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Need Help with Payday Loans

Date: Wed, 01/16/2013 - 09:01

Submitted by anonymous
on Wed, 01/16/2013 - 09:01

Posts: 202330 Credits: [Donate]

Total Replies: 7


Hello all!  I know this a common story for you, but I do need some advice on what to do about these payday loans.  I am in Oklahoma, and all of these were taken out online.  I've read through the forums, and know that I should send them all letters.  I'm not sure though if they are illegal or not.  My other problem would be that I don't really want to close my account.  That would be a last resort.  Any help you can give me is much appreciated.  I hope that someday I'm able to get past all of this and offer advice.  Here are the loans that I have:

Magnum Cash Advance:
  Borrowed: 457.00 10/16
  Have Paid: 723.68

Net PDL.com:
  Borrowed: 200.00
  Have Paid: 395.00

Vandelier Group:
  Borrowed: 200.00
  Have Paid: 240.00

HydraFund:
  Borrowed: 200.00
  Have Paid: 240.00

Westgate:
  Borrowed: 200.00
  Have Paid: 240.00

I know that if they are illegal, then I have overpaid, and at this point I'm not interested in a refund as much as I am getting them gone. Please help. 


But, I am also strongly recommending closing your bank account and open another - just let you bank know that you are revoking ACH authorizations, due to your account being compromised. It really is the only way to make sure they stay out of your money in my opinion. They are illegal - no way of making them follow the rules and laws. 


lrhall41

Submitted by HelpinAZ on Wed, 01/16/2013 - 09:36

( Posts: 1870 | Credits: )


When I say attempt, that isn't accurate and I should have made that clearer. LOL. I did email them. By attempt, I meant at the closest email I could find.  I haven't gotten a response from any of them, however, when I log into the Magnum Cash Advance website, it doesn't show that I owe anymore, it shows this:


Your Status:

Your loan is currently being processed by our staff. We will post updates as they become available.

so....I'm not sure what that means, but maybe my letter worked? Crossing my fingers, and thanking the Good Lord that I found this site and all of you to help me along. Thanks again!!


lrhall41

Submitted by anonymous on Wed, 01/16/2013 - 13:49

( Posts: 202330 | Credits: )


I have to ask, you sent out the email revoking ACH authorizations - before you made sure your bank account was secure? It may be a slow process - when did you send out the emails to all 5 since you just posted your question today? You don't owe any of the 5 any remaining balance if they are in fact illegal to lend in OK - have you checked to see? or did you just send out the email to revoke your ACH authorization before checking? 


Mangum Cash - more than likely is not since it is offshore in the British Virgin Islands 

Not sure about the other 4 since payday loans are legal in Ohio, but they have to be licensed in Ohio to lend.. 


lrhall41

Submitted by HelpinAZ on Wed, 01/16/2013 - 14:06

( Posts: 1870 | Credits: )


I have heard the name Magnum and Hydra thrown around here as I looked through the forums for answers. I don't have nay of these companies but try searching for the names. I am sure someone has dealt with them. Also their experience with them might differ from yours. What you have going for you is that they are all illegal and that you have overpaid on all of them. I know I will never get a refund from my lenders so I opted for asking for a Paid In Full email and I won't request a refund from them. If they start to be a pain, I will then alter my letter and say that since they didn't agree to the terms I am requesting a refund.


lrhall41

Submitted by davidperez on Wed, 01/16/2013 - 10:03

( Posts: 64 | Credits: )


I agree you can check the link above to see if they are licensed to lend in OK, If not they did the loans illegally and you are only obligated to pay back principal minus what you have already paid - so in your case it looks like all actually owe you a refund - you can tell them in your notice that you are revoking ACH authorization that in exchange for a PIF you are willing to over look the refund that they owe  you.- If they are not legal licensed lenders,  follow this link on how to deal with unlicensed lenders in your state. http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html - it is a step by step guide that will help you greatly. 


lrhall41

Submitted by HelpinAZ on Wed, 01/16/2013 - 09:34

( Posts: 1870 | Credits: )


I have not dealt with personally, but if you type them in at the top under the custom search you may find other post that relate to them, the search is right above videos.When you say attempted to email, what happened? 


lrhall41

Submitted by HelpinAZ on Wed, 01/16/2013 - 10:00

( Posts: 1870 | Credits: )


This is my post...the original that is.  Thank you so much for the advice.  I have attempted to email letters to all of the above.  My next question is...do you know if anyone else has had any luck with any of these companies? I'm crossing my fingers. :) 


lrhall41

Submitted by anonymous on Wed, 01/16/2013 - 09:49

( Posts: 202330 | Credits: )