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Cashcall payments are killing me!

Date: Tue, 04/07/2009 - 11:09

Submitted by mybabybo
on Tue, 04/07/2009 - 11:09

Posts: 9 Credits: [Donate]

Total Replies: 21


Hey you guys!!
I am a engaged mother of 4 who wants to clean up her credit and get these loans off my back! Currently, I have a loan with magnum cash lending and Cashcall. Both of these lenders are bleeding me dry when it comes to their repayments!! I want to clean up my credit before I get married, because its going to be harder to do when that time comes.

Can anyone help me with this, PLEASE??
I am current with both lenders, but my checking account is now overdrawn thanks to them.

Any help would be greatly appreciated!!


Magnum is illegal in Ohio.

I had a loan with them as well and I am also in Ohio.

I blocked them at my bank and sent them a letter stating tha they are illegal and I only owed the amount borrowed. At that point I owed them $156. They agreed and gave me an address to send a money order.

I know others that have over paid got a refund from them.

How much did you borrow and how much have you paid back?


lrhall41

Submitted by nohiogal on Tue, 04/07/2009 - 11:43

( Posts: 2582 | Credits: )


Well it doesnt hurt to try an get your loan restructured with them. Remember if you are paying Cash Call $215 monthly. Only $15 of that payment is going towards the principal.

I have seen in cases where a customer was able to get their APR reduced and their monthly payment reduced as well. It is rare with Cash Call, but it is possible. I would call and see if you can do anything to lower your payments.

Magnum is not licensed in Ohio. You need to stop all ACH transactions with them ASAP! I would suggest closing your account. How much did you borrow and how much have you paid so far?


lrhall41

Submitted by Cool_Abyss on Tue, 04/07/2009 - 11:46

( Posts: 2936 | Credits: )


I borrowed 550.00, currently still owe 333.75. But they debit 216.25 every other week for their payment. What should I do in this case?

And as far as the Cashcall account, I will try and call them to see if they will lower the payment or the interest. I am just ready to get rid of all of this altogether!!


lrhall41

Submitted by mybabybo on Tue, 04/07/2009 - 12:03

( Posts: 9 | Credits: )


I am confused. You borrowed 550.00 from cash call. How many payments did you make?.
I tried to restructure my loan with them, I missed one payment and they sent it to a lawyer. Lucky , I was able to catch up on the payment aI missed, and no legal action was taken. They reused to lower my interest or payments , and called 1 day prior to my paydate to be sure I was paying. It was a nightmare. There is a class action suit on them and I think it has been mentioned several times on this site. I have been on these boards for several years( I chose not to use my name) and I have not seen anyone having luck with them.


lrhall41

Submitted by on Tue, 04/07/2009 - 12:08

( Posts: | Credits: )


I love you guys already!!
My payments to Magnum Advance are 216.25 every pay period.

My payments to Cashcall are 216.55 every month. I did take your advice and contacted them, they are reviewing my case to see if they will lower the interest rate, therefore lowering my payments.

You guys are a GODSEND!!!


lrhall41

Submitted by mybabybo on Tue, 04/07/2009 - 12:42

( Posts: 9 | Credits: )


I am glad progress is being made.

Your payments to Magnum is $216 every 2 weeks? WOW that is ridiculous. So you need to add up the amount you have paid them so far. I am sure you have overpaid at that rate. Please review your bank statements them total up all the fees you paid. If it is over the $550 you borrowed, then you are due a refund and your account marked "paid in full"


lrhall41

Submitted by Cool_Abyss on Tue, 04/07/2009 - 12:45

( Posts: 2936 | Credits: )


mybabybo you need to send them this letter below then.

Quote:

Date:

Name Of PDL

Your Name
City, State
Account #


After doing research regarding Internet payday loan laws in the State of _______, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of _____ in general:

Your State Information

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.

Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,

Your Name
CC:
Better Business Bureau
Your State Attorney General
Federal Trade Commission



lrhall41

Submitted by Cool_Abyss on Wed, 04/08/2009 - 04:35

( Posts: 2936 | Credits: )