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 Posted: Wed Jun 20, 2007 3:12 pm Subject: Urgent Cash Advance |
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I just defaulted on this loan last Friday. I received this e-mail belpw today. Turns out they are liscensed in WI. How long do I technically have to make this payment?
| Quote: | "We are writing to inform you that your ACH DEBITS in the amount of $60.00 has been returned from your bank Account Closed. Demand is hereby made for the total amount of the ACH returned, plus NSF fees of $15.00. The total owed is $435.00. Attempts to contact you at home and work have been unsuccessful.
To avoid any further legal action and to preserve your credit rating, we request that you forward a cashier’s check or money order payable to Urgent Cash Advance, immediately to the address above. In order to assure proper credit on your account when paying by mail, please include your account number as listed above. Pleased be advised that passing a check, even if electronically, on a closed account is a criminal act. Urgent Cash Advance, Inc. will consider any legal recourse available to protect it's rights, as outlined by the laws of your state.
If you have any questions, please feel free to contact me at (866) 333-7430. You may also e-mail me at jlong(at)urgentcashadvance.com. I will contact you within 48 hours. " |
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jcornell
Joined: 04 May 2007
Posts: 49
Debtcc Points: 1510
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| Posted: Wed Jun 20, 2007 3:25 pm Subject: |
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It is not a criminal act in this case . . . Defualting on a loan is not illegal. They are just trying to scare you.
Since they are licensed, and they normally follow the law, call them and see if you can set up payment arrangements. If they say no, just send them a MO every month with a letter outlining your plan on paying them. They will cash it. Save copies of the MO's and letters, so that way if they ever try to take you to court, you will have proof that you've been making regular payments to them. But odds are they won't take you to court when they are getting money every month from you.
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goudah2424
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Joined: 31 Oct 2006
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| Posted: Wed Jun 20, 2007 3:26 pm Subject: |
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If this company is licensed in your state and following the laws, then you should give them a call and work out payment arrangements. I don't feel they will take you to the court for such a small amount, but if they are legit, they will stand strong on you. Get this one sorted out with the company.
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FlyingCats
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| Posted: Wed Jun 20, 2007 4:02 pm Subject: |
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I was able to work out payments but he would only give me 2 pymts within 45 days. I already agreed to it but I worry if I can stick to it.
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jcornell
Joined: 04 May 2007
Posts: 49
Debtcc Points: 1510
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| Posted: Wed Jun 20, 2007 4:05 pm Subject: |
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Send them what you can if you get in a bind...the most they can do is take you to civil court. This is not a criminal act!
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Leah
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| Posted: Wed Jun 20, 2007 4:17 pm Subject: |
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They like to try to scare you by telling you that you passed a bad check which makes it a crime. No judge in the world is going to look at an online payday loan as a bad check like they would if you went to a store and intentionally wrote a bad check to them in exchange for merchandise.
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Sassnlucy
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