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Posted: Tue Jun 19, 2007 7:32 am Subject: Question about cash advance loans

I have 2 cash loans over the internet. I have been regular customers with me. In the state of Alabama you can renew once & then have to pay back full amount the next go around. If I close my checking account what can these places do to me if I dont pay them back.

Posted: Tue Jun 19, 2007 7:34 am Subject:

You should always pay them back what you legally owe them.

What companies did you borrow from? How much? And how much have you paid so far in fees?

Posted: Tue Jun 19, 2007 8:09 am Subject:

Odds are they are not licensed. If this is the case, you can work this to your benefit. If you are paying a bunch of finance charges or rollover fees, these should go toward the principle of the loan. You would have to deduct the one rollover that is permitted by state law. What companies are you dealing with? I went through this a few years ago so I can try to help you out more. You will want to write them a letter revoking any voluntary wage assignment so they stop debiting your bank account. This is your right under the law.

Posted: Tue Jun 19, 2007 8:14 am Subject:

If you are referring to Cash Central and Cash Net USA from your other post, then they are legally licensed in your state. That means that they can sue you if it comes to that.

Since they are only allowing you to renew once, then pay off in full they are following the law. According to your other post, they are also charging you per your state's laws.

I would call them and see if you can work out more affordable payment arrangements with them. Since they can do things to collect, these two loans should be priority over the other two loans you have that aren't following the laws.

Posted: Tue Jun 19, 2007 8:18 am Subject:

the companies that keep debting my accoutn are the loan shop & big limited.

Posted: Tue Jun 19, 2007 8:23 am Subject:

Are they making you pay in full after the one renewal?

Posted: Tue Jun 19, 2007 8:29 am Subject:

no. One is taking out $90 every two weeks & the other is taking out $35 every two weeks. They have been doing this for over 6 months now. This isnt eveing going to the amount I owe. I still owe the amounts I borrowed.

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