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PLEASE HELP!!! NATIONWIDE CASH.COM/AMBASSADOR

Date: Fri, 01/11/2008 - 13:08

Submitted by anonymous
on Fri, 01/11/2008 - 13:08

Posts: 202330 Credits: [Donate]

Total Replies: 18


I have a payday loan through NationwideCash.com (AKA Ambassador) and they have scared so much that I don't know what to do. My original loan was $500. I paid the fee of $125 twice and on the third payment, because there was not sufficient funds, it was sent back by my bank. I have since closed my account to avoid any further fees. I honestly thought that if I called them, they would be willing to work with me. But when I called last week and offered $100/month, they refused. They want the balance (now $780) paid off within 90 days. I just can't do that. A rep called today and said that I commited fraud and that unless I sent a payment, they would pursue further action. I also made the HUGE mistake of taking this loan out through my computer at work on my lunch break. Today, the rep from Nationwide told me that because I did that, THEY CAN INVOLVE MY EMPLOYER IN THE FRAUD INVESTIGATION & SUE MY EMPLOYER IF THEY WANT. This is crazy. If they call me employer about this, I will lose my job. Not to mention the embarrassment this will cause. I told the rep to not contact my employer at all. He hung up on me. An hour later, a co-worker brought me a fax from our work fax (which is a shared fax in our office) and it was a letter addressed to me from Nationwide (signed by the same rep I spoke to an hour before) showing that my payday loan was in default and how much and everything. I was so humiliated. I called Nationwide back & asked for a manager. When I told him that by law he can not contact my employer if I tell him not to and that sending that fax was harassment, he told me that he was going to file crimial charges against me TODAY and that he was going to contact my employer today personally.
I am freaking out so bad. Part of me believes that these are idle threats, but how can I know for sure?
I know this is a long email, but someone pleae help me. I can't get arrested can I? I have never done anything criminally in my life & I did not intend to not pay this - everything just kind of fell apart.
I tried calling the New Mexico financial division listed, but there was no answer. I know they are based out of NM because the address on the letter they faxed me is Espanola, NM.
Can they press criminal charges against me?
Can they really involve my employer?


Send them a certified letter telling them to cease and desist from contacting you at work. File a complaint against them with the FTC the Attorney General in there state and yours for harrassment. They can't file criminal charges. Are you in New Mexico or are they. They are trying to scare you. They must be real proud of themselves for intimidating you. Jerks! I think I read somewhere where they are already being sued in certain states. I will try to find thainfo. For now try to relax and enjoy your weekend. You have come to the right place. We are here to help


lrhall41

Submitted by Frogpatch on Fri, 01/11/2008 - 13:15

( Posts: 5381 | Credits: )


They are lies! They are trying to scare you into paying more then you owe.

It's not a crime to use your work computer to get a loan. They are trying to intimidate you into paying what you can't afford.

To save some embarrassment, I'd recommend telling your boss and coworkers that your ID was stolen and someone took out some shady payday loans with your name. That way it won't look so bad on you.

They are licensed in NM.

They cannot file criminal charges against you, and they cannot hold your employer liable. I had one of those clowns tell me the same thing. I just laughed. They are hoping the embarrassment will make you starve to pay them off.


lrhall41

Submitted by goudah2424 on Fri, 01/11/2008 - 13:18

( Posts: 7935 | Credits: )


I live in TN and I really appreciate your replies. I will never ever take out another pay day loan again. This has been so stressful on me. I have spent have the day in tears. I can't believe people like that can do this. Especially when I have tried to set up some sort of payment arrangement with them.
I absolutely know that I owe them and will pay them back the principal, but I just don't understand how these people live with themselves. They have put me through so much just today.
I stumbled across this forum trying to find out info on this place & I really appreciate the information I am getting. Thank you.


lrhall41

Submitted by on Fri, 01/11/2008 - 13:25

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Here's some info about TN's payday loan laws (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


Email to and from TN Banking Dept

Hello,

I'm trying to make sense of the payday loan laws in Tennesse. How would I go about calculating the allowable interest?

Thanks!

Response

From: Steve Henley
Sent: Friday, March 02, 2007 1:08 PM
To:
Subject: Re: calculating pdl interest

Dear Ms , technically it is not an interest rate but service fee and this is how it works. The fee cannot exceed the lesser of 15% of the check amount or $30. So if you have a check amount for $100, the service fee would not exceed $15 (15% x 100). Keep in mind the fee is on the check amount, not cash amount. If the consumer requests $100 in cash, the check amount would be $117.65. The check amount of $117.65 x 15% equals $17.65, and cash is $100 ($117.65 - $17.65 = $100). If the customer asks ... "how much should I write the check for if I want $50?"

You can back into the check amount by taking $50 and dividing it by 85% or .85. In other words $50 divided by .85 = $58.82. You can verify by multiplying $58.82 x 15% = $8.82 service fee. $58.82 - $8.82 = $50.

Remember the service fee is limited to $30 on all checks exceeding $200.

I hope this helps but please let me know if you have other questions.

615-532-6993 Steve Henley

Reply:

Hello,

Can you tell me if internet based payday lenders with no physical location in TN need to be licensed by TN to lend legally? Or would they only need to be licensed by another state? And which state's laws would they need to follow?

Thanks!

Response:

From: Steve Henley
Sent: Monday, August 27, 2007 8:12 AM
To:
Subject: Re: Internet Payday loans

Dear Ms , our statute does not address internet activity, but to obtain a license from Tennessee the entity must first have a physical location in this state.

Please let me know if you have other questions.

615-532-6993 Steve Henley

What does this mean?

They can charge 15% of the face value of the check in fees.

Rollovers are not allowed.

Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in.


lrhall41

Submitted by goudah2424 on Fri, 01/11/2008 - 13:29

( Posts: 7935 | Credits: )


You will find the Payday loan laws forNew Mexico here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


Emails to and from the banking dept:

Hello,

Can you tell me if internet based companies that don't have a physical location in NM need to be licensed by NM to lend legally? Would they need to follow NM laws? Any information you can give me about payday lending would be much appreciated.

Thanks!

Response:

Dear ,

A consumer can only have payday loans totaling 25% of their gross income at one time. There is currently no cap on interest rates or rollovers.

Any person engaged in the business of lending in amounts of two thousand five hundred dollars or less
must obtain a license from the Director of the Financial Institutions Division. This includes Internet lenders.

If you have any other questions let me know.


Henry A. Vigil
Consumer Industry

What does this mean?

There are no interest rate caps. They can charge what they want.

There are no limits on rollovers.

Internet based companies must be licensed by NM to lend legally.


lrhall41

Submitted by goudah2424 on Fri, 01/11/2008 - 13:36

( Posts: 7935 | Credits: )


I took the loan out in november 2007. I have paid the finance chrg only of $125 twice (1 per pay period) but was not able to pay the 3rd one. I have another loan through paydayisland, but they were incredibly nice and had no problem setting me up on a payment plan that was reasonable.


lrhall41

Submitted by on Fri, 01/11/2008 - 14:47

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