MyCashNow asking money even after paying it in full

Dawnie,

You should have made an agreement before paying $330; it could help you at this situation. Anyway, I would go with more negotiation first and try to speak with some one of higher designation. Since you have the copies of your bank statement, it would support your position.

If nothing seems fruitful, contact consumer protection office of your state and get them involved. Also visit this thread to collect some information on Mycashnow-

http://forums.debtcc.com/forums/cashnow.html

They told me I could pay the whole thing or keep paying interest so I paid it early. So why do they say I still owe after it came out. These people are unreal to deal with saying I still owe 1000.00. The loan was only for 700.00....Unreal!!!

Dawnie,

It's really very disappointing that they are harassing a customer who tried to cooperate with lenders and paid the amount in full. I would suggest consulting a lawyer just to know your legal rights at this stage. Since you have enough proof that they received the money, they cannot do any harm to you except harassing.

You can report against them with FTC for defective business process.

Dawnie,

I have used this company before. Are you able to check your loan history through their website? It should give payments made that way as well. If you have proof from your bank, that is a good thing. One thing you might want to do is block their id code so they cannot debit your account anymore. I do not understand why they are saying they never received payment when you sent in the information. I would also send the information via certified mail with return receipt requested. I would write in the letter that the loan was paid in full with copies of your bank statements. I know you can only refinance a certain amount of times before you have to start paying your balance down anyway. Also state that if the matter is not cleared up that you will file a complaint with the Better Business Bureau, Federal Trade Commission, and the Attorney General's office in your state as well as theirs. In the mean time, check to see if they are licensed to loan money in your state. You can check with your state's department of financial institutions. Don't let this get you too frustrated because it sounds like everything on your end has already been taken care of. Sometimes it does take a little extra efford but it's worth it. If you have any further questions, feel free to pm me. I might be able to help you out some more. I'm dealing with a few payday lenders myself right now. I know it can be frustrating but hang in there.

This company is holding an unsatisfactory report till date. Michele, you have said that you dealt with them. How was your experience with this company? Could you share it here in forums?

Dawnie has already taken some steps to stop unauthorized debits by them; however, blocking their ID would be useful here. Keep us posted.

Stanley,

I really never had any problems with them until I entered debt consolidation. Big surprise there! They kept sending me threatening e-mails which I have copies of when I am ready to file a complaint with the consumer protection office or the BBB. I sent them a certified letter a few weeks ago disputing some charges that are trying to put on my account plus an itemized statement of my account. I have not heard back from them yet but I am giving them thirty days. If not, then I will start filing the complaints because I'm not going to pay undue charges. They are not licensed in my state to loan money either so there is a violation of my state's law right there. I'm learning a few tricks to use against these companies. I find these places respond better once something is sent in writing.

I don't know if both the cases are related or not, however please note these points:

• Michele, you did not have any problem with them until you entered into debt consolidation.
  
  
• Dawnie faced problems after deciding to pay the rest of the amount in a single installment.

Michele, how do you check to see if they are licensed in your state to loan money. I have harassing emails they sent me too. I can't believe they are asking me to pay over 1100.00 on a 700 dollar loan and I paid them in full 330 the last payment. I have faxed and faxed and now they want to do a 3 way calling with the bank and I refuse. I have already filed a complaint with the FTC through the web site. Do you think they will contact these people. What else do I need to do......Thanks

[quote]how do you check to see if they are licensed in your state to loan money.

Dawnie, you have to contact the Department of Financial Institute of your state. they can tell you if a particular lender is licensed to do business in your state or not as they handle the state wise business licensure. [/quote]

[quote]Do you think they will contact these people.

While the FTC does not resolve individual consumer problems, your complaint helps us investigate fraud, and can lead to law enforcement action.

(From FTC Consumer Complaint Form.)

