassador borrowed $400/ payback amount is $700. I'm not sure how Nationwide got my information & the new account was at a totally different bank. Am I able to still close the account with a negative balance?

karmel · Posted: Fri Apr 04, 2008 10:50 pm Subject:

yes that is the address I was given from Cash Net

karmel · Posted: Fri Apr 04, 2008 10:55 pm Subject:

oops I forgot to answer the first question...I have paid $100 by money order ro Cash Net. I have no problem paying back the money it's just I can't afford to do it 3 payments and still be able to live.

Posted: Sat Apr 05, 2008 5:09 am Subject:

karmel, CashNetUSA is considered to be licensed/legal then. They are on the Missouri licensee database. However, Nationwide/Ambassador is not. And, they found your new account information and debited? Jerks. Mine was found out by a pdl also and debited. Go figure. They must have bloodhounds sniffing people's bank accounts out. So, are for your internets, it looks like only one is "legal". Your storefronts are Advance America and Quik Cash, which are members of the CFSA. You can go to the storefronts BEFORE the loans are due and invoke the EPP. This would break down your amount owed to them into 4 equal payments coinciding with your paydates. Might make it a little easier on you if you would like to do that. Your bank account is overdrawn, correct? They won't let you close it. This is fine. You can still have a hard debit block put on it. Put a block on it ASAP so the pdls can't hit it any longer and the bank can't keep adding their fees. You can contact your legal pdl and make alternative payment arrangements with them. You can work it out to where you can pay by money order, pre-paid debit card, money gram, western union, etc... If you have any questions, just post!