Need Help with Payday-Loan-Yes aka Cashnet 500

First thing to do is read your contract thoroughly and make sure what they are charging you matches with your contract to the letter. Yes, I have heard of cashnet and had clients who were with them in the past.

Quote:

I filed complaints with the FTC and BBB on this company. I had paid off many loans with them, so when i defaulted on the last -- they called me and offered me a settlement right away. The lady was easy enough to deal with, actually. I couldve argued, they are illegal in my state-- truth is I just want them gone. Apparently their complaints to the BBB go unanswered -- as well as any emails you may send them. I accepted the settlement and just paid it off -- and they marked the account closed. Ive read some really NASTY stories about them on this forum....work calls, etc.

I want to thank everyone for the help you have provided. I filed a complaint with Alabama Attorney General last night after I sent Payday Loan Yes the following email. They also respond with a nasty email. Now I'm wondering if I should just settle with them. I have already paid 270.00 on a 300.00 loan and they want me to pay 430.00 more. Please read below and let me know what to do....Thanks



Your email has been placed in "rejection status"

Reason: Failure to provide the required payment confirmation information.
We did not solicit your business. You went outside of your state and took the loan. Please reference your loan contract, the Loan Note & Disclosure Statement, the Governing Law section. Listed below is what you agreed to / authorized when you e-signed your loan contract. Your email does not forgive your debt nor will it deflect further collection actions on your loan accounts.

Governing Law

"Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the LENDER is located, regardless of which state you may reside, and by signing below or by your electronic signature, you consent to the exclusive exercise of regulatory and ad judicatory authority by the jurisdiction in which the Lender is located over all matters related to the Note and your account, forsaking any jurisdiction which either party may claim by virtue of its residency".

Reference your contract for any and all information you may need.



Regards,

Karen Lamb
Advanced Collections
Phone: 800-654-7444, Ext. 846
Office hours Monday thru Friday
8:00 A.M. to 5:00 P.M., EST.
-----Original Message-----
From: [mailto:
Sent: Monday, December 07, 2009 8:44 PM
To: Tim
Subject: Re: Loan Payoff / Payday Loan Yes


Dear Tim or Karen,

Thank you for your correspondence and prompt attention to this matter. Unfortunately, the terms of your offer are not acceptable to me. Regardless of what you say, Alabama payday loan laws states that the maximum rate of finance and fees can only be $17.50 per $100.00. I was overcharged each time I refinanced this loan, which started on October 16, 2009. I am only obligated and willing to pay back the principal amount only, since you are not licensed in the State of Alabama.

I have paid a total of $270.00 on a $300.00 loan. My records indicate I owe a balance of $30.00 on this loan.

My initial email asked you to provide me with your license number, a physical address, and for you to stop making calls to my home, cell phone, and work place, and none of these things have you applied to. Internet payday loans must be licensed in the State of Alabama to be a legal and binding contract, once again I need you to provide me with your license number and a physical address to send the balance ($30.00) to you. If not I will assume that you are not a legitimate company in the State of Alabama.

If you can not adhere to my request, I subject you not contact me. I must also inform you that I will be filing a complaint with the Alabama Attorney General's Office.


Sincerely,


---

Are they continuing to call your work? They actually called my boss before they tried contacting me AT ALL. That was one of the reasons i settled. Also, i had been a customer for over a year and had paid off several loans, so maybe they were a bit easier on me. They offered me a decent settlement, I accepted it, and that was it. They will accept western union payments. The lady I spoke with was pretty nice overall.

CLICK HERE to find out how to deal with illegal lenders.

In my email to some PDL companies (some illegal). I had stated (amongst other things) that if they contact me, my work, or my references via telephone it would be a violation of the Fair Debt Collection Practices Act ( 15 USC 1692c ? 805(c)). I can't verify if this has actually been helpful or not yet as I am still only a few days into this. But still, it's good to have something cited. Best of luck in your settlement. :)