Six loans and trying to get back in control
Date: Sat, 04/24/2010 - 20:53
My state is Virginia.
My current loans (all internet):
$300 borrowed from Cash Advance Network (paid $575) says I owe $525
$500 borrowed from Paradise Cash Advance (paid $655) says I owe $480
$600 borrowed from First Bank of Delaware (paid $750) says I owe $835.32
$300 borrowed from Mypaydayloan (paid $75) says I owe $525
$1300 borrowed from Magnum Cash Advance (paid $0) says I owe $2062.18
$200 borrowed from Jupiter Funding (paid $75) says I owe $275
My bank account has been closed. Prior to closing the account had amassed $500+ in NSF fees due to unauthorized ACH attempts by several of the lenders (Cash Advance Network was the worst)
Cash Advance Network has been sent the works ??? cease and desist letters, ACH revocation, Copy of laws and restrictions, request of address and license to operate, etc. I said I had paid enough by law and wanted PIF status. They responded with an angry email claiming Indian Tribal jurisdiction and four more ACH attempts the next day to drive my bank account further into the negatives (the account had not been closed yet ??? big mistake on my part). I reported them to AG and BBB. Have not heard anything for about 10 days.
Paradise Cash Advance is suspiciously quiet. I sent them ACH revocation but nothing else yet. I also feel I have paid more than enough already, but debating how to proceed.
I sent First Bank of Delaware an email explaining my financial mess and requested a settlement of 50% owed principle. They keep asking me to call despite me writing twice that I prefer communication in writing.
Mypayday loan was rolled over once (the $75 paid). My bank account was closed when they attempted an ACH middle of the month and they sent me an angry email saying now that my bank account is ???closed??? status, I have been reported to SCAN and now owe a total of $525 in principle & fees. I wrote them back saying the total seemed excessive, sent copies of VA laws and restrictions, requested address and license, and asked to work out a payment plan to payoff the principle. They responded that Costa Rica is the venue and I still owe $525 ??? but would accept two $150 payments of four $100 payments. I have not responded. They continue to send form emails daily.
Magnum is expecting $1031.09 end of the month. Not late and no correspondence as of yet. The amount they say I owe makes me ill. Huge mistake taking this loan.
Jupiter loan was rolled over once (the $75 paid) but otherwise is due in-full on the 30th. Not late and no correspondence.
I am not trying to stiff anyone and want to pay back at least the principle that I borrowed in each case. I just feel I have already paid Cash Advance & Paradise Cash Advance more than enough already ??? I do not plan to send more. I hope to settle with FBD as I understand they are legit (although not sure how much I can expect ??? maybe 50-60% of principle? Does anyone have any suggestions or success stories?). Magnum's interest scares the pants off me. I hope to settle for less if possible. The other two are relatively new -- l will pay $225 more to Mypaydayloan (to cover the $300 principle) provided they supply a physical address to mail to (I owe the money but they have been really nasty). I also plan to pay Jupiter the full $275 (albeit in payments) since it is the smallest and not sure it???s worth the effort to save $75 via settlement ??? although I really feel I only owe $200 more at the most. Still need to contact them.
All thoughts welcome on how else to proceed, especially from folks that have dealt with these specific companies in the past.
All of your lenders have been discussed several times in the pas
All of your lenders have been discussed several times in the past. You can search their names to read more.
Quote:Originally Posted by SCAll of your lenders have been discu
Quote:
Originally Posted by SC All of your lenders have been discussed several times in the past. You can search their names to read more. |
SC, I am curious. The story of the original poster is concerning. Looking at how much she paid and that she still owes more than she borrowed. If she had read all the terms of these loans, is it possible to have paid enough to get them paid off? Are those balances building because she is not applying cash to principal. I am trying to sort through all the innuendo.
