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Letter from CashCentral

Date: Wed, 06/28/2006 - 19:10

Submitted by Lorri
on Wed, 06/28/2006 - 19:10

Posts: 1721 Credits: [Donate]

Total Replies: 5


I received the following email from Cash Central---has anyone else received one? I think this proves that all of the letters being written to the PDLs are starting to at least make them think!

In a recent self audit to confirm our compliance with California law, we discovered that our systems inadvertently allowed some consumers to borrow more than the California Deferred Deposit law allows. The law indicates that the face amount of the check cannot exceed $300. Our attorneys initially felt that the face amount of the check meant the principal amount borrowed and that the finance fee could be charged in addition to the $300. Upon further investigation and research, we have now been instructed that the principal amount and finance fee together cannot exceed $300. Therefore, those of our customers who received a $300 loan were charged $7.92 more than the maximum fee permitted under the law. We have reviewed your account and credited you $7.92 for each $300 loan received. You will still be required to repay the original amount borrowed and remaining finance charge according to your loan agreement.

Does anyone reading believe this to mean I will get a refund of $7.92? Or $7.92 each time I paid a fee only?


Yes, the letter states that for each $300 loan, on repayment you overpaid $7.92. I can attest to their prompt repayment of my overpayment. I received the email on a Friday and on Monday morning the money was repaid to my bank account.


lrhall41

Submitted by private62eyes on Fri, 07/07/2006 - 22:42

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I just received an email from them advertising their PayDay loans and they are now also advertising that they are licensed in your state and they even have a link where you can go and see the license. WOW, they must really be feeling the heat, I've actually received a few emails like this from other PDL's.


lrhall41

Submitted by PinkLady on Tue, 09/26/2006 - 06:33

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