So FTC might not follow up any specific problem, but once a considerable number of complaints are submitted with FTC, they will run an investigation and use all these information as evidence.[/quote]

Dawnie,

Do a search in google with your state's name and then the department or division of financial institutions. I seriously doubt they are licensed in your state to loan money. I have run into so many companies that are not licensed in mine. You might be able to check online to see if they are licensed. I am able to do that with my state's website. Like Stanley said, the more complaints against them with the FTC, the more likely they will investigate them down the road. I'm sure you will get a general response from the FTC but it's a step in the right direction. Also, file a complaint against them online with the Better Business Bureau. If they continue to harass you, keep everything documented and file a complaint with the consumer protection office or AG's office in your state.

Well they have called and left a message for us to call them. I have faxed over bank statement and letter from the bank and they still say they did not receive my last payment of 300 and they were going to take whatever steps they need to collect. What other information do they need. What else can I do. I filed a complaint with the FTC and I really don't know what else to do. Can anyone help me with this situation. I do not want to pay them another 300 and plus they are asking for 1100.00 because they say interest has added up. Can they do this. HELP!!!

No they can't. Where you have proof of the debit and a letter from the bank stating that they withdrew the money, there is nothing they can do to you. Have your bank put a block on your account from this company. You need to file a complaint with the BBB, Attorney General office and the Consumer Protection office in your state and with the complaint, include copies of the bank statement and letter from the bank. This is a common thing with payday lenders.

They said that if we did not pay this 1100.00 they would turn us over to collections and report it to the credit bureau. The company will not give out their mailing address, but I found it anyways, and when you send them a payment through Western Union they have code city NV. Weird. They are not listed with the BBB. I am just so stressed out with this right now. They continue to call on the job after we have faxed letters telling them to stop. I don't know what else to do.

Dawnie,

Where faxing the cease and desist didn't work, you need to send it through the mail certified with return receipt. That way you have proof that you sent it and they received it and then after they receive it and they continue to call your place of employment, they are in violation of a legal document. If I understood your posting above, you have paid these people off right? Document all phone calls to you, time of the calls and the person calling each time. If this loan is paid off, you have every right to refuse to pay them more than what they are owed.

Quote:

They have just called on my job again. I am going to get fired if they don't quit calling. How do and can I get them to stop. I have a ceasing communication letter ready to mail and I also have faxed it. I need help. These people have been paid in full and I have my bank statement to prove it. This was back in October. Can anyone please tell me how to get them to stop calling.

Contact the Attorney General office in your state ASAP or contact the sheriffs department and explain the situation and they may recommend something.

Dawnie,

Why don't you explain the whole story to your employer too? You have enough evidence in support of your claim. Hope your employer will understand it's not right what this company is doing with you. Also ask your reception desk not to honor any call from these people.

You can file a suit against them in small claim court for making such illegal asserts. Consult a lawyer if you can. Also file your complaint as brat has suggested.

I really wonder how bad they can be! They have received the payment in full, still they are harassing innocent people. They should be punished.

Isn't this considered extortion of money when a debt is paid back in full and the company demands more? Even though there is proof of full payment being made and the amount that was owed?

Quote:

So, if we all stop and think about it, most of the payday lenders have extorted money from us.

I sent a certified letter to them in tennessee I believe. They received it but never responded back. You are in the right with this, don't fret too much. I know it's easier said then done. Once you file complaints with the attorney general's office, things will change in your favor. They will most likely leave you alone after that. Payday lenders are famous for idle threats. I believe they also have an address in New York if I am correct. I need to follow up with this anyway.

That is so true brat. I've wasted thousands to lenders in finance charges alone.

I think I may be able to help you but I'll have to do some research on the laws of your state. So please email me, tell me what county & state you live in, and what county and state the purported creditor is located in (at least the location that you've been dealing with). You may have stated it already, but I'd like to know the full name of the purported creditor, too, to be able to locate information on what state they're chartered in and where they're authorized to do business.

Also, I'd be interested to know whether you wrote anything on the check or sent them any letter along with it. If so, what did you say? And, did you get the canceled check back, or at least a picture of it? If not, get the bank to make you a copy.

