ach letter
Date: Mon, 08/27/2012 - 10:55
I will call in once a month an pay 20.00 on the outstanding balance of 225.82 this is the only thing I can do. Do not call me at home or work nor my friends, family or work in regards to this matter, you can reach me by email only.
I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked.
And this was there response:
We received your email regarding your outstanding balance and are aware of your current situation. While we have noted your account, please keep in mind that collection procedures will continue until an acceptable payment arrangement has been made.
Please be advised that The “ACH authorization†that you signed upon agreement of loan disbursement is a single payment authorization. You are not legally entitled to revoke this type of ACH authorization until your loan is repaid and we will not agree to any request.
We will need to have a valid payment plan notated on your account for your entire past due balance to cease all collection efforts. Please call our collections department (888)801-9078) to discuss your payment plan options.
Why to they think they can keep debiting my account for the funds and don't I have the right to pay what I can to clear this debt as long as i pay them something, they of course want the whole balance if I had it I would pay it but so what should I do?:confused:
You can revoke ACH authorization. If you're facing too much fina
You can revoke ACH authorization. If you're facing too much financial problems, then you can even close the accounts. However, my personal opinion will be to work out a valid payment plan with them.
At this point, I would suggest that you change bank accounts. Cl
At this point, I would suggest that you change bank accounts. Close down the current account and open a new one. Ask the bank authorities to properly CLOSE the account or an ACH debit will wrack up charges and keep the account active.
ACH agreement is of course a contract, therefore any breech of contract might be considered illegal. Best way to get around: Close the account.
As for dealing with CashNetUSA: You can call them and ask them for an extended period repayment plan. They are generally nice but the amount would not possibly be as low as $20.
They are giving you total BS... ACH revocation is Federal Law..
They are giving you total BS...
ACH revocation is Federal Law...REG E, which is part of the FDIC!!!
http://www.fdic.gov/regulations/laws...fdic6500205.10
?? 205.10 Preauthorized transfers.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
I would be reporting them to your state AG's office.