Quote:Originally Posted by AnonymousSC, I am curious. The story
Quote:
Originally Posted by Anonymous SC, I am curious. The story of the original poster is concerning. Looking at how much she paid and that she still owes more than she borrowed. If she had read all the terms of these loans, is it possible to have paid enough to get them paid off? Are those balances building because she is not applying cash to principal. I am trying to sort through all the innuendo. |
alot of illegal pdl's will try to tell the borrower that anything debited is fees,and don't count towards the loan.however being as none of the places the OP borrowed from have a license.anything debited in fees goes towards the loan.the OP owes nothing to the top three loans.the bottom three they only owe the principle.as far as CASH ADVANCE NETWORK they are part of MTE,and claim the bogus"tribal immunity"that means while we can't do a thing to them.they also can't do a thing wothout losing the bogus immunity.my advice for the OP would be to go to the sticky titled DEALING WITH ILLEGAL LENDERS.that will give them everything they need.templates for letters,and complaints to AG,and FTC.
[COLOR=black]SC, [/COLOR][COLOR=black]I did reserach the various
[COLOR=black]SC, [/COLOR][COLOR=black]I did reserach the various ones I could find. A lot of great info and I used what I could to send the appropriate letters that I have sent (thanks to this forum!) I posted a new post just to offer forward my specific situation...hoping for any new information on these lenders (many of the posts I found were at least a year or two old and I know things can change) [/COLOR]
[COLOR=black] [/COLOR]
paul, thanks for the response. I agree with the sentiments on t
paul, thanks for the response. I agree with the sentiments on the frist three I listed. I am worried about #3 only becausefrom what I understand reading past posts, they are legit. While I feel I have paid enough already, I have a feeling I will be shelling out a large % of what they claim I still owe. I have been communicating with them via email, but every time they send a form response requesting a phone call. Sounds like I'm going to have to suck it up and talk to an in-house collector about it.
update: exchaning email with mypayday loan, who refuses to accep
update: exchaning email with mypayday loan, who refuses to accept a money order for payment and will not divulge an address. Latest response:
"GOVERNING LAW: Both this agreement and the application is considered to be executed at our offices in San Jose, Costa Rica, and this transaction and agreement with us shall be governed by, construed, and enforced solely in accordance with the internal laws of Costa Rica."
In addition, not only did you avail yourself to Costa Rican law and agreed to be governed by it, independent US case law also supports contract venue, even had you not agreed in advance to such venue, which you did.
Again the contract venue is governed by Costa Rican law. Since it is apparent that you did not read the contract that you signed and agreed to, my final offer to you is to submit a payment of $300 by 4/30/10, via moneygram. Should you choose not to accept one of these options, then the account will be forwarded to outside collections, the balance will increase by at least 35%, and it will be reported to the credit bureaus."
for reference, my offer to them was to pay the $225 I still owe
for reference, my offer to them was to pay the $225 I still owe in principle via money order to a valid physical email address.
MyPayDayLoan is illegal everywhere in the USA. Tell them to forg
MyPayDayLoan is illegal everywhere in the USA. Tell them to forget it. That can't legally do a thing to you. No address = no payments!
[QUOTE=Anonymous;691351]update: exchaning email with mypayday lo
[QUOTE=Anonymous;691351]update: exchaning email with mypayday loan, who refuses to accept a money order for payment and will not divulge an address. Latest response:
"GOVERNING LAW: Both this agreement and the application is considered to be executed at our offices in San Jose, Costa Rica, and this transaction and agreement with us shall be governed by, construed, and enforced solely in accordance with the internal laws of Costa Rica."
In addition, not only did you avail yourself to Costa Rican law and agreed to be governed by it, independent US case law also supports contract venue, even had you not agreed in advance to such venue, which you did.
Again the contract venue is governed by Costa Rican law. Since it is apparent that you did not read the contract that you signed and agreed to, my final offer to you is to submit a payment of $300 by 4/30/10, via moneygram. Should you choose not to accept one of these options, then the account will be forwarded to outside collections, the balance will increase by at least 35%, and it will be reported to the credit bureaus."[/QUOTE]
that is bull.since they are not located in the US,that makes them illegal in every sense of the word.these places lie like rugs to keep you paying.do not fall for it.
