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mycashnow on my credit report

Date: Thu, 04/08/2010 - 09:02

Submitted by anonymous
on Thu, 04/08/2010 - 09:02

Posts: 202330 Credits: [Donate]

Total Replies: 5


I fell into the pdl trap at the end of 2008 early 2009. I took out a loan for $300 in Jan 2009 from mycashnow. There were so many things coming out of my bank account it was insane. It became extrememly overdrawn and I could not stop the process. I spoke with my bank and closed the account in June 2009. We opened a new account then.

This is where I am kicking myself. I did not keep track of what I had paid them. I never got any phone calls or correspondance so I assumed it was done.

I pulled my credit report and mycashnow is listed on there and the balance of $1500. I contacted their collection agency and got re routed many times before I spoke to someone who said they listed my account as all attmepts to collect have been exhausted. I asked if she could send me something showing the breakdown of what I have paid and she said they dont do that. I am willing to pay if I do still owe, however I want to see the charges in writing. She said there is nothing she can do.

SO my question is if they are illegal what do I do now? Do I pursue this? Any info is appreciated. Thanks


My best guess is that Mycashnow is operating illegally in your state.

Can you mention the name of your state in your next post? We can then look up the licensing database to confirm their status. Meanwhile, I'd suggest you to go through the following link to learn more about dealing with illegal payday lenders.

http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html


lrhall41

Submitted by SC on Fri, 04/09/2010 - 01:02

( Posts: 3937 | Credits: )


What state are you in??

You need to dispute that entry on your credit report ASAP! I am sure the balance whomever reported is very incorrect and inflated with ILLEGAL fees. MyCashNow is not licensed to lend in many states, please check with your state's department of financial institutions for verification. In the mean time try to locate any contract or payment receipts you may have from this company.

Remember if the PDL company is ILLEGAL in your state then you are ONLY obligated to repay the principle balance of the loan.


lrhall41

Submitted by Cool_Abyss on Fri, 04/09/2010 - 05:55

( Posts: 2936 | Credits: )