Cash Supply

Little, Welcome. As you stated pdls are prohibited in your state, you have overpaid them. You owe them nothing and they should not get anymore money from you. You follow your state laws. Please, You need to close your bank acount to keep them from debiting any more if you have not already....Please read this about closing your account.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Once you have this taken care of let us know and we will help you with what to do next. :D

Hi, littlepuddin! Good to hear from you again! Although I hate to hear this news! As roxy stated, you owe nothing more. You have overpaid. They emailed you? You can respond to their email stating that they are unlicensed/illegal to lend to you, that you have actually overpaid your loan, and demand a refund. That should get them going! I do believe you had already taken care of your bank account so they can't debit you, correct? I'm trying to remember from talking to you before.

I did close my bank account a while back. Until I get my finances in order, I'm not opening another bank account. Just use money orders that way I don't have to worry about overdrafts (I'm not the best keeper of records.) Thanks for your help and advise. I knew I had satisfied the loan plus some but I wanted the reassurance from all of you (becasue this forum is always so helpful!) I will email them today and hopefully, they won't bother me.

Any advise on what I should say in the email?

Thanks again!!!!

littlepuddin, just send them "the letter" stating that they are illegal to lend to you. That this loan is considered an illegal debt in your state. Also tell them that you are only obligated (and they're lucky) to pay the principle amount of $300 which you have paid $390. Remind them that you have actually overpaid the loan amount by $90 and that you would be like a refund of the $90 overpayment. Then go on to let them know that you will not be paying the $240 fees that they are asking for, as these are illegal charges. Also let them know that you are filing complaints with the BBB, the FTC, and your state AG. Tell them they have until (whatever date) to respond with either a letter stating paid in full & closed or a refund of $90. They'll love that!

Thanks Cannr. I sent them an email and I've pasted it below. I didn't include everything you just said (I sent it before I read your response) but I'll wait to hear back from them and see if I'll need to be more aggressive with them. Hopefull they will "go away."


As you are aware, payday loan company's are prohibited to lend in the State of New Jeresy. Also the annual small loan interest rate cap is 30 percent annually. Regardless,
the originally loan was for 300 hundred dollars. I have paid 390 dollars back to your company which more than satisfies the loan. I have considered this loan "Paid In Full"
and I expect your company to do so as well. I also do not expect any negative reports on my credit report and/or telecheck or check systems. Below is the New Jersey law
regarding small loans for your review.

Thanks you for your time. I consider this matter closed (Loan # removed. cannr)
(name removed.cannr)

New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19.
A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator????????s Website
(www).njdobi.org/

Cash Supply wrote:



Cash Supply
Loan#: (removed. cannr)
Customer Identification Number: (removed.cannr) March 5, 2008


Dear (name removed),

It is the intention of Cash Supply to value each customer. We understand that
hardships may at times prevent our customers from adhering to repayment
schedules which is what brought you to us in the first place.
We want to help you, however, we have not heard from you. Please contact us
to discuss your loan with us. We really can help you out, we can make
arrangements that you can handle so that you can stay in good standing and no
further action needs to be taken.


Once this loan is paid off in full, you will be eligible to become a VIP customer.
VIP member privileges include:

Larger loan amounts
Lower interest rates
Promotional offers that have included American Express prepaid credit
cards and Amazon gift certificates
Streamlined application process

We would like to consider you as a customer in good standing. However,
before that can happen, the balance on your loan will need to be negotiated. By
calling us as soon as possible, a negotiation for a fraction of your balance may
be discussed with our collections team.



We urge you to take full advantage of this offer. We merely
require you to contact our collections department at
800-416-8907. Remember, payment arrangements for this
offer can be in the form of credit/debit card payments,
MoneyGram, money orders, or ACH debits.

It is in your best interest to contact us immediately regarding this matter as
doing nothing will not solve this problem.

Sincerely,
Cash Supply Collections Department
800-416-8907

This is an attempt to collect a debt; any information obtained will be used for
that purpose.

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Cash Supply, 314 North Riverside Drive, Espanola, NM 87532 – (800)416-5402

Qualified lender under the provisions of the New Mexico Small Loan Act of 1955 .

littlepuddin, your email sounds good! Just nicer than me! LOL! If they respond with something retarded, just be a bit more aggresive. Now, you know, you don't want to ruin that opporunity of being a VIP member! Good Lord Almighty!! :lol:

I know, itsn't that ridicioulous. VIP. What are they kidding! I wish something could be done to put a stop to all these payday loan companies. Everyday I look at the forum and ready everyone's stories and feel so bad for all who have gotten trapped with these evil payday loan companies. They really ruin people's lives. They should be stopped. I know this forum has been a real help for so many people.

littlepuddin, that's why we're here! I was AMAZED that I was not the only one in this mess! AMAZED! And you know there are thousands of others who are in this mess. They are just not here. It makes me sad.

Cash Supply sent me another email today. I've attached it below. Where can I find a letter to send to them advising that I have satisifed the loan (paid 390 on a 300 dollar loan) and that I do not intend on giving them anymore money as they are illegal.

Thanks!


Loan#:
Customer Identification Number:
March 25, 2008


Dear,

You are currently in default of your agreement to repay your loan with Cash
Supply .

We have made numerous attempts to contact you but unfortunately you have
chosen to ignore our efforts to discuss this matter with you.

It is in your best interest to respond to us today if you wish wish to discuss a
mutually acceptable resolution with us.

We are currently preparing to sell unpaid loans to a third party collection
agency. The loans that will be sold are subject to collections by a third party
collection agency. These agencies are empowered to report the outstanding
debt to all major credit reporting bureaus as well as to pursue all legal actions
available under the law.

We hope that you will take this final opportunity to resolve this matter by
contacting us immediately at 800-416-8907.

Sincerely,
Cash Supply Collections Department
800-416-8907

This is an attempt to collect a debt; any information obtained will be used for
that purpose.

Well, I have sent them my letter too stating that I have overpaid by $400 on an illegal debt and want a refund...I have received both emails with the exact same writing in them....they continue to call every day.....but i just delete message and email them my letter again.....

I would just continue to email them your original letter...i feel eventually they will give up...or at least i hope so...

good luck with your situation.

Thanks, you too purplegirl.

can u email me your mailing address please!

Who's mailing address are you looking for?

can you send me your mailing address,too e-mail deleted for your protection - ND

Shawn - please do not post personal info on a public forum. Again - who's address are you looking for?

I have been dealing with Cash Supply also. They threated me with having my local sheriffs department contact me....I did settle with them and the young lady I worked with was awesome. I did get a letter and email stating I was finallly paid in full. But my bank refused to stop payment on any of the ACH's...and but me over 600 overdrawn....I then closed my account and finally settled with the bank for 180.00 as that was actually what I have outstanding due to it bouncing my utility bill, phone and cable bill......
I think all paydays loans ought to outlaw'd in all states.