CashNetUSA - Urgent Help

Janet-

I am new to this forum, so I'm not familiar with your background with CashNetUSA, But, I too am dealing with CashNETUSA, and out of all my PDL's, them and Check-N-Go have been the easiest to work with. None of my PDL's are delinquent, and I too am in Texas...

I got on CashNet's website this past Wednesday, and clicked on their "Chat Now" button, and was able to get transferred to their collections department completely on chat. I was able to set up a payment arrangement (Extended Payment Plan) of 6-equal payments of the balance, without having to jump through hoops.

As far as ACH revocation, my PDL's have obliterated my FICO score because I've been unable to otherwise pay my legit debts (credit cards), so closing my checking account and re-opening a new account with another bank has been futile (FICO score too low) thus far...

I also had a loan with Cashnet and I contacted the collections department and set up payament arrangments and am happy to say i have one mpre payment and they will be paid off, they were very esay to work with once i set up the payment plan. I got a prepaid card and would put them money on that and let them debit the payment from that each month since i had closed my checking account. Good luck.

Thanks for the feedback. I still don't understand why and how they can get around not accepting my ACH revocation instructions.

I will try to work with the pay-off department and see what I can do.

thanks,

If collections department does not work, try contacting someone in corporate.

Spoke with someone in collections but not having any luck. Going to try to reach someone in corporate this morning.

I just want them to accept my ACH revocation and someone to please explain to me why they are "exempt" from FDIC regulations. Who can I call to verify their exemption and if what they are telling me is correct?

They are NOT exempt. Plain and simple. It is federal law.

This is an attempt to confuse you. They are ignoring your ACH revocation request and instead they are talking about the EFTA which states that you cannot require someone to pay with ACH. Whether or not they are exempt from that is irrelevant. Here is what you say back -

I am invoking my right per regulation E of the FDIC to revoke electronic funds transfer authorization. I am not talking about the EFTA. You are not exempt from federal law. My bank has been given a copy of this revocation. If you chose to violate federal law and still process the ACH, my bank will not honor it.

Please let me know the other options to pay the loan off.

Thanks Waflles,

I am going to reply to their email again stating regulation E etc. They are wanting to play hard ball with me, because last time I emailed them the ACH Revocation (for the 2nd time) I included a copy of regulation E for their review and they still spit the EFTA crap back to me.

I will keep you posted on their next reponse.

You can also tell them you'd like to see that decided by a federal judge, and not by "commentary from federal reserve staff".

Since they are attempting to state that they are above/excluded from federal law when they are not, I would file a complaint with the FTC. This will put CashNet on the FTC radar for attempting to dodge this regulation. Don't forget to include copies of the e-mails that CashNet sent you.

Hi Janet,
I am a representative of CashNetUSA. Thank you for bringing this to our attention. 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"). The customer service representative was not saying that we are exempt from the law, just that the law applies to re-occuring payments, not a one-time payment. I hope that helps clarify a little bit.

Is this a valid response? Just curious.

Stop bullshitting people cash net usa. Read reg E and then come back here and tell me you have a right to mandate payment. We are not talking about the EFTA, we are talking about Reg E of the FDIC which is between a bank and a consumer. The consumers bank MUST honor a revocation of ACH authorization and it is only sent to you as a statement that any debits to the relevant account will not be honored. Cut the shit and start doing business normally.

You all are talking about 2 different things.

1. CNUSA does have the right to present an ACH debit transaction for a one-time payment. The consumer can't revoke that with the lender
2. A consumer can request a stop payment directly with their bank at any time.

Don't confuse what the lender (the ODFI) can/can't do with what a bank (the RDFI) can do.

If you don't know what those acronyms are, don't post because you don't know enough about ACH transactions to be of any help to anyone.

Please be advised that if you are a California resident a loan with Cash Net USA (or its subsidiaries and specifically Cash America Net of California) may be illegal. This primarily concerns California loans dated between August 31, 2011 and November 17, 2011 (and possibly out to December 20, 2011).

There is something very specific about the loan agreement. If your loan falls in that time frame, please feel free to forward it to me for a free review to see if you qualify for loan cancellation and/or refund of money previously paid by you.

Jeffrey Wilens, Esq.
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Hi. Here in Maryland CashnetUSA is legal because it is considered a CSO. Because I had another payday loan out when my bank account was compromised, I sent emails to both loans revoking my ACH. Once my payments stopped, I waited for them to contact me via the method indicated in the email. Once they did and I told them my situation, CashnetUSA set up a payment plan for me. The other never contacted me. They will work with you.

someone please help me I have fallen into a rut with 9 payday loan companies and I reside in Illinois here they r

Discountadvances.com- $460 i have paid over that amount easily already


Platinum cash link-$360 I have also paid more than that so far

nationwidecash-$500

cashdirectexpress- $600

sure advance- $400

amt-$500

and 3 others at 250 apiece

Charvel, I appreciate your willingness to debate the issue of these loans and such and I think it is quite interesting, however this thread has been derailed enough and I'm going to split this debate and put it in the member's area.

This thread will be closed - OP, if you return feel free to PM me and I will personally take care of you.