Help with PDL in Texas
Date: Mon, 08/08/2011 - 06:32
We need more information. Is it Cashnet or CashNetUSA? Also,
We need more information.
Is it Cashnet or CashNetUSA?
Also, please let us know how each loan was obtained (internet or at a storefront location?).
And, please also tell us how much you borrowed from each and how much you've paid so far.
Have you defaulted?
Help with pdl in texas
It is Cashnet USA and all were obtained online they range from 250 to 400 dollars and I had started paying them off with just paying the finance and 50 dollars here and there but since now i don't have the money to try and pay them off they have gone up even more. The collector for gocash was asking me for 469 when i had the payment down to 313.11
CashNetUSA is your only legal lender. You should call them to w
CashNetUSA is your only legal lender. You should call them to work out an extended payment plan. They're usually pretty easy to work with.
The others, you only owe the principal amount borrowed. Anything you've already paid them counts toward that principal.
For instance, if you borrowed $250 and you've been debited $50 on 4 different occasions, you only owe them $50, regardless of the line of crap they'll try to feed you.
I'm guessing you've already overpaid the majority of these.
Take a look at this thread for additional information.
Help with PDL in Texas
well they have overdrawn my account to over a thousand dollars so if i add all the money they withdrew and put it to the principal anything after that I can fight to get back is that correct? I actually did find out that Go Cash LLC is a CSO so legally i have to repay them the full amount of 468 or just the principle of 300 dollars
illegal?
Sorry to jump in, but I added this on to my post yesterday with no answer, and I thought it could be helpful to ask here for both myself and the thread starter here, as I'm in TX as well.
As I understand, like some of the PDLs this poster has, the 2 I used are illegal as well...mycashnow and paydaymax. I completely believe this, but I'm trying to find out WHY. I want to send letters as I've paid a ton of interest on loans (all paid back and never extended, but MAN I've paid like $600 in interest) and I plan to basically tell MCN that my current loan should be considered paid in full as it's much less in principal than I've already paid. I've no hopes for a refund, but I'll be &^%$ if I'm going to pay more if I should have not been paying interest.
I guess I'm just looking for the language of proof to put in the letter?
Additionally, the max interest in TX is significantly lower than these 2 and the other one I used once, CashNetUsa (which is legal to charge interest but not 2x what TX requires~)....wondering if that should come up in the letter.
Thank you SO much for any help.
Quote:well they have overdrawn my account to over a thousand dol
Quote:
well they have overdrawn my account to over a thousand dollars so if i add all the money they withdrew and put it to the principal anything after that I can fight to get back is that correct? I actually did find out that Go Cash LLC is a CSO so legally i have to repay them the full amount of 468 or just the principle of 300 dollars |
Leap,
If they have taken money from your account and your bank has paid it, then yes, subtract that from the principal. If they've taken more than they should have, talk to your banker about having the transaction reversed and the fees refunded.
You will need to close that account.
GoCash is a CSO, you're correct. As is CashNetUSA. Please check with both of them and request and extended payment plan.
Quote:As I understand, like some of the PDLs this poster has, th
Quote:
As I understand, like some of the PDLs this poster has, the 2 I used are illegal as well...mycashnow and paydaymax. I completely believe this, but I'm trying to find out WHY. I want to send letters as I've paid a ton of interest on loans (all paid back and never extended, but MAN I've paid like $600 in interest) and I plan to basically tell MCN that my current loan should be considered paid in full as it's much less in principal than I've already paid. I've no hopes for a refund, but I'll be &^%$ if I'm going to pay more if I should have not been paying interest. |
The "why" is, entities must be licensed in order to lend to TX residents. If they don't have a license, they cannot lend. http://info.sos.state.tx.us/pls/pub/readtac$ext.TacPage?sl=R&app=9&p_dir=&p_rloc=&p_tloc=&p_ploc=&pg=1&p_tac=&ti=7&pt=5&ch=83&rl=604
Also, CashNetUSA is not a payday lender, they are a credit services organization. Payday loan interest rate caps do not apply to them.