Can't Pay back Texas Payday Loans - CashtransferCenters & CashnetUSA
Date: Wed, 05/05/2010 - 18:19
CashTransferCenters - First Loan Sept. 2008
Started with Loan of 600 - Fee 120
Reloaned Loan for 800 - Fee 159.84 x 2
Reloaned Loan for 1200 - Fee 239.76
Reloaned Loan for 1300 - Fee 259.74 x 9
Reloaned Loan for 800 - Fee 159.84
Reloaned Loan for 500 - Fee 99.90 x 3
Reloaned Loan for 800 - Fee 159.84
Reloaned Loan for 500 - Fee 99.90
Reloaned Loan for 1300 - Fee 259.74 x 3
Reloaned Loan for 1475 - Fee 294.70 x 11
CashTransferCenters does not offer Rollover, so I pay this loan out each month along with the fees. I have never defaulted on the loan. I currently owe $1769.70. (Principal $1475, Fee $294.70) Have I overpaid?
CashNetUsa - First Loan July 2008
Started with Loan of 550 - Fee 140.45 x5
Reloaned Loan for 1000 - Fee 254.79 x 2
Reloaned Loan for 1500 - Fee 383.22 x 22
Reloaned Loan for 1800 - Fee 458.63 x 10
I currently owe CashNetUsa $2258.63 (Principal $1800, Fee $458.63).
Can someone please help me! I only have one more extension left with CashNetUSA and they are going to debit the entire amount and I know I won't be able to cover it along with the CashTransferCenters Loan. HELP!! :(
I don't know about CashTransferCenters, but I can tell you that
I don't know about CashTransferCenters, but I can tell you that CashNetUsa is legal in Texas, operating under the CSO model. This is bad news because it means that they can charge you just about whatever interest or fees that they want to. However, it is good news because they are very protective of their A rating with BBB, and will usually work something out with a customer who has gotten in too deep.
Give them a call and let them know that you are in trouble and are not going to be able to make your final payment, and ask for an extended payment arrangement. I had a balance of about half the amount of yours, and they put me on an arrangement of 4 equal pays, with no further accrual of interest or fees.
Cashtransfercenters, however, is NOT legal, and assuming I've do
Cashtransfercenters, however, is NOT legal, and assuming I've done the math right, you have WELL overpaid them - so stop paying them!!! Not another dime!!! They are located in Malta, and their mailing address is (copied directly from their website):
Bisazza Street
Sliema SLM 1640
Malta
Check out the sticky'd thread about dealing with illegal lenders, and DO EVERY STEP. This company is notorious for pretty much doing whatever they want, so it's vitally important that you get your bank account closed (Tell CashNetUsa that you are closing it and make arrangements to pay them by alternate method), and get a wage assignment revocation copied to your payroll department, because they WILL try to attach your wages. Go ahead and send the ACH revocation/wage assignment revocation letters to their mailing address CMRRR, but I'd email it to them as well just so they get it right away.
As far as "you agreed to abide by malta law, you still owe us money, we will garnish your wages/sue you/confiscate your firstborn" yada yada yada, don't sweat. Once you've protected your bank account and paycheck, they can't do anything to you but threaten. If they wanted to sue, they would have to do it HERE, in Texas, where they are not legally entitled to lend to you at all - it's not a legal and binding contract.
Quote:Originally Posted by msmotrI don't know about CashTransfer
Quote:
Originally Posted by msmotr I don't know about CashTransferCenters, but I can tell you that CashNetUsa is legal in Texas, operating under the CSO model. This is bad news because it means that they can charge you just about whatever interest or fees that they want to. However, it is good news because they are very protective of their A rating with BBB, and will usually work something out with a customer who has gotten in too deep. Give them a call and let them know that you are in trouble and are not going to be able to make your final payment, and ask for an extended payment arrangement. I had a balance of about half the amount of yours, and they put me on an arrangement of 4 equal pays, with no further accrual of interest or fees. |
Thank you so much for your help. I will definitely be contacting them to work this out. Since I am paying the equivalent of equal payments in fees, it shouldn't be hard to pay this out that way.
