Internet's first get-out-of-debt community - 129,000 members

Posted: Wed Apr 09, 2008 10:46 am Subject:

HI momof-
I owed CashnetUSA $300 (loan for $255, fee of $45). Here is what I sent them. IRONICALLY...I didnt get around to paying them as I had proposed and they sent me a settlement offer of $150 to PIF.

I understand that I have an outstanding payday loan of $300 which includes the principal balance of $255, plus the $45 loan fee. At this time, I am proposing to pay CashnetUSA $150 on XXDATE and $150 on XXDATE via money order.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of California.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I expect a response from your company no later than DATE regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by DATE, regarding this matter by US Postal mail or by email only.

NAME

Cc:
Better Business Bureau
Federal Trade Commission
California State Attorney General

Posted: Wed Apr 09, 2008 11:14 am Subject:

Something weird is happening with this thread for me. Whenever I go to look at the last page of the thread it shows me as signed out and I can only see my last post from yesterday. I know Volleyballmom has since posted but I cannot see it. But if I go to page 6 of my thread it shows me as logged in. Should I start a new thread?

Posted: Wed Apr 09, 2008 11:14 am Subject:

nevermind, now that I posted I can see the response!

Posted: Wed Apr 09, 2008 11:15 am Subject:

Hit the refresh button on your web-browser...no need to start a new thread. Smile

Posted: Wed Apr 09, 2008 11:24 am Subject:

Thanks volleyballmom! I will get them to them via email first and then mail it!!!! Now another question for you or anyone that has an answer. I received a rather nasty email from E-Payday-Loan yesterday. It states that I am severely delinquent and I must call within 5 days from the date of the email to make payment arrangements. If I don't they will report me to several consumer credit reporting agencies. They say for example, Teletrack. Here is the question part. I have sent them a letter and an email. I do still owe them $210. My original loan was for $300 and to date have paid $90 in fees, so now what do I do? They seem to be ignoring my email and the letter has not gotten there yet.

Posted: Wed Apr 09, 2008 11:43 am Subject:

This will be one of many "threatening" form emails tht you will receive from the PDL's....Teletrack is not a credit bureau, but a database that will prevent you from taking out another PDL or getting furniture at a RentaCenter....big deal.

Posted: Wed Apr 09, 2008 11:45 am Subject:

Just be prepared to stand your ground, and pay them the balance when you can.

The PDL's will draft up many "official" looking and sounding emails to scare you....we have all gotten them.

We are here for you...just come back anytime you want to run anything by, or just vent. Its gonna be a tough process fighting with some of these PDLs' but you have our support.

Posted: Wed Apr 09, 2008 2:29 pm Subject:

VBmom, thank you! Should I reply to that email with my letter? And when I do have the money to pay them, how do I do that? Even though I know they can't do anything to me it is still nervewracking to get these calls and emails. I am so happy that I found this forum! It is so good to know that I am not the only one going through this and that many people have gone through it and made ite through okay!

Posted: Wed Apr 09, 2008 2:46 pm Subject:

Posted: Wed Apr 09, 2008 3:19 pm Subject:

Again, thank you Vbmom! It seems like I am saying alot of thank you's lately! I do really appreciate every bit of help I have gotten here! Very Happy

Posted: Wed Apr 09, 2008 3:22 pm Subject:

You are so very welcome....anytime. Very Happy

Posted: Thu Apr 10, 2008 10:32 am Subject:

Does anyone know who Apollo Group is? I keep getting phone calls from them and they don't leave messages. None of my pdl's were directly from them as far as I can tell. Confused

Posted: Thu Apr 10, 2008 10:54 am Subject:

Another question as well. I receieved the following email from Loan Shop. I had a $500 loan with them, to date I have paid $450 in "fees". I believe I only owe them $50, how do I respond to this letter?

Dear Momof1:

YOU HAVE AN OUTSTANDING BALANCE - REMIT PAYMENT IMMEDIATELY

Your loan with Loan Shop Online is detailed below. Send payment by one
of the means detailed below or contact me at 1-888-265-5074 to avoid
further collection activity.

Account # Balance Fund Amt
XXXXX $650.00 $500.00

Your payment can be made via MoneyGram or electronic withdrawal! Call
today to discover the payment plan options available to you.

Sincerely,

Yolanda Rue
Account Manager
Loan Shop Online

PS --- You can pay your account today via MoneyGram. Call
1-800-555-3133 for a MoneyGram location near you, or search online at
www.moneygram.com:

Receive Code: 4959
Pay To: LTS Management
Wilmington, DE 19803
Acct #: 415035

Posted: Thu Apr 10, 2008 10:56 am Subject:

Mom, I would reply with the original letter you sent. Add a note that you have alread told them this and the letter they sent you is not correct and does not follow your state law.

Posted: Thu Apr 10, 2008 11:32 am Subject:

Now I have a really nice offer from MTE too. NOT! They are offering to settle with me for $250 and waive all the finance and collection fees. The thing is I took out a loan for $400 and have to date paid them $945. Once they have this $250 they are then willing to mark my account PIF. Obviously, I am not going to send this.

[/quote]Based on the information supplied in your complaint, it is evident that the information derived from some sort of form or template, as it does not apply to your particular loan. It is strongly advised that consumers do not fall prey to the contributors of this type of information, as it is not always true, nor does it apply to every circumstance. Often, the information actually incriminates the consumer for not abiding by the laws of the state that they live in. Additionally, any contradiction to a consumer’s signed loan agreement can actually put them in default. While it is appealing to a consumer to find what appears to be an "easy way out" of their debt, there is no such thing if the debt is substantiated by a legal, signed contract. Using information containing legal jargon that you have not actually researched in an attempt to threaten a company into writing off a balance that you know you owe can actually be harmful to you as a consumer.

The money was lent to you by our company in good faith with the understanding that you would abide by the terms detailed in your loan contract, just as we upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to you, the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute.

Upon review of your account history, you clearly knew all terms and conditions of your most recent loan, as you have been approved for loans many times in the past and have applied on many occasions for additional lending. We have all legal contracts that you e-signed, thereby agreeing to the terms and conditions of the loan(s). Having had loans in the past for which the terms were exactly the same, claiming not to have understood the terms of this loan can easily be disputed, as you were not coerced in any way by our company to reapply and did so on your own. It is highly unlikely that a customer would return to a company for additional lending if they had been unsatisfied with the service the first time.

Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account from this date forward.

Due to the fact that you are clearly in a situation that led you to use any information that you could obtain in an attempt to relinquish your debt with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your loan and settle for complete payment of the principal balance owed. It is our hope that this will ease some of your financial burden, as well as avoid further collection efforts that would inevitably ensue should you default on your loan agreement.

Posted: Thu Apr 10, 2008 11:44 am Subject:

Blah, Blah, Blah, Blah...what I am confused with is this....

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