What I'm thinking is this: many states have statutes that prohibit the imposition of penalties for paying off the loan early. I realize they're telling you they never got the payment, but if the law where you live permits the imposition of fees and interest notwithstanding the payment in full, they may be pulling your chain in order to ratchet up the fees and interest by giving you a story they know is a lie about not having received the check. Or at least to have a fallback position. I'd like to be able to exclude that possibility.

I would invite you to tell me the details that you feel comfortable disclosing, given that you don't know me from Adam. No charge, of course, since I'm not acting as your attorney in this.

To send me an email, click on the small icon to the upper left of the name, "Virginia Legal Defense" above the picture of the courthouse on the upper left of the text of this message. That's going to show you my "profile" including an "email" button to click on to get my email address.

Ok, it's an internet based check cashing service. Did you happen to notice in the online contract that they say that the law of Grenada applies; that you agree to arbitration no matter what; and that the apr on the loan is almost 500%?

How about this: a whois search using Registration Technologies' website indicates that the owner of "mycashnow.com" and "mycashnow.net" is:

Unlisted-Whois.com Protection Service
P.O. Box 229
Margaretville, NY 12455
US

Clearly a third party designed to keep you from knowing who's really behind that website. However, "mycashnow.org" (which has no website)is owned by:

Registrant Organization:mycashnow.com Inc.
Registrant Street1:Grand Anse
Registrant Street2:
Registrant Street3:
Registrant City:St. George's
Registrant State/Province:N/A
Registrant Postal Code:00000
Registrant Country:GD

(thanks to registrationtek.com for the data)

I suspect that whoever's behind mycashnow has "mycashnow.org" registered as a screen, so that people who attempt legal recourse against them will assume that they have to serve someone in St. George's, GD.

Here's the arbitration agreement you agreed to:

AGREEMENT TO ARBITRATE DISPUTES. All disputes and controversies of every kind and nature between the parties hereto arising out of or in connection with this agreement as to the existence, construction, validity,interpretation or meaning, performance, nonperformance, enforcement, operation, breach, continuance, or termination therefore, as well as whether the controversy or dispute is subject to arbitration, and the amount of any loss or damage, shall be submitted to arbitration in a jurisdiction to be chosen by Mycashnow.comTM Inc. before three arbitrators appointed by the American Arbitration Association pursuant to the commercial rules of the American Arbitration Association in effect at the time any arbitration proceeding is commenced, which rules are hereby incorporated by reference thereto and made a part of this agreement. The foregoing notwithstanding, the company retains the authority to institute an action in any court to recover sums due company by customer hereunder. The arbitration award shall be final and binding upon both parties and judgement upon such arbitration award may be entered in any court having jurisdiction. The parties specifically state their understanding that the check casher cannot be sued in any court or any controversy or dispute. In the event this provision or any part thereof is held to be invalid or unenforceable for any reason, the remaining terms and conditions of this agreement shall not be effected thereby and shall remain in full force and effect.

I'd say that, as a purely technical legal matter, although not knowing what the laws of Granada would do or whether there is a usury defense or any other defense, they've got you well over a barrel.

There may be some ways out of it, however, as a strategic matter. Remember the legal system is confrontational in nature. Takes two to tango. The first thing I would do is find out whether the state you live in has what in Virginia is called a "home solicitation sales act". The mycashnow contract is probably voidable under Virginia law, and would provide for an award of damages to the consumer. Chances are there's some way to cancel the contract under state law. That doesn't mean "terminate" because that would imply that there was a contract to begin with. "Voidable" and "cancel" mean, like, there never was a contract, why? because you as the consumer take whatever legal steps are required under the laws of your state to "avoid" or "cancel" the contract. If there never was a contract, then you're not bound to the choice of law provision, although the arbitration clause may survive. There are federal cases that say that arbitration clauses stand alone and whether or not the rest of the contract is void, the arbitration clause survives. Those decisions rest on a principle of "mutual promises" as consideration for the limited contract to arbitrate claims. My reading of this arbitration clause suggests that that analysis would not prevail here because the contract is clearly not mutual. They reserve the right to sue you in court, and to pick the arbitrators and to choose the jurisdiction in which arbitration is to occur - there's no way for you to go to arbitration without sending them a demand for arbitration and waiting for them to pick the judges. No mutuality, no contract. (At least that's what I'd argue.)