I am sticking to my guns. No address + no money order = no paym
I am sticking to my guns. No address + no money order = no payment. If they report anything to the CRA's, I will research previous posts as to what to do (obviously dispute it, but I will read up on what to do if we get there).
Now, if a out-of-office collection agency gets involved, am I understanding correctly that the next step is request debt validation (and if they send validation) then repeat the process (i.e. cease and desist letter, send a copy of state laws w/ request licensure info for lender, agree to pay priciple only, etc)?
yes you have it correct.sounds like you have it covered.
yes you have it correct.sounds like you have it covered.
...and I did a search for "Jupiter Funding Group" and as far as
...and I did a search for "Jupiter Funding Group" and as far as i can tell there is no posted info on this company. It is the smallest loan I have, but still curious as to whether or not they operaate legally in my state. So far from my list of 6, I believe only FBD are legal to operate here (although their rates still seem higher than allowable -- not sure I understand that part excpet maybe they do not fall under "pay day loan" laws since it is an installment loan)
you are so welcome.btw you can look up either your AG,or DFI web
you are so welcome.btw you can look up either your AG,or DFI website to find out if jupiter is licensed in your state or not.as far as FBD is concerned.yes they do consider themselves an installment loan meaning the pdl laws do not apply.unfortunate for sure.
Quote:Originally Posted by paulmergelthat is bull.since they are
Quote:
Originally Posted by paulmergel that is bull.since they are not located in the US,that makes them illegal in every sense of the word.these places lie like rugs to keep you paying.do not fall for it. |
Paul, I'll defer to you, but these international contract issues are interesting. Do you know of the case law that the person posted? I would think the courts would side with the borrower's home state and not enforce foreign rules.
I implore these folks to stop dealing with Internet lenders. At a minimum, they will wreck your credit score. What do they care if you contact the BBB?
Bruce, here is more info from the same email that explains the c
Bruce, here is more info from the same email that explains the cases in question. Interesting they claim I engaged in a "check adavance agreement - not a loan" yet there was never any check involved...not even a check number...
The email:
"In addition, not only did you avail yourself to Costa Rican law and agreed to be governed by it, independent US case law also supports contract venue, even had you not agreed in advance to such venue, which you did. Jurisdiction over commercial activities had been proven to be based on a "sliding scale" determined by where the preponderance of activity has occurred. You are dealing with an unsolicited transaction to a Costa Rican company with servers, offices, employees, and all other important elements of the transaction taking place there, including contract venue rather than your state of Virginia, where nothing has taken place. Please refer to the case of Zippo Manufacturing Company vs. Zippo dot com, Inc. 952F Supp 1119,1124 (W.D. Pa. 1997).
Furthermore, specific contract venue law even provides more clear-cut evidence pertaining to the controlling venue for a contract. The formal validity of a contract is to be determined by the "lex loci celebrationis" which is the law of the place where a contract is made. The Hogue-Kellog principle applies that a contract is deemed to be executed where the final act is done which is necessary to make it binding. See Hogue-Kellog Co. Inc., v G.L. Webster Canning Co., Inc. 22 F3rd 384, 385 (4th Cir.1927). This transaction was not binding until reviewed and approved by MyPaydayLoan.com, once we received all information from you to make a decision to enter into the agreement. Hence, the final act to make the transaction binding was in our jurisdiction, Costa Rica, not yours.
