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Sarah R. · Posted: Tue Apr 03, 2007 5:10 am Subject: Sonic Cash : Any Success Stories?

Has anyone had any success with having Sonic Cash close out your account "PAID IN FULL"?

Thanks,
Sarah R.

Posted: Tue Apr 03, 2007 4:11 pm Subject:

Sarah, Sonic is a very tough place to get your account marked paid in full. They are an illegal business and will always try to withdraw from the account. You need to be aware of your rights and stop them from getting your money, especially if you have already paid their principal loan amount. How much have you paid so far?

Sarah R. · Posted: Wed Apr 04, 2007 3:48 am Subject:

I took out a first loan with them for $300.
I paid them back $490, which is $148 over what Michigan finds legal.

I took out a second loan with them to make up for how far behind I was on the first -- BIG mistake -- this loan (which is in default now because I closed my checking account) is for $400. I believe the fees should be 72 in Michigan for this loan. I have paid them $180. And after taking that overpayment that I paid on the first loan, in my mind, I only owe them $144 legally.

I had this all written out and I've faxed it to them and mailed it, and emailed it. They refuse to accept $144 to close out the account as PAID IN FULL. I am thinking about just using a prepaid debit card to authorize them $144 in a "payment plan" (in their minds) -- close out that debit card, and then document the whole thing showing that my obligation to them is done.

Does that all make sense??

My only worry is they sending this off to collections and reflecting poorly on my credit report, but if they are illegal.... well, what can I do???

Posted: Wed Apr 04, 2007 5:29 pm Subject:

Sarah, be sure that you know the charges legal in your state. You must calculate all the charges thoroughly and don't pay any excessive amount. I will also not want you to make the payment using your debit card. Is there any other way to get the payment done? Like a money order etc..

Sarah R. · Posted: Thu Apr 05, 2007 4:06 am Subject:

They want moneygram --
Bleh.
I am not paying moneygram -- the fees are horrible.

John D. · Posted: Tue Apr 10, 2007 7:53 am Subject: Sonic Cash

Sarah, did Sonic Cash disclose their fees to you? Did you agree to the terms? It seems to me that you had a choice on whether to use their service or not.

Guest · Posted: Tue Apr 10, 2007 8:01 am Subject:

As I've already stated, they have agreed to take off all fees and just require me to pay the principle in four payments, which is fair. But, they should still be following the laws of the state in which they are providing loans to -- that is, following Michigan laws to MI customers, Idaho laws with Idaho customers. I did not know this when I used their services that it was illegal of them; if I had known they were illegal in that regard I WOULD NOT have done business with them. In the future, I will only use thes services of PDL companies that are allowed to do business in my state.

Posted: Tue Apr 10, 2007 8:02 am Subject:

As I've already stated, they have agreed to take off all fees and just require me to pay the principle in four payments, which is fair. But, they should still be following the laws of the state in which they are providing loans to -- that is, following Michigan laws to MI customers, Idaho laws with Idaho customers. I did not know this when I used their services that it was illegal of them; if I had known they were illegal in that regard I WOULD NOT have done business with them. In the future, I will only use thes services of PDL companies that are allowed to do business in my state.

Posted: Tue Apr 10, 2007 8:03 am Subject:

Please, this is a company that is not licensed, they charge illegal interest rates, ILLEGAL! Unless you understand the nature of how these companies operate and the illegal collection tactics operate, I'm afraid that you don't understand the nature of this issue. The contracts are written with a bunch of mumbo jumbo and double talke that is easy enough to confuse anybody and you would have to be an attorney to understand them. This company isn't legit, Sarah, I think your idea is fine. Do not allow them access to any of your new accounts. Pay them on your terms, IF you still owe them anything.

Posted: Tue Apr 10, 2007 8:04 am Subject:

Yes, according to what I figured out, I still owe them about $250 according to MI law. I am going to pay them that much and then demand paid in full. I am doing that because of my own belief that I should follow what is legal in my state. I overpaid the first loan a bit (about $50), but I am going to let that go. The other companies though, I am going to fight them tooth and nail!

John D. · Posted: Tue Apr 10, 2007 10:20 am Subject:

The other companies? If you have several of these payday loans, you should really take better control over your finances. Even if they are located in your state, PDL's should be used in a limited manner.

Posted: Tue Apr 10, 2007 10:26 am Subject:

Posted: Tue Apr 10, 2007 10:30 am Subject:

I think John is filty rich. He's just trying to give us advice on how to become filty rich too. See - john was poor way back when......nevermind...

Sarah we're all here for basically the same reasons. Its just sooo horrible that PDL companies, and even collection agencies prey on those of us who've been struck with hard times. All of us know that letting our finances get like this was irresponsible, but what else could we have done??

Posted: Tue Apr 10, 2007 10:40 am Subject:

John, this forum is for people to get support with finances etc. Since you obviously have no issues in that area and have it all figured out, maybe there would be a better forum for you to visit. The reason some of us get payday loans is because we are desperate. These companies prey on that desperation.

Posted: Tue Apr 10, 2007 10:42 am Subject:

LOL

I know -- I didn't spend one of those dimes I borrowed on things for myself -- diamonds, new clothes -- it all went to my rent and gas for the car and groceries and diapers and formula -- and it was a relief to be able to get the basics for my family, but you hit a point where you take out one loan to pay for another to pay for another.

It's hard. It's embarrassing. But I'm getting out of that rut, and it's so nice to know I am not alone.

Posted: Tue Apr 10, 2007 10:46 am Subject:

I know...all I want are new shoes... LOL....

necessities necessities.....

I have a handbag that cost $800. Don't get mad at me...I bought it for myself when I was able to care for myself and my son, while having all my bills paid etc....

.....then I got married.... :-S he he he

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