PayDayMax.com / CPD
Date: Mon, 01/04/2010 - 16:43
The last loan I took out was for $750. I didn't have the funds in my bank account. Eventually the bank closed my account and PayDayMax sent Credit Protection Depot out to get the money I owed them. I hear they are the same company (amongst others).
CPD made me a verbal offer. They said I owed about $1700 - $1800 total on this loan (with interest). I accepted a verbal offer of $1350. I have nothing in writing to back this up. I know, I messed up by not getting something in writing. Please do not pass judgment.
I am current on all verbally agreed payments. All payments were made via MoneyGram. I now owe about $400 for my next and final payment and planned on making that payment in about a week.
I was not concerned until the day after I made my most recent payment. My reason for concern is that CPD told me they would not send me anything in writing. I contacted them several times about a week ago asking for anything in writing and they refused. They told me that while I had reason to be concerned, that we had a verbal contract and they will abide by it. I have some questions and I am very thankful in advance for any help.
1. When I make my final payment, will CPD tell me that I still owe them money?
2. Should I make the final payment and hope for the best?
3. I am having a hard time determining whether or not this company is a legal one or not. Is PayDayMax.com a legal lender in Wisconsin? Wisconsin laws regarding pdl's are very weak and do not protect the consumer.
4. What about CPD? Can they legally collect from me? How do I find out if this company can come after me if I pay what was verbally agreed to?
5. Does anyone have any other advice?
I spoke with my personal banker a week ago and they said the chance that my account can be reopened is very slim. I plan to follow through with everything that has been posted about making sure my old bank account (which they have the information for) is safe.
I just want to pay what I have agreed to and leave it at that. After researching this company I am scared to the point that I am actually having bad dreams about this. Again, I do appreciate any information that anyone can give me. This website has truly opened my eyes and I praise all of those out there who watch out for the little guy.
Best Regards,
SicknTired
Member?
How can someone become a member and not have to post as a Guest? After clicking on "Signup", it looks like I have to sign up for debt consolidation services. Is this the right way to register? After I figure out my experience, I want to try to provide feedback to others based on my situation.
Best Regards,
SicknTired
Hi welcome to the community, Quote:it looks like I have to sign
Hi welcome to the community,
Quote:
it looks like I have to sign up for debt consolidation services. |
We would love to hear from you. :)
Jason
I know I am not the only one suffering here, but does anyone hav
I know I am not the only one suffering here, but does anyone have any advice based on my post?
SicknTired, If they are illegal in your state.... then all you
SicknTired,
If they are illegal in your state.... then all you have to pay them is the amount borrowed and no more.
I have delt with them also.
drop9drop, thank you for your response. The problem is that Wis
drop9drop, thank you for your response.
The problem is that Wisconsin doesn't have many laws regarding pdls. I think they only need to be licensed in any other state. Is PayDayMax or/CPD licensed anywhere?
At this point, I plan on making my final payment. I don't know what else to do! Hopefully they don't come back after me saying I owe more.
It's midnight and I'm having trouble getting to sleep over this (again!). What else can I do other than make the final payment?
Thank you,
SicknTired
paydaymax is based out of the country and not licensed period.yo
paydaymax is based out of the country and not licensed period.you only owe the principle borrowed.
SicknTired, After you make the final payment.... take the pho
SicknTired,
After you make the final payment.... take the phone off the hook..lol
Most likely they will keep trying to get more from you through phone calls of a collection Dept.
When a collecter called me after I paid them back... plus a few bucks interest.... I told the collection dept to call my AG and ask him for more money. I never recieved a call again.
I did pay the principle and few dollars interest but no more.
Since PayDayMax is not even in this country, they are illegal.
Since PayDayMax is not even in this country, they are illegal. You've likely already overpaid them. I would send them and illegal lender letter and request a refund for any amount over the principal balance you've paid.
Thank you so much, everyone. It sounds like PayDayMax.com is an
Thank you so much, everyone. It sounds like PayDayMax.com is an illegal lender everywhere and even in Wisconsin. It is time Wisconsin changed their pay day loan laws.
I will report back with what I have found out. I also plan to create a member account and I will stop by to help others in my situation as much as possible. I will also be posting ways to contact our representatives in Wisconsin to make sure this kind of business practice does not continue.
Thank you!