Here's another thing: if you can't find out who they really are and where they really are, you can't get service of process on them very well. Their idea is clearly that they can avoid the consequences of litigation if they hide effectively. Not true. In the U.S., you can get service on them by serving them at their last known address, subject to some limitations. The only address I can find for them is the "St. George's" thing, which is probably bogus. Nevertheless, that's the address they gave, so you can have them served there via the secretary of state or clerk of the corporation commission, or whatever the office is called in your state. File suit against them in the lower level trial court (go to your county courthouse and find the office of the clerk of court, civil division, in the lower level trial court and ask them what you need to fill out to file suit and how much it will cost).

A wrinkle on service of process: you have to jump through a few extra hoops to get service of process in Grenada. Grenada is not a member state of the Hague Convention on Service of Process, but is a party to the international agreement abolishing the requirement that the papers be domesticated in Grenada. That means it's simpler to get service of process there than it would be to get it in, say, Germany. You could, alternatively, get service on the anonymous domain registration folks in N.Y., on the theory that they're the only agent you can find in the U.S. for mycashnow. Not sure how that would hold up if it were contested.

My goal if I were you, would be to get a declaratory judgment order from a local court to the effect that you don't owe mycashnow any money. If mycashnow wants to contest it, they can come in and yell "arbitration" and "grenada law" if they want to, but my guess is that they won't show up, especially if you're not asking for damages from them, only an order confirming that you've already paid in full. That way, you'll have something you can send to the credit bureaus to show (1) that the matter has been litigated and resolved in your favor; and (2) it precludes them from coming into court later and suing you for the deficiency on the theory of "res judicata" ("something already decided").

I suggest that you bite the bullet and find a lawyer in your county who can understand this strategy, most "pedestrian" lawyers won't. Pay that person some money to get the declaratory judgment for you, to make sure it's done right (and therefore unassailable later). You may be able to get a judgment on your own, but you may do something wrong, and if an order is entered on the basis of what you did wrong, that order can be vacated later.

Note of general importance to all: please, please, please read the contract before you sign up. The reason people use contracts is so that, when things don't work out as everyone might wish, there will be evidence that can be used in court (or arbitration) as to what the parties intended. Let me say that another way: the purpose of the contract is to make sure that the consumer is well and truly screwed if, as, and when, the creditor feels like applying the screwdriver. Don't sign up to something you won't really be able to live with. If that means you can't get a credit card or quick payment on your check, then live with that. You'll be better off.

In rereading the arbitration clause, I noticed that the name of the entity was "mycashnow.com, inc. (TM)"

In checking the federal trademark registration, I found that the owner of "mycashnow" is listed as, "Brown, Carey V.; 108 West Highway 136 LaFayette GEORGIA 30728". That TM registration is no longer active, and indicates that it has been abandoned. That person may or may not have anything to do with the Grenada operation. I looked up corporation records in NY, Wisconsin, Georgia, Tennessee, and Delaware, and found no registration for anything starting with "mycashnow".

One more thing about Dawnie's situation - if the original contract was unlawful because the state in which Dawnie lives requires such businesses to be specially licensed there, and mycashnow is not, then the contract is probably unenforceable. One more thing to add to the declaratory judgment action.

Here's what the state dept. says about whether or not Grenada is participating in the Hague Convention: "Grenada: Now Independent. No confirmation issued by newly independent country that Convention is deemed to apply. On February 24, 1965, the United Kingdom extended the Convention to Grenada which entered into force April 25, 1965. Grenada achieved independence February 7, 1974. Competent Authority: Unknown."

