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 Posted: Tue Aug 05, 2008 8:44 am Subject: MyCashNow in Texas |
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I need help with my cash now. Are they legal in Texas? I took out a 1000 loan in July. I extended it in August and paid 399 and another 399 is due on August 29th.
I do not want to default on my loan because I can't have them calling my work or home. I am wiling to pay it off but what are my legal options?
Please help!
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HelpPlease
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| Posted: Tue Aug 05, 2008 9:21 am Subject: |
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I do not believe that MYCashNow is legal anywhere. Are they still debiting your bank account?
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llw1995
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| Posted: Tue Aug 05, 2008 9:31 am Subject: MyCashNow in Texas |
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Yes, they debited my account on the 1st and planning another debit on the 29th.
I am not sure how to move forward. I can't close my bank account. I don't want to default either, I just don't want to pay a 800 fee on a 1000 loan!
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HelpPlease
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| Posted: Tue Aug 05, 2008 11:01 am Subject: |
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The only way to put a stop to the nonsense is through your bank account. With these two "fees' you will have already paid $798.00 towards a $1000 loan. Thankfully you have some lead time before they will be debiting your account again. Have you drafted a C and D letter? Credit Protection Depot strong arms for them but it seems that there is an issue of late getting email, or snail mail to them. You could call 1-866-645-1661 or fax the C and D to them at 1-866-645-1662. I see that your state laws have not yet been posted but someone will be along shortly to help you with that. Hope this info is helpful. Hang tight.
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llw1995
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| Posted: Tue Aug 05, 2008 11:53 am Subject: MyCashNow in Texas |
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Hi,
Honestly, I am kind of scared to send them a C and D letter. Doesn't that mean that I am defaulting on my loan? I don't want them to send it to a credit agency. OR worst they debit the full amount from my bank account, which would really put me in a hole.
I know they are illegal to operate in Texas or anywhere else for that matter. So should I call them a couple of days before the next payment and tell them that I just want to pay the principle and set up a EPP?
Any advice?
llw1995, thank you for your help! I really appreciate it.
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HelpPlease
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| Posted: Tue Aug 05, 2008 12:00 pm Subject: |
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If you say anything about not paying according to the terms of the contract, they will most likely debit your account for as much as they can.
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goudah2424
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| Posted: Tue Aug 05, 2008 12:16 pm Subject: MyCashNow in Texas |
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goudah, thank you for the input. Is my best option is to call them before August 29th and tell them that I am willing to pay the principle only and set up a EPP. Do they even except EPPs? I am just so scared of them taking out the whole amount of 1399 on the 29th.  Sorry if I am being such a baby about this!
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