PDL Default

Date: Thu, 07/22/2010 - 07:43

Submitted by Lizzie1014
on Thu, 07/22/2010 - 07:43

Posts: 382 Credits: [Donate]

Total Replies: 3

I live in Ohio and have an internet loan with cashnetusa.com. They are legal in Ohio. I defaulted on my loan, wrote them a letter explaining my circumstances and proposed a payment plan. My principal balance due and owing is $600. They responded back by saying, "We have received and noted your request for ceasing all telephone communications. All telephone communications will now cease. All our communication is done via email or over the phone. Since we are an online based company, we do not respond via postal mail. When the loan contract was signed, you agreed to pay the loan principal and fees added for not paying on time. Please be advised that we will accept and apply your mailed payments to your balance.
Our mailing address is:

CashNetUSA
200 W. Jackson Blvd.
14th Floor
Chicago, IL 60606-6941

Collection procedures will continue until a valid payment arrangement is setup. If you have any questions or concerns, our collections team is available seven days a week via phone and email.

I thought when you wrote a C& D letter and wage assignment revoke, all interest and late fees stop and I only owe the principal balance plus the interest per the contract ($763.70). Is this correct?

I think you are confusing various information on this site. If y

I think you are confusing various information on this site. If you request an extended payment plan from a payday lender who is a member of the CFSA (Community Financial Services Association of America), then yes, the interest stops and you make 4 separate payments to pay off the loan, however, Cashnetusa extends loans to residents of Ohio as a Credit Service Organization, in that case, they are not bound by the payday loan laws. I would work out a payment plan of sorts with them, if I were you.

I'm not sure why you sent them a C&D letter, that is intended for illegal lenders, if you are referring to the template on this site?

lrhall41

Submitted by Shazzers on Thu, 07/22/2010 - 11:13

( Posts: 17344 | Credits: )

[QUOTE=Shazzers;726305]I think you are confusing various informa

[QUOTE=Shazzers;726305]I think you are confusing various information on this site. If you request an extended payment plan from a payday lender who is a member of the CFSA (Community Financial Services Association of America), then yes, the interest stops and you make 4 separate payments to pay off the loan, however, Cashnetusa extends loans to residents of Ohio as a Credit Service Organization, in that case, they are not bound by the payday loan laws. I would work out a payment plan of sorts with them, if I were you.

I'm not sure why you sent them a C&D letter, that is intended for illegal lenders, if you are referring to the template on this site?[/QUOTE]

The letter I sent them just asked them not to contact me via telephone at home or work and via of email or US Postal Service. So, the interest and late charges will continue to build? If that is the case, I will never get this paid off. Do you know if cashnetusa.com ever sends it to a third party collector? I have found that third-party collectors are easier to deal with.

lrhall41

Submitted by Lizzie1014 on Thu, 07/22/2010 - 11:33

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Based on what other members have posted, yes, they have sent def

Based on what other members have posted, yes, they have sent defaulted loans to a collection agency. I have also read where other members posted Cashnetusa is easy to deal with as far as payment plans. I have never personally dealt with them so my information is based on what others have said. :)

lrhall41

Submitted by Shazzers on Thu, 07/22/2010 - 12:15

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