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Help!!!

Date: Mon, 03/01/2010 - 10:07

Submitted by anonymous
on Mon, 03/01/2010 - 10:07

Posts: 202330 Credits: [Donate]

Total Replies: 15


Hello,
I have a bunch of these dang things. Had major financial issues due to the economy and turned to these for a "quick" breath of fresh air until I could get my situation under control. Well, it resulted in multiple as my situation actually worsened. I live in Arizona and I am scared to death. I was able to close my account successfully and they are all starting get the rejected ACH transactions/debits in the next few days. I feel better about my possition but I am worried about calls at work, etc. Not sure where to turn or what to do. I'm so happy I found this site!!!! Don't know my rights in AZ and have made efforts to Google multiple times with no success.


Here is who I have. All are online except the ones I listed as local:

Zip19.com- $600 and I have rolled them 3 times. First borrowed $300, then $600, up to $900 and then back down to $600. I have probably paid them what I borrowed in fees.

500FastCash- $400 and have had them for 4 months.
United

Checkngo (online and local)- $500 and I've had them for 6 plus months, definitely paid them back what is owed in fees.

Discount Advance- $600 and haven't paid them back at all.

CashnetUSA-$500 and have had them almost 8 months!! They refi every two weeks with me. They are paid for sure.

Eastside Lenders- $500 with at $250 roll monthly! Did one refi with them.

United- Same as 500FastCash. $400 with a $120 roll. I'v actually started paying them down on my own.

Integrity- $300 with a $90 refi. Did one refi with them so far.

Cash1- local- $400 with a $70 refinance. Been with them 4 refi's now.

Ace- originated loan online but they have local offices. $300 with a $48 interest. Been with them 4 refi's now.

Any info you can give me is appreciated. I've taken the steps on securing the bank account. Now I'm worried about the time frame for aggressive action against me. Again, I don't know my rights or what my next steps should be. HELP!!!

DesperateAZ


Cash1, check n go are members of the CFSA ( Community Financial Services Association of America), this means you are eligible for the EPP (extended payment plan), click the link below to read about the EPP. Also, even though Cashnetusa isn't listed as a member of the CFSA I believe they offer an EPP also:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html


lrhall41

Submitted by Shazzers on Mon, 03/01/2010 - 12:09

( Posts: 17344 | Credits: )


Shazzers!!! Thank you SO much. I wasn't sure where to start. I have started emailing and faxing the template I found on here, was able to get my account on a restricted status and pull all the money out. I can't believe these illegal lenders!! I plan on working on them first. I tried to get them to work with me w/out going into default but none of them would. I hate to let the legal ones bounce but they won't talk otherwise. Any idea what my time frame would be? I don't know that I can do a pay plan this month. I got the dang loans due to a loss of income. THANK YOU AGAIN!! I will research the other stuff. This is the first time I felt better/less stressed.


lrhall41

Submitted by on Tue, 03/02/2010 - 11:46

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
Shazzers!!! Thank you SO much. I wasn't sure where to start. I have started emailing and faxing the template I found on here, was able to get my account on a restricted status and pull all the money out. I can't believe these illegal lenders!! I plan on working on them first. I tried to get them to work with me w/out going into default but none of them would. I hate to let the legal ones bounce but they won't talk otherwise. Any idea what my time frame would be? I don't know that I can do a pay plan this month. I got the dang loans due to a loss of income. THANK YOU AGAIN!! I will research the other stuff. This is the first time I felt better/less stressed.


Do you mean none of the lenders who are members of the CFSA won't let you have the EPP? If they won't, then you need to print out the information below, take it into the store and tell them they MUST adhere to the CFSA's guidelines and if they don't then you are going to do your best to have their membership revoked for not following the guidelines!
Quote:
CFSA member companies are required to comply with Industry Best Practices that ensure consumer protections and responsible lending to all customers. As a condition of membership, members must abide by all CFSA Best Practices and pledge their commitment to them annually.