Lastly, any comment about specific interest rate caps based on your state would not apply anyway since this was not a loan in the first place. You engaged in a check advance agreement with us, not a loan. There are important differences which are a benefit to you and should be clarified. You were charged a fee per $100 dollars advanced. Based on the fact that it is a fee and not interest there is no "accrue" element to this transaction. When you defaulted you were not charged more money based on the time the advance is still outstanding (beyond your initial late fee and NSF fee, if applicable). In addition, the second important function differentiating this transaction as a fee instead of interest is there is no compounding. Any unpaid fees under an interest scenario would have a compounding component where any unpaid charges would be included in the "interest" calculation and added to the unpaid balance for purposes of determining the total amount owed. This is an important difference since there is no compounding of "interest" on any unpaid balances with our transaction. As such, usury would not govern this transaction since it is a fee. This principle is no different than when your bank charges you an overdraft fee to cover a check where there are not enough funds in the account to cover the check. You were advanced funds based on your next check from your employer, so whether that was 5 days away or 20, the fee is the same. There was no interest charged and laws governing interest are not applicable.
Hopefully, instead of trying to change the rules that governed the transaction after you received your advance from us because it suits you, you will honor what you already agreed to pay whether you paid attention or not. You need to satisfy your obligation in full, in order to avoid further collection activities and penalties. Your threats have been sent to legal counsel for review, and depending on your further actions, they will determine your accountability and how they will proceed against you and your account."
Any comments? The PDL actually cites a few cases that alledge t
Any comments? The PDL actually cites a few cases that alledge to take THEIR side in the dispute over venue. More smoke & mirrors or do they actually have a leg to stand on here?
Quote:Originally Posted by AnonymousAny comments? The PDL actual
Quote:
Originally Posted by Anonymous Any comments? The PDL actually cites a few cases that alledge to take THEIR side in the dispute over venue. More smoke & mirrors or do they actually have a leg to stand on here? |
more lies.no court in this country will rule in favor of an illegal overseas pdl in any regard.i don't care what.
I'm with Paul here. I doubt a court would rule in their favor,
I'm with Paul here. I doubt a court would rule in their favor, and this sure looks like a loan regardless of what they say.
update on mypaydayloan: I have insisted on paying by money order
update on mypaydayloan: I have insisted on paying by money order via mail to a valid address. Told them I am willing to pay the full $225 I owe in principle if they will just send me an address. They refuse to offer an address, say the do not accept money orders, and only will accept a MoneyGram for $300. They sent me the MoneyGram receiver info and it is in Utah. I thought they said they are in Costa Rica? I inquired as to why the receiver in in Utah. They wrote back that their office is in Costa Rica, ignored the Utah question, and said I need to send the full $300 by MoneyGram by tomorrow (not $225). What legitimate business would not accept a MO? It is the same as cash. It makes no sense to me, unless they have something to hide (like maybe they donot want me to have their address)
This is maddening. I am trying to do "the right thing" and pay back the principle I borrowed, but they refuse to accept any money order payments and won't answer why a MoneyGram is going to Utah instead of Costa Rica. What should I do?
Quote:Originally Posted by Anonymousupdate on mypaydayloan: I ha
Quote:
Originally Posted by Anonymous update on mypaydayloan: I have insisted on paying by money order via mail to a valid address. Told them I am willing to pay the full $225 I owe in principle if they will just send me an address. They refuse to offer an address, say the do not accept money orders, and only will accept a MoneyGram for $300. They sent me the MoneyGram receiver info and it is in Utah. I thought they said they are in Costa Rica? I inquired as to why the receiver in in Utah. They wrote back that their office is in Costa Rica, ignored the Utah question, and said I need to send the full $300 by MoneyGram by tomorrow (not $225). What legitimate business would not accept a MO? It is the same as cash. It makes no sense to me, unless they have something to hide (like maybe they donot want me to have their address) This is maddening. I am trying to do "the right thing" and pay back the principle I borrowed, but they refuse to accept any money order payments and won't answer why a MoneyGram is going to Utah instead of Costa Rica. What should I do? |
Yes you are doing the right thing, and I wish you luck. I await an update from you.
There is no update yet. They flat our refuse to accept anything
There is no update yet. They flat our refuse to accept anything less than $300 and will not accept a money order as payment. It must be paid by a MoneyGram sent to Utah(?)
