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Posted: Wed Oct 18, 2006 10:45 am Subject: ?? CashNet USA - OH Licensed

I sent CashNet USA a cease and desist letter on October 2, 2006 stating I am revoking the authorization for the ACH debit and explained my situation in detail. I offered payment arrangements and told them that the checking account will not accept any ACH debits cause it is in the process of being closed etc and explained a little more. I resent emails almost daily stating I do not authorize any ACH debits and my loan was due yesterday 10/17/06 but that I have every intention of paying them but payment arrangements will be need to made that can fit what I can afford and that in way I am avoiding paying them.
Well just now I receive this reply:

Posted: Wed Oct 18, 2006 10:50 am Subject:

Mamasita...Since they are licensed, I'm afraid filing a complaint with your AG's office may fall on deaf ears. You can certainly do it, but they aren't doing anything illegal, and they are following ohio laws...I just had a chat with someone from there a few minutes ago.
It looks like you got hit with the $20 NSF fee since you revoked the debit.
I would try to work something out with them and pay them as much as you can. Unfortunately, the law is on their side this time.
The cease and desist doesn't apply to the original creditor, in this case it's cashnetusa...if they turn it over to a collector, then you can use that letter.

Posted: Thu Oct 19, 2006 7:44 am Subject:

Thanks...I offered them for the time being $50 twice a month by money order or bank check in my reply and that additional funds become available I will send but that I need an account summary after each payment towards the $810. They wanted a money gram or credit card payment which I told them no to both, I am already in debt I don't need to keep adding to it.

It sucks when your debt is higher than your income and I don't want to file bankruptcy so I am trying to work with all my creditors since the majority of debt consolidations I spoke too say they can't help me. Now I am just trying to find pt work but its hard cause my time varies each day after work some days I have to work late some days I don't but I have to stay positive otherwise I will seriously go postal on myself - if I could kick my own ass I would. LOL

Posted: Thu Oct 19, 2006 7:46 am Subject:

Don't worry, while you're chipping away at the debt, you'll be surprised how fast it will go and you'll be done...
Good for you!!

Posted: Sat Oct 21, 2006 8:01 pm Subject:

CashNetUSA (not to be confused with CashNet500) is an unusual creature for an internet lender. They have obtained licenses in most of the states where such licenses are available, only lend to borrowers in the states where they are licensed and follow local laws when they do so. Unless you can cite a specific violation of Ohio or federal law (i.e., if an overl;y aggressive collector made unlawful threats) this isn't a lender with whom an AG or DFI complaint makes sense. Having said this, all lenders have to weigh the costs of collecting on a loan against the benefits of accepting a bona fide settlement offer, including CashNetUSA. So there are ways to work out this situation amicably without accepting their proposal on a "take-it or leave-it" basis.

Posted: Sat Oct 21, 2006 8:24 pm Subject:

Mamasita21:

I read somewhere that the most anyone can attempt to debit your account if the payment keeps being rejected is three times. If they attempt more than that, you can complain to your bank. Check with them about that.

I currently have a loan out with CashNetUSA, also. They told me that the best they could do was to break it into three payments. I told them that was no help to me. They informed me, "The fees will keep increasing unless you agree to either paying it in full, in two payments or in three." I told them I just couldn't come up with it, and we basically ended the conversation on that note. Another person called a couple days later. I told her the same thing. I told her the best I could do was $50 every two weeks. She said, "Well, I can't really say yes to it, but go ahead and send it in, and they might be willing to work with you." So it'd be worth a try.

It ended up I was not even able to even do that. (That story is under the post, "Lawyer garnishing wages plus debiting my bank account." ) When another person from CashNetUSA called, I told her I couldn't possibly send anything in at this time, that 25% was going for garnishment, 20% for taxes, and the rest trying to support myself and my three sons. I told her the best I could do was after the garnishment ended, I would then be able to send $100 to $200 a month and if I had any extra before that, I would send it in. She agreed to that but told me she couldn't stop the collection calls, that those would continue, but just to tell them what I told her.

I think you would probably get farther talking to someone on the phone rather than e-mails. Good luck.

Posted: Sat Oct 21, 2006 8:45 pm Subject:

Close your account and send them money orders every month for what ever amount you can afford. As long as you are trying to make good on a debt there is NOTHING they can do but don't ignore them as this company is licensed in your state

Posted: Sun Oct 22, 2006 4:58 am Subject:

dbaker6,

I don't know if they can keep adding up additional fees per Ohio laws. PM me with more information on this one. I would send in what you can afford right now via money order. Keep proof of your payments though. It shows that you are trying to do something about it.

Posted: Tue Oct 24, 2006 8:00 am Subject:

Can they keep adding additional fees? I thought for OH they couldn't can someone provide/send me to where this information is at? Thanks.

Thanks for the informaiton everyone, it has been very helpful. My first payment to them goes out next week like I stated to them since I could not afford the total debt amount broken down into 2/3 payments. We'll see how it goes and I'll keep you posted.

Posted: Tue Oct 24, 2006 8:24 am Subject:

I forgot to ask this question. When I took out the loan with CashNet USA on 9/11/06 the agreement was through The Check Giant, LLC dba Cash Net USA but as of 9/18/06 they were bought by Cash American International Inc. The loan was due 10/17/06.

From their website:

Posted: Tue Oct 24, 2006 2:53 pm Subject:

Hi Mamasita.

I'm not sure about who you would send it to. I would call and find out. I would do as Mishele says, though - keep track of your payments. Also, they stopped tacking more fees on mine. I owe the principal plus the original interest they were going to charge (I talked to someone there today), so hang in there. If you're willing to make payments, I think they'll work with you, regardless of what they say at first.

Posted: Fri Oct 27, 2006 12:36 pm Subject:

Talked to CashNet USA yesterday and re-explained my situation and they agreed to the payment terms. I told Evon that I had email correspondence with Nicole from the collections department regarding this and that it was agreed via email to. She was really nice and that was so good to hear because I was expecting things to go South. LOL

She also explained the collection activity and how it will not stop. Meaning the collection calls even though I have a payment arrangement and if they end up selling my account whatever amount I have paid will go towards the prinicipal and no further fees will incur. Which was good to know cuz I was thinking the opposite. Now not sure when they plan on selling the account but she was just going through her speal and explaining it to me. And under the new name they are still licensed in OH, which I could not find on OH website. I just found the Check Giant name...

Posted: Fri Oct 27, 2006 1:07 pm Subject:

It sounds like you had a pleasant experience with them in dealing with your account. I'm glad to hear you were able to set up a payment arrangement! Very Happy

Posted: Fri Oct 27, 2006 5:11 pm Subject:

Yes, everyone except the first person I talked to was very nice to talk to. Expect to get the collection calls, but don't be alarmed by them. Just keep telling them what you told this person and that you had worked out an agreement. They'll note it and won't pressure you.

Posted: Sat Oct 28, 2006 4:11 am Subject:

They can't keep adding additional fees per Ohio laws so I'm glad to hear they are following this. I'm also glad they were able to work out payment arrangments with you.

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