There is a good article evaluating a number of internet based payday loan companies at:
industrypages.com/clmman/publish/article_29.shtml

Btw, once you file suit, you can find out who owns the 800 numbers by using "subpoenas duces tecum", orders from the court to produce documents, in this case, name and address data. There's an inter-business company set up to keep track of which company has which areacode/exchange combinations, you start with them to find out which company to send the second subpoena to. Start out at http://www.nanpa.com/ (North American Numbering Authority).


Link made inactive as per forum rules-Vikas

I notice that these posts are a old. But i had to add my 2cents. I got here by looking for info because i am going through the same mess with my cash now/cpd too. I have found that they use different names to withdrawal so it looks as if they are different debits. They are quick to demand-have the nerve to charge double-and cant come up with any conformation asked for. Im still on hold after i had my bank reverse the withdrawl. It makes no sense that there isn't something forcing them to use the same name for both so that we can confirm debits without going through all this nonsense...

I finally had an attorney write them a note and sending them copies of where I paid and they have stopped contacting me. They are a nightmare and I will never take another payday loan out again

Dawnie, just pay back the original loan amount and no more. There really is nothing they can do in spite of all the hot air they blow at you. On the other hand, thank goodness they stopped calling you at work! Those charlatans would have shot themselves in the foot getting you sacked!

Grrrrrrn Witcha:

Find out the true, correct, legal name of the company you borrowed the money from, their street address (not a p.o.box), and the jurisdiction in which they're chartered. If they won't give you that information, then treat them as if they don't exist, 'cause they probably don't.

Give the bank a list of the entities that you have authorized to make debits, using the true and correct name for each. Tell the bank that if they're not on that list, they're not authorized, and you dispute all eft transactions that appeared on statements issued in the past sixty days that do not have names matching those. If this were a matter of paper checks, the problem is an improper endorsement; you can tell the bank that, they'll understand the analogy. If the person who wants to take money out of your account is not one you've authorized, that's wire fraud, plain and simple. And no corporate business entity has nore than one "true name". A corporation is a legal person and has a true name just as any other person does. So if you borrowed money from Sam Bliggott and Sam tries to get the money out of your bank account using the name, "Fender Martin", then Sam's trying to set you up. How can you prove you repaid Sam if the EFT transaction on your statement says "Fender"? If the statement does not reflect the true and correct name of the company, dispute the charge. Tell the bank you've never done business with anyone of that name. Even if it's close. E.G., There's no actual business anywhere having the name, "PODS". There is one in Florida called, "PODS, Inc." as well as about a hundred other companies having "PODS" in the name.

I was wondering if there was a way I caould contact Virginia Legal Defense about the above. I took out a loan with them to buy my kids gifts over CHristmas and was involved in two car accidents, which affected my finances. I am sure I have paid them at least twice what I borrowed (debits frm my account every other week), but have been unable to pay lately. Is there anything I can do? I live in Virginia. Thanx

I was wondering if there was a way I caould contact Virginia Legal Defense about the above. I took out a loan with them to buy my kids gifts over CHristmas and was involved in two car accidents, which affected my finances. I am sure I have paid them at least twice what I borrowed (debits frm my account every other week), but have been unable to pay lately. Is there anything I can do? I live in Virginia. Thanx.

Do nothing. If you have the proof that you've paid in full, that's all you need. Now, one thing I've noticed is that a number of these companies are doing business illegally under lots of fake names, so maybe their scam is to say you should have paid a different name than the one you sent the money to. But if you sent the money the same way each time, according to the instructions they gave you, that's going to be tough. Sounds like simple extortion to me. I'd file suit against them, but then that's what I do for fun and profit, and you're not me.