Also:
[QUOTE]CFSA Best Practices and Guidelines for Extended Payment Plans

Each member shall provide an Extended Payment Plan (???EPP???) for customers who are unable to repay a payday advance. Each member will offer such an Extended Payment Plan in compliance with any requirement in state law. If no such requirement exists in state law, then the member shall adopt a plan that offers the customer at least the following provisions:



1. If you [the customer] are unable to repay your advance when due, you may opt in to an EPP to pay the outstanding advance at least once in any twelve month period. Any outstanding fee will be included in the amount subject to EPP.
2. You must invoke the EPP by close of business on the last business day before the advance due date by returning to the office where you obtained the advance or by using whatever method you used to obtain the advance. To invoke the EPP, you must sign an amendment to your agreement reflecting the new payment schedule.
3. You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.
4. We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.
5. There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.
6. If a state has adopted a requirement for a repayment plan in state law, members shall comply with those requirements. The CFSA Best Practices Extended Payment Plan may not be available to customers in states with statutory payment plan requirements.
[/QUOTE]

If they still won't allow you to have the EPP then call the CFSA and complain at: 703-684-1029


lrhall41

Submitted by Shazzers on Tue, 03/02/2010 - 15:01

( Posts: 17344 | Credits: )


Now, if you have already defaulted and are not eligible for the EPP this is what I would do to avoid a lawsuit. I would send them a letter (certified, return receipt requested) and outline my plan to pay them back, with that letter I would include a good faith payment via a money order. Then I would continue to send them payments as the outline stated. By the time this goes to court the loan will mostly be paid off, maybe even paid off.


lrhall41

Submitted by Shazzers on Tue, 03/02/2010 - 15:03

( Posts: 17344 | Credits: )


I have the same problem. I live in NYC. I have so many payday loans that all my income was going to pay them and I haven't been able to pay anything else, including rent.
I am closing my checking account today because I was waiting for one check to clear (it took its time) and tell them to block all ACH transactions. I dealt with this before, but I noticed that you tell people to only offer the principal balance when making settlement offers.
What if they won't settle for the principal amount? Do I report them to the NYS Attorney General's office? I understand NYS has sued some of these payday loan companies. Is that true? I don't want to pay back more than I have to and some of these loans I've paid DOUBLE or TRIPLE in interest/fees than the amount I borrowed.
I am ready to do battle. Thanks to your website, I have the ammo I need. *s*


lrhall41

Submitted by on Wed, 03/03/2010 - 08:20

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
I have the same problem. I live in NYC. I have so many payday loans that all my income was going to pay them and I haven't been able to pay anything else, including rent.
I am closing my checking account today because I was waiting for one check to clear (it took its time) and tell them to block all ACH transactions. I dealt with this before, but I noticed that you tell people to only offer the principal balance when making settlement offers.
What if they won't settle for the principal amount? Do I report them to the NYS Attorney General's office? I understand NYS has sued some of these payday loan companies. Is that true? I don't want to pay back more than I have to and some of these loans I've paid DOUBLE or TRIPLE in interest/fees than the amount I borrowed.
I am ready to do battle. Thanks to your website, I have the ammo I need. *s*

Payday loans are prohibited in N.Y. It isn't negotiable, all you owe them is the principal amount you borrowed, if they won't accept it then it's your loss. There isn't much they can do about it besides threaten you, but it's all empty threats. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Wed, 03/03/2010 - 08:24

( Posts: 17344 | Credits: )


Thank you Shazzers, that's the information I needed.

I will offer to them settlement amounts and point out that my state prohibits Payday loans. I don't want to get harassed but I can only pay principal amounts. I figure they don't want to go to abitration and definitely not to court.

I'll let you know how it goes. Thanks again!


lrhall41

Submitted by on Wed, 03/03/2010 - 11:33

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
Thank you Shazzers, that's the information I needed.
I will offer to them settlement amounts and point out that my state prohibits Payday loans. I don't want to get harassed but I can only pay principal amounts. I figure they don't want to go to abitration and definitely not to court.
I'll let you know how it goes. Thanks again!

Frankly, those lenders would be pretty stupid to walk into a court of law, the judge would butcher them for lending in a state that prohibited payday loans.


lrhall41

Submitted by Shazzers on Wed, 03/03/2010 - 13:00

( Posts: 17344 | Credits: )


Shazzers,
I just received this email. They purchased the account from www.discountadvances.com and they are not legal in my state. Should I be worried? What should I do?!?!