[QUOTE=msmotr;695326]Cashtransfercenters, however, is NOT legal,
[QUOTE=msmotr;695326]Cashtransfercenters, however, is NOT legal, and assuming I've done the math right, you have WELL overpaid them - so stop paying them!!! Not another dime!!! They are located in Malta, and their mailing address is (copied directly from their website):
Bisazza Street
Sliema SLM 1640
Malta
Check out the sticky'd thread about dealing with illegal lenders, and DO EVERY STEP. This company is notorious for pretty much doing whatever they want, so it's vitally important that you get your bank account closed (Tell CashNetUsa that you are closing it and make arrangements to pay them by alternate method), and get a wage assignment revocation copied to your payroll department, because they WILL try to attach your wages. Go ahead and send the ACH revocation/wage assignment revocation letters to their mailing address CMRRR, but I'd email it to them as well just so they get it right away.
As far as "you agreed to abide by malta law, you still owe us money, we will garnish your wages/sue you/confiscate your firstborn" yada yada yada, don't sweat. Once you've protected your bank account and paycheck, they can't do anything to you but threaten. If they wanted to sue, they would have to do it HERE, in Texas, where they are not legally entitled to lend to you at all - it's not a legal and binding contract.
Where do I find the ACH Revocation letter? Is there a template somewhere?
CLICK HERE to find out how to deal with unlicensed lenders, ther
CLICK HERE to find out how to deal with unlicensed lenders, there is a letter template which covers revocations for wage assignment and ach's, it covers about everything, make sure you close your account BEFORE you send letters.
Quote:Originally Posted by ShazzersCLICK HERE to find out how to
Quote:
Originally Posted by Shazzers CLICK HERE to find out how to deal with unlicensed lenders, there is a letter template which covers revocations for wage assignment and ach's, it covers about everything, make sure you close your account BEFORE you send letters. |
Here is the letter I drew up from the template. Let me know if it's okay.
Date: 05/12/2010
Cash Transfer Centers
Level 8, Plaza Commercial Centre
Bisazza Street
Sliema SLM 1640
Malta
After doing research regarding Internet payday loan laws in the State of Texas, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of Texas in general:
Legal Status: Legal
Citation:
7 Tex. Admin. Code 1.605; Tex. Fin. Code Ann. 342.251 et seq. and 342.601 et seq.
Loan Terms:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account to protect my interest in this matter, per instructions from The Texas Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected and addressed by legal counsel.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling the references listed on my loan.
Due to the fact that Internet payday loans must be licensed in the state of Texas to be a legal and binding contract, your company should NOT issue loans to Texas residents at all. I am requesting that you send me your license number which enables you to offer loans to Texas residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S. I would be willing to pay the principle amount of the loan only, however, since by law you have overcharged me $3,162.14 in fees, after deducting the principal amount of $1475.00, you owe me a refund of $1687.14.
I would like my refund of $1687.14 sent via US Postal Mail no later than 7 days from this letters date or I will begin legal proceedings against you for my amounts owed by the laws of the State of Texas, where I currently reside and have resided since first conducting business with CTC and all business transactions between Cash Transfer Centers and myself are governed.
You can send a Cashier???s Check for my full refund amount of $1687.14 along with a paid in full letter to:
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Texas Attorney General's Office.
I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
CC:
Better Business Bureau
Texas Attorney General
Federal Trade Commission
CI Payroll Department
Capital One Bank
I spoke to CashNet USA today and they agreed to work out a payme
I spoke to CashNet USA today and they agreed to work out a payment plan with me of 4 equal payments. I agreed to that as it will definitely make life much more easy for me just knowing that in a month I will be done with them!!
Now if I can get from under CashTransfer Centers all together...the heavens will open...lol...
I was calculating and have paid them over 47K. That is riduculous!!!
