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csunshine

I had a payday loan with Magnum Cash Advance (huge mistake obviously). The loan went to collections (NSB) and the collection agency has been charging my debit card every payday. I have paid more than the principal and interest allowed in my state (TX). Is it possible to now try and settle with Magnum, or must I deal strictly with NSB? Magnum doubled the amount owed when they sent to NSB and interest is still piling on. Is there anyway out of this since I have paid what was legally owed?

Posted: Sun Jul 15, 2007 11:09 am Subject:

I would suggest sending a letter to Magnum Cash Advance stating that your payday loan laws in TX, and let them know you have paid was is legally owed, if that is the case. Also, is there some way you can stop NSB from debiting your account as well? You can file complaints with the BBB, FTC, DFI, and AG's office if Magnum is uncooperative. I had two ipdls that went into collections and one I was able to resolve with the original company even though it had gone to collections and after sending them an email and filing complaints, they marked my account PIF and contacted the collection agency to close out my account. The other place I sent a cease and desist to the CA and debt validation letter because I wasn't hearing any response from the original pdl company, and they left me alone.

Posted: Sun Jul 15, 2007 2:44 pm Subject:

Since you have satisfied the principal and interest for your state, and Magnum doubled the amount you owed, I would also suggest having your bank blocking the debit that NSB keeps taking.

Posted: Sun Jul 15, 2007 3:44 pm Subject:

i do have some letters that ou can send to magnum.. just taylor it to your needs.. also i would send a cease and disist letter to the collection agency and deal with magnum directly.. pm me and when i get back to work tuesday ill send u a letter.. good luck