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Posted: Wed Sep 06, 2006 10:59 am Subject: Magnum Cash advance

has anybody here heard of this company? are they easy to work with regarding payment arrangements?

thanks

Posted: Wed Sep 06, 2006 11:01 am Subject:

They are pretty easy to work with as long as you keep sending them money. Their finance charges, however, will continue to accumulate on a DAILY basis, so watch out. Easiest way is to pay off as soon as you can.

Posted: Wed Sep 06, 2006 12:56 pm Subject:

i have called them up for payment arrangements since i cannot afford to make the payments on the loan and they told me that they will put me in collection and that i will have to pay $498 on 09/15/06,09/29/06,10/13/06,10/31/06.. i can't pay that amount, but they said that it's what i have to pay.. any advise?

Posted: Wed Sep 06, 2006 1:04 pm Subject:

How much was your loan for?
Here's some state info for ya:

Posted: Wed Sep 06, 2006 1:14 pm Subject:

erzeke1,i think it was for $600.. what should i do about this? do i send out letters to them? sorry i'm just so new to all this stuff.. i also have some other PDL's.. AOM Internet cash, route66,paydayOK, oneclickcash,tendollarpayday.. for AOM Internet cash, i have been paying only the rollover fee for $50 and i have been doing this for quite sometime now.. should i send a letter to them that i have now been paid in full after all the payments that i sent?

thanks

Posted: Wed Sep 06, 2006 1:18 pm Subject:

Revise your state laws and know how much should be the actual charges added with the principal amount. After confirming the actual amount, send letters to the company. You will find various sample letters sent to different companies. Pick the one that suits to your situation and send it to the loan companies. You have to exercise your legal rights and claim for a refund from the companies whom you have paid excessively. This will be the right approach for you.

Posted: Wed Sep 06, 2006 1:21 pm Subject:

Go here:
http://pollyandsay.yesdebtfree.org/template-letter/

Use this template letter and fill it in using the info I sent you above.
Figure out what you've paid, what you owe if anything, and appropriate amounts for interest in your state.
Send out letters to them all.
This will take some time and some hard work, and probably a few harrassing phone calls, but if you stick to your guns you'll be able to get them off your back.
Call you AG's office, your state Dept. of Bus. and Prof. Regulation that regulates licensing and report the crap out of them! File complaints and don't stop until you've made a nuisance of yourself.
Keep on the pdl's and demand a negotiable and satisfactory end to this! Get your accounts marked paid in full.

Posted: Wed Sep 06, 2006 1:29 pm Subject:

I did a licensing search and none of these are licensed to do business in California!
Tell them to take a flying leap off a steaming pile if they give you any crapola...

Posted: Wed Sep 06, 2006 1:34 pm Subject:

erzeke1, should i close my checking account? i have not yet defaulted, except on magnum cash advance bec. of the very high payments.. i just don't know what to do now.. it's so hard having all this PDL's.. i took out this loans bec. my dad got sick and passed away, i couldn't go to work so i took out the loan to help me pay my bills, but now it's really a pain..

Posted: Wed Sep 06, 2006 1:37 pm Subject:

Close your account if you want. But if you are asked for a reason, beware that you have to say something logical for your closing the account. There should be a valid purpose so that the lender is unable to hold your move against you.

Posted: Wed Sep 06, 2006 1:39 pm Subject:

It's a good idea to close your account. I closed mine immediately and then called them all and told them. I tried to make alternate payment arrangements that were affordable for me. As in a payment once a month. When that didn't work, I started sending them letters regarding their "illegal" licensing issues and called my state's regulatory board as well as the AG's office.
If this isn't something you don't feel you can do, I would suggest debt consolidation and work it out that way.
We've all been there, don't worry. They won't arrest you and you won't go to jail or be sued by them!
The worst is some may put you into a collection agency, and you may be able to dig out that way by negotiating.

Posted: Wed Sep 06, 2006 1:48 pm Subject:

passionhunting, that is what i am afraid of.. i am so confused and stressed out now. i don't know what to do now.. i'm so scared that if i defaulted on them/ close the account that they would call my work..

erzeke1, i am leaning towards doing a debt consolidation.. i've read here that T&C is a good company.. do you know if they can work w/ me and how i can contact them?

thanks

Posted: Wed Sep 06, 2006 1:58 pm Subject:

Google T&C, you will find their website. Your consolidation company should be able to work out something for you after taking your in their program. At the same time, talk to your lenders also and let them know about your moves so that they don't create any embarrassing situation later. There is a way out and everything will work out. Keep your hopes up, don't stress.

Posted: Wed Sep 06, 2006 2:02 pm Subject:

thank you passion.. i think someone just called me from a consolidation company.. i will talk to them about it

Posted: Wed Sep 06, 2006 2:02 pm Subject:

ccastro...I pm'd you some info.

Posted: Wed Sep 06, 2006 2:05 pm Subject:

As far as closing your checking account, you migh want to do that before you inform the pdl's that you are consolidating.
They will most likely go in and start to debit full loan amounts.
They're sneaky that way!

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