MyCashNow, PayDayMax, DiscountAdvances, MagnumCashAdvance - Questions - Overpaid? What to do?
[URL="https://secure.mycashnow.com/myhistory.php?detailid=1432495078"]
[/URL]Paid via MoneyGramSEP 25, 2009 ------ 84--------- 230.00---- 269.95[URL="https://secure.mycashnow.com/myhistory.php?detailid=1432074356"]
[/URL]Paid via MoneyGramJUN 05, 2009------- 112-------- 280.00----- 398.13
Paid via MoneyGramJAN 02, 2009-------- 154 -------440.00 ----- 700.67
Paid via Bank AcctJUL 03, 2008------------ 97------- 400.00------- 558.60
Paid via MoneyGramFEB 15, 2008--------- 0 --------110.00------- 14.14
Paid via Card FEB 01, 2008---------------- 112--------- 605.00------ 855.71
Paid via Bank Acct AUG 31, 2007-------- 42 -------- 500.00------- 230.91
The first small number is the loan term. The next is how much I borrowed. The third number is fees and interest. So for a 440.00 loan, I paid back 700.67 in fees and interest alone! So a total of 1140.67!!!! Thats just ONE!
I recently found out this is pretty much illegal in Pennsylvania, and considering MCN, PDM, and DA are all three of the same companies, just running under different names, is there any course of action I may be able to take against this? I still have outstanding loans with PayDayMax and DiscountAdvances, as well as MagnumCashAdvance. I have used them all plenty of times, and always paid back the money, but just found out I've been being ripped off BIG TIME.
I've had multiple loans with ALL of these companies. Each one has been overpaid A LOT. Do they owe me that money back since its illegal? Should they mark my current loan Paid-In-Full because they ripped me off out of thousands of dollars?
Any help would be much appreciated!! I really need to figure out if I can get some of this over-paid money back, or at least get a paid in full on some of my loans. This is just crazy they do this to people...
Thanks In advance for the help.
-Thomas Tyler
The following link would tell you how to deal with illegal payda
The following link would tell you how to deal with illegal payday lenders.
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
Since you have overpaid them you may seek refund. It could be an uphill task but still worth trying.
Thomas, Do you still live in PA? Were these loans taken out a
Thomas,
Do you still live in PA? Were these loans taken out after 2/1/09?
The PA Dept of Banking made internet based PDLs illegal in PA effective that date, and issued a notice of such in July 2008. One payday lender sued the dept to block enforcement of that rule, but the PDL lost the lawsuit in July 2009. In addition to everything that is suggested in the link that SC sent you, I recommend that you include these facts in your letters or emails to the lenders, letting them know that you know their loans are illegal. They may respond back that the laws of the states where they reside take precedence, but that is a load of hooey. The PA Dept of Banking's rule, and the subsequent court decision, specifically addressed that issue. Also file complaints with the PA Dept of Banking and the PA Attorney General, both of which you can do from their websites. I've found that the banking department doesn't do much, but the AG's office jumps right on these and tries to contact the lender (who usually ignores them), and also forwards the complaints to the AG in the state where the PDL is. The AG won't start legal action on your behalf, but if they get enough complaints they may take legal action some day.
Also, PA has a great law called the Fair Credit Extension Uniformity Act, which extends some of the provisions of the federal Fair Debt Collection Practices Act to include original creditors (as opposed to collection agencies, which the FDCPA covers). Cite the PA law in your letters and instruct the lenders not to call you at work (which they will do), also confirm your mailing address in the letter and inform them they may not contact any third parties. If they then call you at work or harass your references, they can be held liable for damages (but you'd have to sue them).
I found these steps to be most effective. I was in a similar situation to yours a while back, and taking these steps has helped tremendously. I still get an occasional call at home, but I simply ignore these. Don't try to argue or reason with the people who call you, it is a waste of time. If you do end up on the phone with them just hang up. Ignore their threats. Since the loans were illegal from the start, there is nothing they can do to you as long as you take steps to protect your bank account from ACH drafts.
Good luck!