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Help Negotiating by Myself

Date: Tue, 07/14/2009 - 07:44

Submitted by anonymous
on Tue, 07/14/2009 - 07:44

Posts: 202330 Credits: [Donate]

Total Replies: 13


Hello all! I would like help negotiating myself and not go through a PDL consolidation program, to pay even more fees.

All of mine are Internet and I live in Virginia. They are:

• InstantCashUSA – 200 loan, Fee is 60.00 (have paid 180.00 so far in fees)
• CashAdvanceNetowrk – 300.00 loan, Fee is 90.00 (have paid 180.00 so far in fees)
• MagnumCashAdvance – 821.00 loan – Fee is 642.92 (yikes!) and I have paid nothing for this one so far (Payments they have set up 4 payments of 365.98)

Can someone give me a sample letter of what I would send to the PDLs to start negotiating w/ them, and what you think of what I have to work w/ above? Any advice is MUCH APPRECIATED!

Also, wanted to ask what does it mean if they are ILLEGAL? Does that mean that legally they can only make us pay the principal? Confused about that part.
And do I close my checking account BEFORE I even speak w/ these PDLs (just in case)??

Thank you very much for your time!


The amount of loan I look out was for 821.00. They are having me make payments every two weeks (when I get paid) of 365.98 until it is paid. It's a new loan and I haven't paid on it yet.. not due until the 31st of July. I guess that's how they do it. The total after all of that will actually be 1463.92, for a 821.00 loan. Thanks!


lrhall41

Submitted by on Tue, 07/14/2009 - 07:57

( Posts: | Credits: )


Magnumcashadvance isn't an installment loan, it's a pdl, they are NOT licensed to lend to VA residents and neither are the rest of your lenders. In VA internet payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend. I'm sorry to tell you this, but there is only one sure way to stop the withdrawals, and that is to close your account. If that isn't an option, then tell the bank to put a hard debit block on your account. Before you close your account, read this information at the link below. http://www.debtconsolidationcare.com/paydayloan/close-account.html

Please do not let any of these pdl's know you are going to close your account, until AFTER you have done it!


lrhall41

Submitted by Shazzers on Tue, 07/14/2009 - 08:14

( Posts: 17344 | Credits: )


Quote:

Thank you very much. I hasn't closed my account yet.

So, if they are ALL Illegal, what does that mean for me?


It means you are only required to pay back the principal amount you borrowed to begin with but you probably should call your DFI (number above) to verify. Also, follow the steps (or at least read it) to obtain more information and tips on how to deal with them.


lrhall41

Submitted by Shazzers on Tue, 07/14/2009 - 08:23

( Posts: 17344 | Credits: )


You should all go visit (Removed by Shazzers as solicitations are against TOS rules)

Please read TERMS OF SERVICE for a more detailed description regarding advertising. Shazzers
its a completely private self service solution that costs thousands less and does the same exact thing, just saves you thousands of dollars


lrhall41

Submitted by on Wed, 07/15/2009 - 13:49

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