Am I on the right track with these PDLs? be ready for calls.
Date: Fri, 06/13/2008 - 12:04
B.I.G. - $300 - Have paid $225, so I owe them $75 - no more than that.
ameriloan - $500 - Have paid $805.00; they show I have a balance of $585.00.....looks like they owe me $305.00 (that I probably will never see).
Cash Transfer Center - $800 - This one is confusing, I have taken a loan and paid back, etc. since Jan. '08. I have paid a total of $1255.50 in fees since Jan. '08. The last loan of $800 due today (6/13) I have not paid anything. So, my question is this: since I have paid $1255.50 in fees on this illegal loan, do I still owe them the last $800 I borrowed, or do they owe me $455.50 (after deducting the $800 that I last borrowed) or do I just owe them the $800??????
Below are my legal loans that I can no longer pay these high fees:
PayDay One - $800 - Have paid a total of $776.06 and they show I have a balance of $905.63.....go figure on this one. Since they are legal (CSO in Texas), so I in fact owe them $905.63, or have I overpaid them???
CashNet USA - $1,000 - Have not made a payment and my intentions are to pay the $1,000, but I just can't pay $253.13 every two weeks and get nowhere.
Below is a summary of the Texas State Info on PDL (loan terms):
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%.
PLEASE, PLEASE advise me if I am correct/incorrect on any of these or if I'm mis-calculating something. I want to be ready for their phone calls and don't want to be wrong! Thanks!!!!
Since the 2 legal loans are CSO's (not pdl's) the summary of the
Since the 2 legal loans are CSO's (not pdl's) the summary of the laws posted above wouldn't apply to them.
Federal law makes any fees charged by a CSO legal and cannot be included in the interest calculations. So what they are charging you is legal, and you will have to pay what they say to clear up the debt.
Okay - so then I do owe PayDay One $905.63 on an $800.00 that I'
Okay - so then I do owe PayDay One $905.63 on an $800.00 that I've paid so far $776.06, correct? and the same with CashNet, USA.
Has anyone dealt with them; I wonder if they will work out a payment arrangment?
Yeah . . . . Unfortunatly, that is the correct amount. What t
Yeah . . . . Unfortunatly, that is the correct amount.
What they do is charge only like 17% interest on the loan, but huge fees. And it's legal for them to do this.
Payday One is usually pretty easy to work with, but I've heard Cash Net USA isn't. But what most people do is just send in monthly payments to them, even though they will say they want it all.
Well, hopefully I can work out a reasonable payment arrangement
Well, hopefully I can work out a reasonable payment arrangement with PayDay One. I guess I will have to wait and see on CashNet - I will just send in something every month; maybe I'll be lucky and work something out with them.
So, does it look like I'm on the right track with the other three?
reply
i would say that ameriloan and ctc owe you BIG refunds.i wouldn't count on it,but you are more than done with them.BIG is gonna be a royal pain.they are overseas and think of there loans as indentured servitude.just be confident and strong when these three call and they will.knowing your rights gives you an edge they don't expect.
You are absolutely right!!! I'm so glad and thankful that I fou
You are absolutely right!!! I'm so glad and thankful that I found this site b/c I'm ready for their phone calls and I know they'll be hounding me, but I will just repeat myself over and over again with them. Good thing I already sent out my C&D letters. My next step is to file complaints on them. Do you know if anyone has ever received a refund from these 3 illegal companies? I really doubt I'll ever see anything -- live and learn. I'm going to concentrate more on making arrangements with PayDay One and CashNet USA (although I hear they're hard to deal with - CashNet USA).
Update
Here's an update on my PDLs. It will be 2 weeks this Friday that I defaulted on my PDLs. Three are illegal (ameriloan, Cash Transfer Centers, and B.I.G). I send out C & D letters and have not heard a word from none of them.
The 2 legals ones (PayDay One and Cash Net USA) I have heard from. I will say PayDay One was very easy and nice and I did work out a monthly payment arrangement with them - definitely a lot less than what I was paying every two weeks. I'll be paying $150.00 a month for 4 months. Cash Net USA is a different story - they're not wanting to work with me at all. I'm just going to send in what I can every month and see how that goes. I have talked to about 4 different people and still no arrangement.
I am just starting this fight here in texas with internet payday
I am just starting this fight here in texas with internet payday loans. Do you know what the laws are regarding internet payday loans in texas. Are they legal if not licensed in Texas? I also have Cash Transfer Centers to worry about.
Yeah, Cash Net USA has a reputation for being like that. But ma
Yeah, Cash Net USA has a reputation for being like that. But many people have had success doing what you are planning - Sending in a payment every month, regardless of if Cash Net USA agrees to it.
Cyn, it sounds like you are definitely on the right track! Keep
Cyn, it sounds like you are definitely on the right track! Keep up the good work, and good luck!
Thank you, Cyn, for your posting. I'm encouraged. I, too, live
Thank you, Cyn, for your posting. I'm encouraged. I, too, live in Texas and have just begun this process. I have 6 outstanding loans and one is with Cashnet USA.
Cash Net USA is a CSO in Texas, just an FYI. The pdl laws don't
Cash Net USA is a CSO in Texas, just an FYI. The pdl laws don't apply to them, and they are legally operating.
cashnetusa called me at least once or twice a day...at work and
cashnetusa called me at least once or twice a day...at work and home. They wouldn't accept the payment arraangements from the credit management company. They will try and get you to set up a payment arrangement out of 3 to 4 payments.
Also, when I was dealing with Paydayone..they never called and harrassed me and they accepted my first payment proposal from my credit manager. Anytime they contaced me it was through email. Paydayone did however report me to teletrack...what ever system the PDL companies use. Which was fine with me, because I didn't want another one anyway.
