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Fast Cash/Paydayloan-yes

Date: Wed, 02/25/2009 - 09:45

Submitted by Julie_Naylor
on Wed, 02/25/2009 - 09:45

Posts: 16 Credits: [Donate]

Total Replies: 9


I had a pay day loan through fast cash and they are now contacting me using the name Pay Day loan yes. I am a Minnesota resident and want to know what the laws are governing this loan. I had closed my previous bank account because I was afraid of fraud by Pay Day Loan companies. I did borrow $300 from Fast Cash. I have paid back 2 payments of $90 eachfor a total of $180 in payments....this leaves me with a remaining $120 on the principle....

They sent me the following e-mail today how do I handle this. I am happy to pay back the remaining $120. Do I owe them all the fees also or just the $120. I really don't understand what the laws are saying about this and need help interpreting & responding back to this company

Here is the message they sent me. I appreciate all the help and guidance I can get!

I have read and understand your email. Please update your records to reflect
your account has and outstanding balance as listed below. Please be advised
that your email does not forgive your debt nor does it circumvent further
collection actions on your loan account. We only accept electronic
payments. I am in the position to offer you a loan payoff as listed below.

As of today, your total account balance is $510; loan payoff is for $510,
payment arrangements are for three (3) payments $170 due on 03-06-09,
03-20-09 and 04-03-09, payment method is Visa or MasterCard debit/credit
only. See your payment instructions listed below.

Payment Instructions

* To confirm this loan payoff you will need to provide your Visa or
MasterCard debit or credit today, see payment form listed below.
* Since payment is a time sensitive matter, your prompt payment
confirmation remittance will avoid further collection actions

This is a loan payoff, meaning once you confirm this payoff by providing
your card information, your account will then be removed from the
collections process, your balance will be frozen and no further charges will
be assessed on the loan balance as long as you follow through with the
agreed arrangement.

Regards,

Karen Lamb
Advanced Collections
800-654-7444, Ext. 846
Office Hours Monday thru Friday
8:00 A.M. to 5:00 P.M., EST

____________________________________________________________________________
___________________________________
Heritage Marketing
Payment Authorization
Very Important
To accept this loan payoff please follow the payment confirmation
instructions listed below
Visa / MasterCard Payment Confirmation Instructions

Instructions: You must first click on the reply function, this will then
allow you to type your payment information.

**Please make sure that you provide all the requested information**
There is a $5.00 processing fee per transaction


1). Your Name :

2). Cardholder Name (as it appears on the card) :

3a). Your payment authorization will be rejected if you do not provide a
working fax#
3b). Cardholder / Fax # : Area Code: Fax#:


4). Visa OR MasterCard (debit/credit) # :

5). Expiration date :

6). Three (3) digit verification code from back of card :

7). Payments appear on your bank statement as "Heritage Marketing", please
recognize this as your Payday Loan Yes or Fast Cash Loan
payment.


Wow this a major scam! :evil: Why would they ask you to provide a credit card for payoff verification with a $5.00 processing fee. Please do not send them any information. Once you send that credit card information through, they will debit your account. Also I am almost certain it will be for the full balance plus whatever fee they tact one :evil:

So you will end up paying $810 bucks on a $300 dollar loan. What are they smoking?? :evil:


lrhall41

Submitted by Cool_Abyss on Wed, 02/25/2009 - 09:51

( Posts: 2936 | Credits: )


I am concerned that the laws in MN allow this. I think the company only has to be licenced in the state where the practice & follow the laws of that state. Am I correct? I am absolutely terrified of these companies. I have surely learned my lesson & will never ever as long as I am breathing use another PDL in my life!!


lrhall41

Submitted by Julie_Naylor on Wed, 02/25/2009 - 10:06

( Posts: 16 | Credits: )


I just got this response from the department of commerce.

Julie,

How did you get the loan? By phone or over the internet. Only if a company has an office in Minnesota are they are required to be licensed in Minnesota and abide by Minnesota law. We do not have any company licensed as Paydayloan-yes. You should try to find out where this company is located and if it is in the United States you could contact that State???s attorney general but the laws that cover payday lending permit very high fees and interest rates.

Mary Jo Wall


From: [email]Julie_Naylor@bluecrossmn.com[/email] [mailto:Julie_Naylor@bluecrossmn.com]
Sent: Wednesday, February 25, 2009 12:28 PM
To: [email]Financial.Commerce@state.mn.us[/email]
Subject: Payday loan help


Hello,

I am wondering if you can tell me if Fast Cash or Paydayloan-yes are licensed to disperse payday loans in the state of MN? I had a $300 loan funded with this company on 01/14/09 and they are charging me $90 every 2 weeks and rolling the loan over. I paid them $90 on 01/23/09 and $90 on 02/06/09. Is this legal and do I have any recourse? I have paid them $180.00 and they are saying I owe them an additional $510.00 now because I did not make the payment last Friday 2/20/09.

I received an email from the following,

Karen Lamb
Advanced Collections
800-654-7444, Ext. 846
Office Hours Monday thru Friday
8:00 A.M. to 5:00 P.M., EST

but they do not provide a physical address to mail a payment to them. They insist only on bank account or credit card numbers.

Thank you for your assistance
Julie Naylor


lrhall41

Submitted by Julie_Naylor on Wed, 02/25/2009 - 11:10

( Posts: 16 | Credits: )


I do not have a copy of my original contract with them and they are not only refusing to tell me where they are located or supply me with a license number but they want to charge me $20 for a copy of my contract.....WHAT THE HELL??? I am trying towork with them. It is not my goal to get out of paying...only to pay what I RIGHTFULLY owe.


lrhall41

Submitted by on Wed, 02/25/2009 - 13:16

( Posts: | Credits: )