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Trying to float in MD

Date: Wed, 01/02/2013 - 07:43

Submitted by rhiannasilel
on Wed, 01/02/2013 - 07:43

Posts: 4 Credits: [Donate]

Total Replies: 4


I  have three payday loans:

Plain Green:  $1,000
  Owe:  $982
  Paid:  5 payments of $127.50

Magnum:  $1,000
  Owe:  $1,479
I have continued to renew these loans and have a spreadsheet (at home unforutnately) where I figured out what I've paid in interest since July.  If my numbers are correct (will post later) then I think I only actually owe them about $30.  I am in MD and pretty sure they are illegal.

Cashnetusa:  (various)
  Owe:  $800
I did some research on the state of MD's licensing site and they do appear to be legal.  I'm wondering what my options are for getting some kind of payment arrangements on this one in a way that doesn't totally kill me financially.

I know the big recommendation I've seen on this site is to close your account, but I was wondering how the timing of that should work?  Do you close the account before you send them the order to stop debiting or after?  It seems to me that before would be the safest route.  I receive my son's social security money tomorrow so I can't close my account before Friday.  I'm hoping I can actually get another account because I do have some recent overdraft fees; however, they are all paid and my account has never gone more than a day without being in good standing.

Any advice or recommendations would be great.

Thanks.


I tried to put this in a separate post but am getting marked as spam again.:(

I have closed my bank account and emailed Plain Green to advise them of my willingness to pay the remainder of the principal I owe them.  I am sending Magnum the following email and hope it's okay:


Dear Lender,



It has come to my attention that payday lenders must be licensed by the state
of Maryland in order to offer loans to its residents. Since your company has no
license in my state, the loan contract I have with you is not valid. Although I
am not legally required to do so, I am willing to repay the principal balance
of this loan. To date, I received the following deposits totaling $3,600:




































DEPOSITS:

DATE POSTED

AMOUNT

12/19/2012

1000

11/29/2012

500

11/6/2012

300

10/12/2012

300

7/5/2012

1500

TOTAL:

3600


 



I have had the following amounts
debited from my account for these loans:












































DEBITS:

DATE POSTED

AMOUNT

12/14/2012

-643.2

11/16/2012

-359.07

11/1/2012

-216.9

10/19/2012

-199.45

8/16/2012

-1315.73

8/10/2012

-581.08

7/27/2012

-703.25

TOTAL:

-4018.68


 



This results in an overpayment of $418.68.



At this time I am requesting a return email acknowledging that my loan has been
paid in full. Also, I would like a refund of the $418.68 overpayment. A refund
check of $418.68 should be mailed to me at the address you have on file.



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.





Please respond to this email with acknowledgment that my account has been
satisfied in full. Details of when I can expect the refund check, as discussed
above, should also be included in the email.



 




lrhall41

Submitted by rhiannasilel on Tue, 01/08/2013 - 08:15

( Posts: 4 | Credits: )


Magnum and Plain Green are illegal loans...you owe principal only.  Follow the link in my signature line for information on how to deal with them.  Send the ACH revocation immediately and then go into your bank and give them a copy.  Talk to a manager...not a personal banker and definately not a teller. 


lrhall41

Submitted by SOAPLADY on Wed, 01/02/2013 - 08:21

( Posts: 17315 | Credits: )