I offered to send $225 via money order (combined with my $75 paid already = the $300 I borrowed) and they said "No". I am shocked that they won't say "OK" and give me an address to send payment to. If nothing else they would have another $225, right? The whole situation is shady. Why won't they divulge their address and why is the MoneyGram payment going to Utah instead of Costa Rica as their alledged offices are located?
I have 6 pdl loans out to and I am trying to take control but ev
I have 6 pdl loans out to and I am trying to take control but everytime I take control I the lenders keep on pushing me. I am new to the forums but since I have gotten on the web site I feel alot better after reading about other peoples messages about the problems they have with pdls. I am beggining to think I should just take on pdl at a time. One pdl is store front and the other 5 are internent. The store front I can deal with but the ones on the internet are a pain, because of them my my bank account went into the red of $500 so I closed my checking account and cancelled my debit card and opened up a new account and got a new debit card. and I pay the lenders with a prepaid debit card or money order. Because of this mess I have neglected my regular bills I had to borrow money for my mortgage. I am behind on my life because of these. What got my account in the hole was they kept taking money out after I tried to tell them I have no money in the account. I am trying to take control and find a way to work out a deal.a couple of them are taking payments on what I can pay but one is threating wage garnishment and I am going put a stop to that by sending a wagerevocation letter.I live in colorado.Here is a list of the lenders maybe someone can recognize one.
cashnet-orig loan amt 500 made payments now I owe 189
amerlioan -loan amt 250 I owe now 350 made a 20 payment have been paying the regular payments until my account went into the red. but the amount went back up to 350
united cash- loan amt 250- owe 350
flobridge-loan amount 300 owe 486 made a small payment. they are threating wage garnishment. they want 30 right away
PDI I think it is payment direct. Loan ammt 200 owe 289
It has been hard trying pay them because I am still working on getting things back into shape because I was in the red. I am thinking of paying my regular bills first and then paying one pdl at a time . I feel that getting on to this site has helped I had not relize that there were so many people in the same situation
I am no expert and no lawyer, so take what I have to say with pr
I am no expert and no lawyer, so take what I have to say with proper perspective. I can at least comment that I am obviously in the same boat (I started this thread) minus the garnishment threats.
I am still working my way through my situation, but one thing that is helping me breathe a little is prioritizing. If the lender is not legal in your state and you have already paid the principle and possibly more, then put those at the back of your list. It is doubtful they will come after you and as long as you can document paying back the principle, they shouldn't be able to get much more even if they take you to court (they can claim breach of contract but the lender was unlicensed and the fees were illegal in the first place). Focus on the legal ones and the ones that you have not paid back at least the principle and explain your situation. Hopefully they will be willing to work out a reasonable settlement...worst case a managable payment plan to pay off all you owe.
As for wage garnishment, check if they can even do that in your state and if so, any limitations. Did you sign a wage assignment when you opened the loan? If so, send a letter to your payroll dept. revoking any wage assignments with this company (it is within your rights to do so) and send a copy to the lender.
Quote:Originally Posted by stashI have 6 pdl loans out to and I
Quote:
Originally Posted by stash I have 6 pdl loans out to and I am trying to take control but everytime I take control I the lenders keep on pushing me. I am new to the forums but since I have gotten on the web site I feel alot better after reading about other peoples messages about the problems they have with pdls. I am beggining to think I should just take on pdl at a time. One pdl is store front and the other 5 are internent. The store front I can deal with but the ones on the internet are a pain, because of them my my bank account went into the red of $500 so I closed my checking account and cancelled my debit card and opened up a new account and got a new debit card. and I pay the lenders with a prepaid debit card or money order. Because of this mess I have neglected my regular bills I had to borrow money for my mortgage. I am behind on my life because of these. What got my account in the hole was they kept taking money out after I tried to tell them I have no money in the account. I am trying to take control and find a way to work out a deal.a couple of them are taking payments on what I can pay but one is threating wage garnishment and I am going put a stop to that by sending a wagerevocation letter.I live in colorado.Here is a list of the lenders maybe someone can recognize one. cashnet-orig loan amt 500 made payments now I owe 189 amerlioan -loan amt 250 I owe now 350 made a 20 payment have been paying the regular payments until my account went into the red. but the amount went back up to 350 united cash- loan amt 250- owe 350 flobridge-loan amount 300 owe 486 made a small payment. they are threating wage garnishment. they want 30 right away PDI I think it is payment direct. Loan ammt 200 owe 289 It has been hard trying pay them because I am still working on getting things back into shape because I was in the red. I am thinking of paying my regular bills first and then paying one pdl at a time . I feel that getting on to this site has helped I had not relize that there were so many people in the same situation |
What state are you in?
