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Posted: Mon May 05, 2008 11:18 am Subject: My Cash Now

I received this letter today from My Cash Now.. keeping in mind this is the only time I've been contacted by them since I sent my letter on the 15 of February. I should have $280.00 I owe them on the original loan... YOUR LOAN WITH MyCashNow IS SERIOUSLY DELINQUENT. IF YOU CONTINUE TO IGNORE THIS DEBT, WE WILL HAVE NO CHOICE BUT TO REFER THIS ACCOUNT OVER FOR FURTHER COLLECTIONS. This letter serves as notice that this is a payday loan, and service charges are accrued each day, until the account is paid in full.

You have been given ample opportunity to pay this loan. In an effort to maintain our commitment to assisting those in immediate financial need, MyCashNow extends this ONE-TIME opportunity to resolve your $ 1835.80 debt with our company by paying a settlement amount of $ 1089.28. Any money received less than the settlement amount in full within 3 days or calling this office with acceptable payment arrangements will not hold your account in our office. Failure to pay this settlement amount will result in your debt being reported to the Credit Bureau, which will show for a minimum of 7 years, and Teletrack Systems. If you have paid your account in full, please disregard this notice.

Please call our toll free number, 866-645-1661, if you have any questions concerning this notice. Office hours are from 9am to 6pm Eastern Standard Time. Your failure to respond to this final notice will result in the account being turned over to another source for additional collection efforts in order to protect our interest in this matter. THIS IS AN ATTEMPT TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.

YOUR LOAN WITH MyCashNow IS SERIOUSLY DELINQUENT. IF YOU CONTINUE TO IGNORE THIS DEBT, WE WILL HAVE NO CHOICE BUT TO REFER THIS ACCOUNT OVER FOR FURTHER COLLECTIONS. This letter serves as notice that this is a payday loan, and service charges are accrued each day, until the account is paid in full.

You have been given ample opportunity to pay this loan. In an effort to maintain our commitment to assisting those in immediate financial need, MyCashNow extends this ONE-TIME opportunity to resolve your $ 1835.80 debt with our company by paying a settlement amount of $ 1089.28. Any money received less than the settlement amount in full within 3 days or calling this office with acceptable payment arrangements will not hold your account in our office. Failure to pay this settlement amount will result in your debt being reported to the Credit Bureau, which will show for a minimum of 7 years, and Teletrack Systems. If you have paid your account in full, please disregard this notice.

Please call our toll free number, 866-645-1661, if you have any questions concerning this notice. Office hours are from 9am to 6pm Eastern Standard Time. Your failure to respond to this final notice will result in the account being turned over to another source for additional collection efforts in order to protect our interest in this matter. THIS IS AN ATTEMPT TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.

I know they aren't Legal in NC and I'm not sure if they are legal any where else. Any advice?

Posted: Mon May 05, 2008 11:29 am Subject: reply

let them know if they are on your credit report you will seek legal remedies.keep driving the point that they are not licensed to lend to you.do not worry about teletrack,that is a database that pdl's and rent to own places use.big deal.

Posted: Mon May 05, 2008 11:46 am Subject:

Dear Cash Now,
Be advised that you are "attempting to collect" on a debt for a payday loan that is illegal in the State of North Carolina. According to N.C. Gen. Stat. § 53-173, payday loans are not allowed in the State of North Carolina. Any further implications or action that results in this illegal debt being reported to any of the 3-major credit bureaus is an underhanded violation of the Fair Credit Reporting Act (FCRA). You will leave me wth no choice but to swiftly seek legal counsel and Cash Now will be placed in a position to validate the legality of this debt along with the claim that "services charges are accrued each day".