Need help getting out of PDLs in WA
Date: Sat, 03/28/2009 - 13:15
We have the following loans:
Cash Transfer Center $500 (internet)
Cash Central $700 (internet)
Cash 1 $350 (store front)
Check Into Cash $350 (store front)
In WA, we are not allowed extentions or to pay off in installments unless we have done 4 loans with no more than 3 days between loans. The internet companies have a 3 day period between loans so payment plans are not an option. I wonder if the internet loans are even legal because they do not actually allow a repayment plan.
So, each item is a single ACH, which I understand we are unable to revoke payment on because they are not recurring payments.
We bank with Key Bank. I am afraid that even if we close our account they will hit us with huge fees after the companies try to collect repeatedly. To top it off, my husband is an employee at the bank and is scared of what will happen if he has an account with a huge negative balance.
Does anyone have advice or information on working with our PDL companies?
I'm afraid that we may have to open an account at another bank, switch the loans there, then close that account. That reeks of fraud and very bad things to come.
Any help with our very sticky situation would be appreciated.
Lynn
This is weird but did your other post get deleted? I was in t
This is weird but did your other post get deleted?
I was in the middle of responding and hit reply and the whole post was gone.
The only illegal loan you have is Cash Transfer Center.
I did have another post but I wasn't thinking when I registered
I did have another post but I wasn't thinking when I registered and used my full legal name. I deleted it and started over.
Thank you for replying- we're in a tough spot.
Okay, well CTC is illegal and they are nasty. Since you have
Okay, well CTC is illegal and they are nasty.
Since you have that illegal loan and they have sister companies I would advice you to close the account and then contact each legal PDL and make arrangements to pay by MO or prepaid Visa.
I would open a new account at a different bank.
WA law has provisoins for the repayment plan but it does not forbid a company from allowing them before the four renewals.
I would contact each one and see what can be worked out.
Is it just me, or does it seem there is a increase of CTC loans
Is it just me, or does it seem there is a increase of CTC loans lately :?
No, it is not just you. My guess is a lot of people took out
No, it is not just you.
My guess is a lot of people took out loans for Christmas and they hooked up with CTC. They have now paid back the loan in fees and since you can never get them through email or phone they have started to search.
They have found this site and discovered that CTC is illegal and looking for help.
We actually took out the loan long before Christmas. We're just
We actually took out the loan long before Christmas. We're just dealing with all of this now. Coincidence, in our case.
Thank you for your help so far.
Do you know how Cash Net USA is on working out payment plans? The CFSA best practices states that if a state has an extended payment plan in place that plan will take precedence over its own. The problem is, the WA payment plan generally has a person paying 4 equal payments within 60 days. In my case, that just won't work.
Sorry to be a pill. I know that we owe the money and I don't want to just default on the loans and then try to pick up the pieces. If this would best protect us, I'll do it. But since most of our loans are through legit companies, I don't even want to think of being sued by 3 companies at once.
Thanks for your help- I can't tell you how much I appreciate it.
Lynn
I would call them and see what arrangments can be made. I have h
I would call them and see what arrangments can be made. I have heard that CashNet was pretty easy to work with.
Even if they won't accept your arrangments I would pay them anyway. Send a MO to the corporate headquarters in what you can afford. At least that way if they do try and sue you can prove that were trying to pay them back. Keep documents of all payments and confirm they are being cashed.