Which "legal proceedings" will you be taking against CashTransfe
Which "legal proceedings" will you be taking against CashTransfer? Just as they would have to sue you where you live, I'm pretty sure that if you wanted to take legal action against them, you'd have to sue them in THEIR jurisdiction, under THEIR laws. The fact that Texas law prevails in this case really only matters in Texas. It means that they cannot sue here and realistically expect to win.
I know it would be nice to be able to sue them from here for the refund you are entitled to... but the reason that we can't do that is exactly the same reason they can't get an enforceable judgment on us from wherever THEY are!
If I'm wrong, I'm sorry... but I think that's the way it works. You just want to be careful about threatening to take an action you cannot take.
Quote:Originally Posted by msmotrWhich "legal proceedings" will
Quote:
Originally Posted by msmotr Which "legal proceedings" will you be taking against CashTransfer? Just as they would have to sue you where you live, I'm pretty sure that if you wanted to take legal action against them, you'd have to sue them in THEIR jurisdiction, under THEIR laws. The fact that Texas law prevails in this case really only matters in Texas. It means that they cannot sue here and realistically expect to win. I know it would be nice to be able to sue them from here for the refund you are entitled to... but the reason that we can't do that is exactly the same reason they can't get an enforceable judgment on us from wherever THEY are! If I'm wrong, I'm sorry... but I think that's the way it works. You just want to be careful about threatening to take an action you cannot take. |
I was just trying to scare them as they try to do us. They are obviously not well versed on the law, so maybe it could potentially scare them into paying me what they owe me...lol...let's just call it wishful thinking
Question
I submitted all of my letters as you guys instructed to Cash Transfer Centers and emailed them and faxed them. This was done on the 12th of May. I have yet to hear from them and they have cancelled my access to their website. Is this a good thing or the calm before the storm?
Quote:Originally Posted by AnonymousI submitted all of my letter
Quote:
Originally Posted by Anonymous I submitted all of my letters as you guys instructed to Cash Transfer Centers and emailed them and faxed them. This was done on the 12th of May. I have yet to hear from them and they have cancelled my access to their website. Is this a good thing or the calm before the storm? |
I wouldn't worry over them, they may call with threats, or even email threats, but don't believe any of their crap, not a thing they can do to you. If you have paid off the principal amount you borrowed, then write them off of your things to worry about.
Get a consumer law attorney and they can sue both of them
Hi - Get a consumer law attorney and they can sue both of those payday loans. They are over charging you. If they work it right, you will not have to pay the prinical back either.
[QUOTE=Anonymous;695317]I have 2 Internet Payday Loans that I am having a hard time repaying. I reside in Texas. I know I have overpaid them both significantly. One is with Cashtransfercenters and the other is with Cashnetusa. I am going on two years trying to pay these loans. Can someone please help me with this!
CashTransferCenters - First Loan Sept. 2008
Started with Loan of 600 - Fee 120
Reloaned Loan for 800 - Fee 159.84 x 2
Reloaned Loan for 1200 - Fee 239.76
Reloaned Loan for 1300 - Fee 259.74 x 9
Reloaned Loan for 800 - Fee 159.84
Reloaned Loan for 500 - Fee 99.90 x 3
Reloaned Loan for 800 - Fee 159.84
Reloaned Loan for 500 - Fee 99.90
Reloaned Loan for 1300 - Fee 259.74 x 3
Reloaned Loan for 1475 - Fee 294.70 x 11
CashTransferCenters does not offer Rollover, so I pay this loan out each month along with the fees. I have never defaulted on the loan. I currently owe $1769.70. (Principal $1475, Fee $294.70) Have I overpaid?
CashNetUsa - First Loan July 2008
Started with Loan of 550 - Fee 140.45 x5
Reloaned Loan for 1000 - Fee 254.79 x 2
Reloaned Loan for 1500 - Fee 383.22 x 22
Reloaned Loan for 1800 - Fee 458.63 x 10
I currently owe CashNetUsa $2258.63 (Principal $1800, Fee $458.63).
Can someone please help me! I only have one more extension left with CashNetUSA and they are going to debit the entire amount and I know I won't be able to cover it along with the CashTransferCenters Loan. HELP!! :([/QUOTE]