Help with Payday Loan

Ohio is a low cost payday loan state. Max interest is 28%..rollovers are not permitted. Look up the laws in the link below
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I believe for installment loans the following would apply...
Quote:

Ok...so I took the plunge...checking account is closed...ACH and wage revocation letters sent. Sent the appropriate letter to the illegal ones and sent a letter wishing to work out an EPP with the other two. Keeping fingers crossed. I'm a wreck!!!:(

CashNetUSA operates as a CSO in Ohio. They should allow you an EPP. Take your current total balance due and divide it by 4. Ask if you can pay that off in 4 MONTHLY payments (rather than biweekly).

For CnG, revoke the wage auth and close the account (I think you did this already?) to force it to collections and then immediately contact their collections department to set up a payment plan you can afford.

Yes I have closed account and send letters but the only one I have heard back from is 800899cash.. This was their reply.

Good Morning,

We would be happy to work with you as far as a hardship goes but the
loan you took out is not based under Ohio law. We are located in Costa
Rica and the contract you signed is legal. Please call me at
1-800-899-2274 ext 431 if you wish to work out an arrangement.

Thank You,

Joe

And your response should be:

Thank you for clarifying your location. Unfortunately, I don't live in Costa Rica and am not subject to Costa Rican laws. The laws of my state apply in this case. I am willing to repay the $300 principal balance due on the loan but will pay no fees or interest on the loan. If this is unacceptable to you, I will pay nothing further as, under Ohio law, the contract is not legal.

Ok...so I email 800899cash back stating that I do not live in Costa Rica and I must abide by my state laws and also resent the first email. Here is their reply.
Good Morning,
Your loan will go into collections and they will be giving you a call.
Thank You,
Joe
What do I do now. Also Cashnetusa is holding off one loan payment and stretching the other ones to five payments. Have not heard a peep out of Plain Green and Check N Go. Very strange. They were declined today.

The advice you have received here was very good and the steps you have taken so far have been perfect. Please realize that you are in control. Reverse it, in your mind, and think about what it would be like if you were owed money on a loan for an illegal sports bet. Your collection techniques would be very limited and you would try what you could to collect. The same is true for the PDLs. That want what they think they are entitled to but you are is control. Be sure you deal with Cash Net USA as a real lender because they are legitimate in your state. The others, not so much.

Ok...so here is an interesting update...I had wondered why I hadn't heard anything from Plain Green or Check N Go....They tried to withdrawl their payments yesterday anyway....also after all the correspondence with 800899cash....they tried to take the entire balance of what THEY think I owe. Interest and all. This loan is supposed to be installment payments and wasn't due until Tuesday....Luckily I had closed my accounts. Crazy thing is this whole time 800899cash has been emailing me like they were not going to take anything. I have every intention of working with CashnetUSA. They have been nothing but professional and courteous.

Thanks again for all the great advice.

Cashnet--deferred one payment and let me stretch it out to another 5 extensions with no further interest or fees.
Check n Go--offered 35% settlement in one payment due today right out of the gate. But I can't do that so they went 50% in 3 monthly payments!! Yay!!!
Have not heard a word from 800899cash since they tried drawing the entire amount out of checking even though I have email several times.
Plain Green---nothing yet other than an email stating the payment was returned...soooo. I sent them the email I have sent 3 times before.
Just playing the waiting game on 800899cash and Plain Green. Other two caused no problems and were extremely helpful.
Thanks for all the great advice I have found on these forums.

May I ask, did you talk to customer service or Collections at Check n Go? I will be doing the same thing with them shortly and I am looking for the best route to take with them.

On check n go...I had closed checking account...when it bounced back they called and we just explained our situation. They were really pleasant..

Plain Green has agreed to take balance of principal in payments. Very easy and pleasant to work with.

800899cash though has called me at work and informed me the loan is legal in Costa Rica. And they are not under Ohio law. Still wondering how I'm supposed to deal with them now. They also say they do not email correspondence.

Ignore them. If they won't cooperate, they get nothing. Period.

Spoke with a gentlemen (and I use that term lightly) with 800899cash. They will not take anything less that full payment with fees by the end of the month. Said that's all they can offer since I claim they are illegal. Would not give an inch. Told him the situation with our checking account having illegal charges and that I would at least need one paycheck to catch up and get my tax return. Silence on the line..."I can take the balance due out on Feb 29 just provide me with your new checking account number" UMMMMM no. Told him I would call back. I was also told they do not do any correspondence by email. I'm lost with this one

The others have been a breeze to work with.

You're not lost. Stop talking to them. Don't answer the phone. Eventually, you'll get an email or a letter.

Did you get a confirmation email from them when you got the original loan? Check for an email address there.