New in MD
Date: Wed, 02/27/2008 - 06:48
Submitted by william.jones2007
on
Wed, 02/27/2008 - 06:48
Total Replies: 8
Somehow after my wife had cancer and we had to file for bk 7 we got sucked into this whole thing!
We only have online pay day loans and just with three of them we are paying almost $800.00 a month just in fee's.
We really really need help!
Company Owe Paid
payday-loan-yes.com $455.00 $105.00
magnumcashadvance.com $562.00 $246.00
cashnetusa.com $378.45 $154.00
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I found out these companies are running illegal in MD. I am moral and will pay them WHAT WE took plus what the legal rate of a loan is in the state of MD.
What are my next steps? I get paid on the 29th so I need to stop these before they take another dime from me!
Cash Net USA is a legal lender in MD - They are not a payday len
Cash Net USA is a legal lender in MD - They are not a payday lender, they are a CSO. This means that loan will have to be paid off. Federal law allows fees charged by CSO's to not be considered as interest. Technically, Cash Net USA is only charging you 24% interest, the rest is a fee, which cannot be added into the interest calculation. It's a crappy way of avoiding the law, but 100% legal.
The other two companies are illegal.
Thanks so much for the quick reply. I wouldn't mind paying off c
Thanks so much for the quick reply. I wouldn't mind paying off cashnetusa if I could rid myself of the other two. I will work on what to do/what to say when I call them later. Any suggestions?
First off, you have to close/protect the bank account. There is
First off, you have to close/protect the bank account. There is info in this thread:
https://www.debtconsolidationcare.com/paydayloan/close-account.html
Make sure the account is protected. Don't take no for an answer.
Don't call them or talk to them until the bank account is protected. Otherwise, there is a good chance they will go in and take out what they can now.
Once you have the account protected you will need to send them letters, certified mail. Also, you will need to file complaints against these companies.
TY so much. I am waiting on the phone to talk to the bank now. I
TY so much. I am waiting on the phone to talk to the bank now. I will be sure to search for a letter to use later so that I can send those out too.
If your other PDL's are internet sites, I'd urge you to contact
If your other PDL's are internet sites, I'd urge you to contact the address on this website for the Maryland Commissioner of Financial Regulation. I live in Maryland and they've been helping me through the PDL mess. (Be sure to have all of the information re. your PDLs including amounts owed, etc. when you contact them). Good luck!
That's a good idea - The other 2 companies are nasty to deal wit
That's a good idea - The other 2 companies are nasty to deal with and having some muscle from the state to help you is a wonderful thing.
I went to the bank today and put my account as a dep only. I
I went to the bank today and put my account as a dep only.
I am going to keep that account open only until my wife and I get paid then I will move to closing the account.
The bank manager was very helpful! I am starting to work on the cert letters I need to send not sure what to say is there any generic drafts that I might be able to use? What do I say?? ANY help would be GREAT!!
Here is a generic letter - But there are better letters out ther
Here is a generic letter - But there are better letters out there. More legal sounding . . . But this is a basic one:
