Cash Spot

pepsi, is this the one you're dealing with?

American Consumer Credit LLC
42 Reads Way Ste 124
New Castle, DE 19720

I am also carrie0530. I am havin problems logging on as carrie0530.
I think that's the one cannr. Cash Spot aka American Consumer Limited. When I took the loan the finance charge was 37.50 every two weeks. After the first payment it jumped to 75 every two weeks. They said the 37.50 was a "promotional" thing. I told them I looked through my paperwork and didn't see anything about that. Their reply was basically - oh well.
I am expecting a call from them any minute, since I foolishly agreed to pay them something on Friday via moneygram and I just don't have the money.
I am going to demand a physical mailing address so that I can send a money order.
And then I am going to send them a C&D as well as close my bank account.
Has anyone else dealt with them?
Regarding Cash Net:
Today I got an email that my extension was approved and would be deducted from my account tomorrow. I already sent them a letter revoking ACH withdrawl and told them that on the phone as well. And I never applied for an extension.
Plus I never authorized them to take money out on any day but my paydays.
I feel a knot in my stomach.

Update: Cash Spot just called (I knew they would and Mr. Brown was suprisingly nice). I told him I couldn't pay the 50 we had agreed upon but that I would try to send something if he would give me a physical mailing address and he did in KS. That's 3 states for Cash Spot. He seemed understanding and said they could tack the 50 I was supposed to pay Friday to the end of the payment schedule.
They want me to pay them $395.00. I borrowed $300.00 and have already paid 103.46 in finance charges. I am not good with Math, so if someone could help me I would be greatful. Given that I live in Florida and they are out of DE, KS and/or MO how much do I legally owe them?

Carrie, Am I correct in reading you have not closed your bank account yet? The pdls will debit even if you rovoke your debit authorization. The only way to stop them is to close the account or atleast place a debit block on the account so no money can be taken out. Please take care of this immediately or they will try to take the $$ out tomorrow.

Carrie, here is what FL law says a pdl can charge.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Yep, I am going today to close my account. I am worried because I still have one outstanding check from about 2 weeks ago. Sheesh I don't know what's taking so long for that check to be deposited.

If you still have outstanding checks, you can atleast have the bank hard debit block your account. When i closed my account I told the girl that I had outstanding checks and debits, I just listed who they were to and the amounts and left the bank enough money so that the checks could get paid. Please go do that asap. Also be sure the account can not be forced open once you close it.

Thanks Roxy, I am waiting for someone to relieve me at work and then I will be on my way. I am nervous.
The way I am reading the finance charge for Florida is I owe Cash Spot $345.00 minus the 103 I already paid. But how do the apr and finance rate and fees fit into that?

pepsi, the pdls have to be licensed in Florida to be considered "legal". If they are not licensed in Florida, then they will not be considered licensed/legal. If this is the case (that they are not licensed in Florida) then you would only owe the principle amount of the loan (what they actually deposited into your account). So, if Cash Spot is not licensed in Floria, you should only owe them $300.00. If you've paid $103.46, then you would only owe $196.54. That's IF they are not licensed in Florida. :wink:

I checked the FL database and neither Cash Spot nor American Consumer Credit are licensed (as far as I can tell), so she will only owe the $196.54.

Thanks, roxy! Gotta love the unlicensed pdls! Nothing like asking for the principle amount PLUS more without even taking into consideration the payments that you've made! :shock:

Thanks Roxy and Cannr!
I closed my account and reopened another. My credit union has assured me that the accounts will not be connected, so I am keeping my fingers crossed.
CashNet is the company that has emailed that they are going to hit my account tomorrow. Should I call them or wait for them to contact me? I called them a few weeks ago revoking permission for ACH as well as sent them a letter. Their email reads like nothing happened. What would you all do?

pepsi, is this CashNetUSA (a licensed pdl) or just CashNet? Big difference. However, regarding your email reminding you of your debit, many pdls will totally disregard your letters revoking debit authorization. Aren't they great? So they continue to attempt to hit your account. It will take them a bit to see that the debit has been rejected. Then they'll contact you saying "We didn't recieve your payment." It's all computer generated. However, is this CashNetUSA? Or the "other" Cashnet?

Cannr, It's CashNetUSA. So far no calls. Though, everytime the phone rings I jump. Do you know if CashNetUSA will give me a physical mailing address? I am also going to file a complaint against ameriloan. Any advice on what to do first?

CashNetUSA is going to be licensed/legal. They are one of the legal ones, which is why I asked. ameriloan is not licensed/legal. If you want to file complaints against them, you will need to file with the BBB (www.bbb.org), the FTC (www.ftc.gov), and with your state attorney general. I just did a google for "my state" attorney general and the site came up. You can file on line with the BBB and the FTC. Your state AG, I'm not sure, as each state is different. Some you can file on line and others you have to download the form to fill out and mail back in to them.

Thanks Cannr. I just got a call from a 800 number. They left a message saying it was Able from Lexington Law Firm with information about the papers I requested. I haven't requested any papers. Do you think this is a PDL thing?

pepsi, who the heck knows! But I'm extremely paranoid. I wouldn't call that number back. And I wouldn't respond to anything until they left more information regarding what in the world they are talking about. No way!

Did a little research.... :wink: Lexington Law Firm, according to posts onthe site is a "credit repair" company. Now that I am thinking about it I get junk mail from them quite a bit.

Trying to suck pepsi in with "regarding papers requested". Lordy. Give me a break. :shock:

:lol: :lol: @ "suck pepsi" ...no pun intended?

LOL!!!! They called again and left me a message at work. This time it was Pete. I'm paranoid, too.
I hope they are off tomorrow....on the other hand it doens't matter - because I am! haha
Happy Thanksgiving to all! I am "thankful" for the help and support I have found in this forum.

Happy Thanksgiving to you too. Enjoy a quiet day.