I have a handful of pay day loans that I wish to s

well a couple of things first

1)how much was borrowed from each lender
2)how much was debited prior to default
3)state you reside in

you see all of these lenders are illegal in most states and that being the case if they are illegal then you only owe the principle,and anything in "fees"debited gets deducted from the loan.example:

cashjar lends you 250.00.they debit 75.00 three times.you only owe cashjar 25.00.try to answer those questions and we can help further here.

1)how much was borrowed from each lender

CashJar: $650
Advantage Cash Services: $450
UpFrontCash: $200
InstantLoansNow: $200
InstantLoansUSA: $200
Shamrock Marketing: $300


2)how much was debited prior to default:

Advantage, UpFrontCash, InstantLoansNow and InstantLoansUSA have not debited any fees yet, scheduled for 3/31/11 but account is closed.

CashJar has debited $600 (4 x $150) so far and Shamrock has debited at least $360 (4 x $90).



3)state you reside in - MICHIGAN

Would you please specify which of your loans were Internet or store front, please? Thank you.

All are internet based lenders.

well then you owe cashjar 50.00,and shamrock you are done.not only do you not owe,but they owe you the 60.00 you overpaid.the rest you just owe the principle as i couldn't find licensing for any of them in MI.go to the sticky titled DEALING WITH ILLEGAL LENDERS at the top of this very forum.it will guide you every step of the way.then you won't need some company to just take your money and have you pay more than you truly owe.

Thanks to all for your advice. I sent out the letter from the "dealing with illegal lenders" thread and it was effective with InstantLoansNow, InstantLoansUSA and UpFrontCash - each requested payment of the principal only.

CashJar, however, replied with the following ... do they have a leg to stand on?

Re: Your Cash Jar Loan # xxxxx

Dear Mr. X:

I am writing on behalf of Cash Jar in response to your recent email. Cash Jar strives to assist consumers with their short term cash needs and is concerned that you were disappointed with your experience.

Please be advised, however, that your loan was made pursuant to Cash Jar’s license in its home country of Belize under the International Financial Services Commission Act of Belize, Chapter 272. Cash Jar’s contracts, including the loan agreement you signed, clearly designate Belize law as governing its transactions and provide all disclosures required by Belize and U.S. federal law. Cash Jar has no physical presence in the State of Michigan, and does not solicit Michigan consumers via mail, telephone, or email. In order to obtain a loan from Cash Jar, a Michigan consumer must log on to the internet and access Cash Jar’s website, just as you did. You received documents in conjunction with your loan fully describing how the finance fees are applied and your repayment options, and you agreed to these terms, including the applicability of Belize (not Michigan) law to the transaction, with electronic signatures in multiple places. Should you require another copy of your documents, or if you need clarification on points referenced in the documents, please contact us. A careful review of those documents should resolve your concerns regarding the terms applicable to your loan.
Our records show that you have made payments in the amount of $450.00 and your balance owing on loan is $830.00. We intend to continue our efforts to collect the loan balance from you. However, we do understand that the current economic situation has adversely affected many people. We are currently willing to offer you a settlement in full if you will make a payment of $350.00. If this settlement offer is acceptable to you, or if you’d like to discuss other arrangements or make a credit card payment, please contact us at 1-866-568-2209 at your earliest convenience. It is in your best interest to make arrangements with us directly, as your loan may be sold in the future to a third party collection agency. Those agencies are empowered to take legal action to collect the debt, and once they purchase your account from us, the nature of their actions is not within our control.

Thank you for the opportunity to clarify this matter and address your concerns.

Sincerely,


Cash Jar

My loan was for $500, they charged a $150 "loan origination" fee and the $830 "owed" includes my missed "fee" payment from 3/1/11 (closed my account).

Is their reply enforceable in any way, shape or form? Thanks again everyone!

that is the standard BS letter some out of the country pdl's send in response to your letter.your state law prevails,and they know it.they just try to buffalo people.don't fall for it.you only owe the principle and nothing more.re-send your original letter,and keep re-sending.they will eventually get the message.you only owe 50.00 and nothing they say or imply will cahnge that.file an AG COMPLAINT against cashjar asap.let you AG fight these idiots for you.

Thanks Paulmergel!