Need Immediate Advice Plz, Am I stuck paying ILLEGAL loans in TEXAS?
Date: Tue, 10/23/2012 - 16:48
1. CashNetUSA - I contacted them & they set up an EPP
2. CashCentral - Insisted I default before they'd give me an EPP which I just did & they're currently offering a 4 payment plan as well.
NOW THE TRICKY ONES:
3. Money2Advance / Community Credit Services - Original Principal on this loan was $900. Have paid $1120. (Thousands more in past 18mo.) I believe its an illegal loan. NEXT PAYMENT $280 DUE 10/26.
4. MultiLoanSource / AALM - Original Principal $700 on this loan. Have Paid $580 so far. (Thousands more over the past 18 months.) I believe it is illegal loan as well. NEXT PAYMENT $210 DUE 10/31.
I don't see any option but to pay these 2 out since I can't close the account & I can't stop all transactions since the checks I must write have to clear.
Revoke ACH authorization and notify your bank they are not autho
Revoke ACH authorization and notify your bank they are not authorized chargers
Additional Info
I forgot to note:
1. CashNetUSA principal was $1800 plus fees totaling $2297
2. CashCentral principal was $1900 plus fees totaling $2382
Thanks very much for your help.
Revoke ACH and force the legal loans to collections.
Revoke ACH and force the legal loans to collections.
thanks for the help
Waffles,
Thanks for the help. I will register on this site later tonight. I am so new to all this - had never seen this site until I got desperate & searched for help last week. Should I send the lenders the ACH revoke letter & hope they don't try to issue a paper or electronic check to clean out my account or just get the bank to revoke it without contacting the lenders? I've already made up letters to both lenders using this sites samples but was afraid it would just trigger the illegal lenders into wiping out my account with a paper or electronic check since I think I can only block ACH transactions or my own checks won't clear. Thanks so much. You can't imagine what I life saver this site it for us. Never knew there was a way out until I found y'all.
Hi, With regard to the two legal lenders, they will obey your A
Hi,
With regard to the two legal lenders, they will obey your ACH revocation. That will just force your account to collections, who can work out a deal with you. The illegals may or may not obey it. That is why we encourage you to shut off your bank accoiunt.
thanks Waffles
Thanks again Waffles. I have agreements with the 2 legal lenders & will get those paid off before Christmas. My concern is with the 2 illegal ones. I'm afraid issuing them notice of revoking ACH & that I'm not paying them anything further since I've already overpaid the principal will cause them to try to empty my bank account with a paper or electronic check. I'm just not sure how to stop that since I have to be able to clear my own paper checks. Am I better off just paying these out or taking a chance? Thanks again.
You are never better off paying an illegal lender. You can ask y
You are never better off paying an illegal lender. You can ask your bank to block the transactions until your paper check obligations clear.
I too have CashNetUSA (in Texas) and they are refusing to accept
I too have CashNetUSA (in Texas) and they are refusing to accept/acknowledge my ACH revocation. They keep quoting the following:
"The ACH Authorization can only be revoked after we have received payment in full of the amount owed. Because our advances are single payment advances (that is, we advance a sum of money that is to be repaid in a lump sum), we are permitted to require ACH repayment in accordance with the Federal Electronic Funds Transfer Act ("EFTA")."
What the crap...is this true?
No... tell them you are not talking about the EFTA but reg E of
No... tell them you are not talking about the EFTA but reg E of the FDIC which supersedes any type of loan agreement. You have the right stop withdrawal.