six pay day loans
Quote:
Originally Posted by Shazzers What state are you in? |
I am in colorado. 1 loan is in state in a store 5 are internent out of state. I electonically signed on one but the other 4 I don't remember signing anything. The only notification I got was e-mail stating that my loan is a approved. I did get a reciept from one lender in a e-mail form of a payment I made. but that is it.
Quote:Originally Posted by AnonymousI am no expert and no lawyer
Quote:
Originally Posted by Anonymous I am no expert and no lawyer, so take what I have to say with proper perspective. I can at least comment that I am obviously in the same boat (I started this thread) minus the garnishment threats. I am still working my way through my situation, but one thing that is helping me breathe a little is prioritizing. If the lender is not legal in your state and you have already paid the principle and possibly more, then put those at the back of your list. It is doubtful they will come after you and as long as you can document paying back the principle, they shouldn't be able to get much more even if they take you to court (they can claim breach of contract but the lender was unlicensed and the fees were illegal in the first place). Focus on the legal ones and the ones that you have not paid back at least the principle and explain your situation. Hopefully they will be willing to work out a reasonable settlement...worst case a managable payment plan to pay off all you owe. As for wage garnishment, check if they can even do that in your state and if so, any limitations. Did you sign a wage assignment when you opened the loan? If so, send a letter to your payroll dept. revoking any wage assignments with this company (it is within your rights to do so) and send a copy to the lender. |
Thank you for the advice. Your suggestions will help. I am starting to breath a little bit better.
Quote:Originally Posted by stashI am in colorado. 1 loan is in s
Quote:
Originally Posted by stash I am in colorado. 1 loan is in state in a store 5 are internent out of state. I electonically signed on one but the other 4 I don't remember signing anything. The only notification I got was e-mail stating that my loan is a approved. I did get a reciept from one lender in a e-mail form of a payment I made. but that is it. |
Colorado requires Internet payday lenders to be licensed in your state, if they aren't licensed they are probably charging you interest much higher than permitted by the law, therefore, if I were you, I would close my account and CLICK HERE to find out how to deal with unlicensed lenders.
You can read your payday loan laws below:
http://www.paydayloaninfo.org/stateinfo/CO.asp
You can check the licensee dat base for your state at the link below:
http://www.dora.state.co.us/pls/real/bidS_Search.Search_Page
thank you
Quote:
Originally Posted by Shazzers Colorado requires Internet payday lenders to be licensed in your state, if they aren't licensed they are probably charging you interest much higher than permitted by the law, therefore, if I were you, I would close my account and CLICK HERE to find out how to deal with unlicensed lenders. You can read your payday loan laws below: http://www.paydayloaninfo.org/stateinfo/CO.asp You can check the licensee dat base for your state at the link below: http://www.dora.state.co.us/pls/real/bidS_Search.Search_Page |
thank you for the info. I closed my account about 3 weeks ago because these pdls kept taking money even though my account was seriously in the red. My bank was very helpful. I gave them a list of the pdls so that they would not go through my new account. The next thing is to write letters. One will be a wage revocation letter to my employer because one of the pdls is threatning wage garnishment. This website has been a blessing. I feel so much in control of these people now that I have some direction. I have learned not to let them be in control.