Cash Supply just called...

Oh..btw he pulled the 'ole "you took the loan out in New Mexico and florida law doesn't apply here" game.
I argued for awhile until he waved those fees.

Good job, way to stand up for yourself. Doesn't that make you feel a lot better. :)

get it in writing. a settlement offer must be in writing in order to be accepted and become a valid enforceable contract.

alternatively use the "accord and satisfaction by instrument" method. The uniform commercial code contains a section that says if you write "paid in full" on the memo line of your check and they cash the check, that's final settlement of the claim. make sure you make a copy of the check all filled out before you send it, 'cause they may electrifry it and you'll never get it back to use it as evidence, and what your bank will supply as evidence won't contain the memo you wrote.

also make sure you write the name of the actual creditor on the payee line, not the debt collector.

also, make them accept a check or money order, no western union

Ok now I have a question on this. Good job on settling the account but JJ just said to make them accept a check or money order, here's my question - why would you send them a check? When we went into consolidation we closed our checking account that all the PDLs had the information and openend a new one. If I get someone to settle my account why would I send them a check because what would stop them from trying to debit my account for what they say I owe? I'm not trying to be negative but I really would not trust them enough and I would definitely send them a money order? I will NEVER give out my checking account information to another one of these companies, I've learned my lesson. I either pay them in cash (if they're local) or I send money orders or Western Union (isn't WU okay?).

Never ever send a collection agency a check. I learned the hard way. E&A Group out of Laguna Beach, CA took the routing number and helped themselves to 4 months worth of payments. The bank reveresed the charges because there was no paperwork signed.

Thanks so much for the great advice...I certainly DID tell them I will not send a penny until I get this in writing and this will satisfy my debt to them without any additional fees or charges.
I'm not sure what the differenc is if I send a money gram or west. union if I have a receipt to prove the money is sent?
This wasn't a collection agency, yet, this was actually cash supply themselves calling. I emailed them to tell them I wasn't going to make the payment this week and then sent them a letter about florida law, etc...So they called me directly about it and interestingly enough, they were very eager to make a deal.

Good observation about not sending a personal check. But a money order won't do for the purpose of an "accord and satisfaction by instrument"; instead, go to the bank and get a cashier's check. That's one that's drawn on the bank itself, no personal info on it that you don't tell them to put on it. Have them type "paid in full" on the memo line of the cashier's check. Costs about four bucks where I live.

Just got an email from them reiterating our phone call about the settlement and how much I will pay to satisfy my debt to them.
They've actually been pretty nice about it, but nonetheless, bloodsuckers!

So then can you consider it the same as if you got it in the (snail) regular mail to be in writing? Just curious. :)

I have arranged for my payday loans to be condolidated, and now I'll be making one monthly payment. I don't want to close my checking account, however, so I was wondering if anyone knew how to issue a stop payment from my account for the PDL companies and how to get them to quit calling my house, my cell phone, and my work phone. I'm humiliated that I'm afraid to answer my own phone at work. Please help!!!

It will be hard to put a stop on your account against the payday loan companies because they go by so many names. If it don't work under one name, they will try another. I recommend closing your account and opening another or talk with your bank and see what options they may have.

Thanks for the advice. One more question for anyone who knows: How do I find out what state a payday loan company is based out of, and how do I find out if they are licensed in Texas? (I have about 11 on my list I'm fighting with). Also, if I can find out this info, am I allowed to post it here so that other people can use it? Thanks!

Sue, I believe if it came down to it that it is the same as snail mail. But not quite sure. At least I have some sort of documentation from them, and they've answered every one of my emails pretty quickly.
I'm going to send the payment on and request a letter stating payment in full.
All I can do is try. These people are shady to begin with and there's no telling how much in writing you get from them, they will always have our personal information.

I agree that it should be the same as snail mail. I was just curious. I would make sure that you do what Virginia-Legal-Defense said about the cashier's check, it may cost more but it will be well worth the extra $$ in my opinion.

I'm beginning to think that will be the safest way to go.
These people that want western union can certainly wait a couple more days for the mail...IF they have a valid address.

Also, I looked up these guys working out of New Mexico and they are licensed there, but will be due to expire on 6/30/06. New Mexico just passed last month stricter laws enforcing pdl's.

Another weird thing is that the name is the same but an address is out of Atlanta, Georgia where I know for a FACT that these places are illegal.

That is weird. Sometimes it's best to look them up on bbb.org website, they seem to have correct info even if the "business" (using that term loosely) isnt' registered.

Erzeke1 & Sue:

Yes, it's considered written if you get an email; there is an evidentiary problem if someone claims later that you forged it all, but that probably won't be a problem. Make sure you print out a copy of the email with all the headers and stuff (in Outlook, right click on the email, pick "properties", then the tab "details", then "message source" button - do ctrl-A or select-all with the mouse right click, and copy it all into a notepad, wordpad, or wordprocessor file; print & save).

Here's a little known fact: a "signature" is different from an "autograph". A signature is not necessarily written by hand or the name of a person, while an autograph is the handwritten name of an individual. A signature is "any sign or symbol used or adopted with the present intention to authenticate a writing." Thus, when they printed their email return address, name or company name on the email, that was a legal signature. The first case holding that a signature could consist of a name transmitted electronically was an 1880's NY case in which a guy agreed to buy real estate in NC and transmitted his acceptance via telegraph.

YOU SHOULD SEND THEM BACK A RETURN EMAIL, if you intend to accept the offer, saying, "I accept your offer." That makes it a binding contract. After that, if you breach the contract, all they can sue you for is the half.

Thanks for clarifying that, I was waiting to see what you said, you always give such good advice :) . I wish some of mine would make me a good offer, I would definitely take them up on it but I don't consider anything less than 50% a good offer. :)

You got that right Sue! I think I was able to negotiate better with them because I've never defaulted on any of them and called each one right away to explain my circumstances.
One or two started with "waiving" fees when they found out I would be consolidating. Guess they didn't really want to wait that long for their money.
I'll be doing alot of overtime the next couple weeks, but it'll be worth the "FREEDOM"

VLD...thanks so much for your invaluable information!!!

I got a loan from Cash Supply and closed my account shortly thereafter. They've been so nice and understanding that I feel bad for not having an open account when they tried to debit my account. But they seem to be very cooperative.

Thanks for posting the information about not sending a personal check to a collection agency. Good idea!