Credit Protection Depot is a debt buyer that has recently purchased your debt and is attempting to collect on that debt.
Please call our office immediately to discuss your account to ensure you remain in good standing. By maintaining contact with us, we are willing to work with you to avoid any additional fees that may be assessed by our office.
We are confident that by working together we will work out a reasonable payment plan, but we must have your cooperation in this matter. By simply making a phone call, and speaking with one of our specialists you can ensure to keep your account in good standing with our company.
We have several different options that can be utilized based on your current situation to guarantee the successful repayment of your current loan obligation.
You current balance is $793.75 which can be sent to us via MoneyGram or Western Union using the instructions below. If you are unable to send the entire balance on your account we require that you send a minimum payment of $264.58 which will temporarily stop any additional actions regarding your outstanding balance.
Listed below you will find the instructions for sending a wire payment through Western Union or MoneyGram which can be helpful in repayment of your loan obligation.
Western Union Instructions
You need to go to Western Union and get the BLUE QUICK COLLECT FORM (or go to www.westernunion.com and choose the quick collection option)
* Company Name - Credit Protection Depot
* Code City - Offer
* State - Nevada
* Account Number - 1433589614
* Reference Number - 6026390989

**You can also use your debit card or credit card at www.westernunion.com
MoneyGram Instructions
You need to go to a MoneyGram facility and get the BLUE EXPRESS PAYMENT FORM
* Company name is - CPD-Offer
* Receive Code - 4243
* City - Las Vegas
* State - Nevada
* Account Number - 1433589614

**Currently MoneyGram does not support online payments to our company.
If you fail to meet the obligations outlined above your account may be reviewed for further action. You could be responsible for additional fees. Only full payment of the debt would prevent further collection activity.
We can be reached by phone at 1-866-645-1661.
Sincerely,

Credit Protection Depot
**We are unable to respond to e-mail, please do not reply to this e-mail**
Unless you notify this office within 30 days after receiving this notice that you dispute the validity of the debt or any portion thereof, this office will assume the debt is valid.
This is an attempt to collect a debt and any information obtained will be used for that purpose. This is a communication from a debt collector.


lrhall41

Submitted by on Mon, 03/08/2010 - 05:50

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
Shazzers,
I just received this email. They purchased the account from www.discountadvances.com and they are not legal in my state. Should I be worried? What should I do?!?!
Credit Protection Depot is a debt buyer that has recently purchased your debt and is attempting to collect on that debt.
Please call our office immediately to discuss your account to ensure you remain in good standing. By maintaining contact with us, we are willing to work with you to avoid any additional fees that may be assessed by our office.
We are confident that by working together we will work out a reasonable payment plan, but we must have your cooperation in this matter. By simply making a phone call, and speaking with one of our specialists you can ensure to keep your account in good standing with our company.
We have several different options that can be utilized based on your current situation to guarantee the successful repayment of your current loan obligation.
You current balance is $793.75 which can be sent to us via MoneyGram or Western Union using the instructions below. If you are unable to send the entire balance on your account we require that you send a minimum payment of $264.58 which will temporarily stop any additional actions regarding your outstanding balance.
Listed below you will find the instructions for sending a wire payment through Western Union or MoneyGram which can be helpful in repayment of your loan obligation.
Western Union Instructions
You need to go to Western Union and get the BLUE QUICK COLLECT FORM (or go to www.westernunion.com and choose the quick collection option)
* Company Name - Credit Protection Depot
* Code City - Offer
* State - Nevada
* Account Number - 1433589614
* Reference Number - 6026390989
**You can also use your debit card or credit card at www.westernunion.com
MoneyGram Instructions
You need to go to a MoneyGram facility and get the BLUE EXPRESS PAYMENT FORM
* Company name is - CPD-Offer
* Receive Code - 4243
* City - Las Vegas
* State - Nevada
* Account Number - 1433589614
**Currently MoneyGram does not support online payments to our company.
If you fail to meet the obligations outlined above your account may be reviewed for further action. You could be responsible for additional fees. Only full payment of the debt would prevent further collection activity.
We can be reached by phone at 1-866-645-1661.
Sincerely,
Credit Protection Depot
**We are unable to respond to e-mail, please do not reply to this e-mail**
Unless you notify this office within 30 days after receiving this notice that you dispute the validity of the debt or any portion thereof, this office will assume the debt is valid.
This is an attempt to collect a debt and any information obtained will be used for that purpose. This is a communication from a debt collector.


Any legit collection agency would not send you a letter of collection via email, so no there's no need to be worried. Just tell them they are required by federal law (FDCPA) to send you a dunning letter (letter of collection) through the mail! You could send them a validation letter thru the email but what's the point? They will never validate and this would never stand up in a court of law, which they already know.


lrhall41

Submitted by Shazzers on Mon, 03/08/2010 - 07:16

( Posts: 17344 | Credits: )