So what about the contract I signed (foolishly, I might add, but I was desperate)? You are saying that if I can prove through bank statements that I have already paid the $1000 I borrowed (and then some in extension fees, etc.), I don't have to do anything even if they threaten legal action? I paid Credit Protection Depot, but I have emails stating that the payments were to satisfy the loan made through mycashnow. Can they do anything in terms of lawsuits, my credit report, etc.?

If I am in the clear, and you say file a lawsuit, on what grounds could I do that?

Feel free to "pm" to me using this website, or look at the "author's kit" thing which will give you my private email address. I'm particularly interested to know where in Va. you're located.

To the GUEST who responded and was wondering where I am in Virginia, I need to know who you are (user name) so that I can pm you or send you an email. Thanx.

I've sent you pm's - please check there.

Quote:

I faxed them of of my "infamous letters" a couple of months ago and they have been quiet since. I think this is a company that moves around a lot too and they claim the loans take precedence in Grenada. Clay, I love your new avatar :)

Well, yes, I mean to ignore them. If they don't have an address they're not real. If they send stuff to credit bureaus or hassle you in other ways, just send them a letter of objection and protest stating that the purported creditor does not exist, and the facts you rely on to make out that proposition. I'd do a few other legal sorts of things as well, such as file suit against them as "person or persons unknown doing business as [whatever]" and then start sending out subpoenas to their isp, the domain name registrar, etc. to find out who they are really, and sue their pants off. But it's a full time job for most folks to figure out how to do all that, so I'd recommend keeping a close eye on the credit report.

my name is Beverly Pratt in my message is please try TO help me with some cash by 7-25-06 i had just lost my dad and had to use my money, up to A POINT. BUT IF I CAN GET ATLEASE 800.00 DOLLARS UNTIL AUGUST 16 2006 IT WILL HELP ME OUT ALOT THANKS

"Please send me some cash." - right. I'd like someone to send me some cash, too. Btw, as to having lost your dad, I will give you some advice: try looking around near the last place you remember having used him. You ain't using me.

testy - good call. Another PDL troll trying to tell us how good PDL's are. Borrow $800 means paying back $1040 in 2 weeks.

Buckeye check cashers wouldn't stop calling and she didn't know what to do about it even though she was a collector. SO, I did it for her. Not only did I file a complaint with the FTC, I made a copy and faxed it to them along with what sections of the fdcpa they were violating....Needless to say, they never called her at work or at home again. Oh, I did research the company and I sent the fax to the president of the company. That's much more effective, the collectors get in big trouble for that.

Boy you guys are a big help. Coincidentially CreditDepot.com called my husband yesterday. He was at work and I was on my way to work. I asked the lady the name of her company and she said she couldnt tell me...are you serious. I then went to the internet and found this forum. MyCashNow is no longer licensed to do business in Tennessee where I live. My husband had a loan with them months and months ago and it was paid off. I know when we were going to renew it they told us they could not do business in Tennessee anymore. This sounds like a scam to extort money. We are changing our account no tomorrow anyway. My husband is not going to call them...and they have not called back yet. It was paid in full and we have the documentation. They are using scare tactics so people will pay them. Let them turn it over to a CA...who cares....that doesnt scare me anymore when I know I am right and you shouldnt either. If they report it to the Credit Bureaus all you have to do is submit your proof. I am sure they have already had experience with these losers.

heres some info for you virginia person....

mycashnow.com, paydaymax.com, discount advances, paydayspot.com and credit protection depot are all THE SAME COMPANY

located physically at 5962 brainerd rd in chattanooga, tn.

owned per say by CAREY BROWN....feel free to mention his name when u call in and see how fast the rep freezes up lol

all the other address in canada, new york, grenada and antiqua are all FAKE thats why they're po boxes. if you have recvd money from them then close ur acct immediately and ci to chg ur ref phone #s to prevent harassment

they have a second call center located in costa rica which leads me to think that while carey brown lives in chattanooga, tn / nw georgia.....he may move the physical call center there entirely soon.