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#17
07-13-2007, 10:21 AM
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Good job! Keep us updated on your progress!
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#18
07-13-2007, 10:32 AM
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awesome
This is great! You guys are on the ball, goudah! At least a new law has come out and it's BEFORE the date of the loan! Hopefully you can get that amount reduced to the new state law maximum. Oregon is getting on it! Good news to you!
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#19
07-13-2007, 03:51 PM
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just got a email from charles donald and this is what he said about cashnetusa
If you signed the paper for your loan before July 1, 2007, the lender may comply with the old law. If you received a new loan or rolled over your loan after July 1, the new law applies. Let me give you an example or two: Let's say you borrower $100 on June 25, 2007 and the fee was $20. You gave the lender a check for $120 and your loan was due July 10, 2007. On July 10, you must pay the $120 to pay off your loan. However, let's say you talked to the lender and the lender allowed you to roll your loan over on July 10 rather than pay the loan in full. You would pay the $20 on July 10, and the lender must reduce the rate on your renewed loan to a maximum of 3% per month or 36% per year. Was your loan due on July 3? If the loan was due on July 3, and CashNet collected $87.50, it sounds to me like Cashnet gave you a rollover. Your interest rate sould be reduced to 36% per month or you would pay $360.70 on August 3, 2007 to pay your loan in full. $350 Principal and $10.70 interest. I need to look at the paperwork to be sure of my figures. Charles C. Donald Supervising Examiner (503) 947-7844
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#20
07-13-2007, 03:53 PM
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forgot to add that i emailed him my loan papers too
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#21
07-14-2007, 05:06 AM
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your side
Oh, I'm so glad you've got someone "on your side". You are right in this. And so is this guy. It's always such a relief to hear it from someone that these places are WRONG! You go!
 And keep us posted as to the status of it all!
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#22
07-14-2007, 10:23 AM
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Charles Donald was super helpful for me too . . . . And it looks like they are breaking the law! I would be surprised if once Cashnet USA realizes this they don't change your amount owed pretty quickly . . .
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#23
07-17-2007, 07:11 AM
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i just called cashnetusa to see what my final payoff would be. she had to check with her manager and she came back on and told me it would be 350 instead of 437 and it would be pif. i told her good because i would no longer be doing business with them and i hung up. sounds like they arent taking the 87.50 fee.
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#24
07-17-2007, 07:20 AM
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Good! That is great news!
Knowing the laws just may have saved you $87.50!
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#25
07-17-2007, 08:03 AM
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thanks to you goudah i wouldnt have kown what to do
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#26
07-17-2007, 08:09 AM
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I"m glad I could help!
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