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CashNetUSA - Extended Payment Plan not enough

Date: Tue, 03/08/2011 - 07:44

Submitted by JK2653
on Tue, 03/08/2011 - 07:44

Posts: 90 Credits: [Donate]

Total Replies: 9


Okay, so I owe a big amount to CashNetUSA...$1700 + fees to the grand total amount of $2500!! So their terms are: 6 payments of $421 over the next 6 paychecks!!

UGH! I cannot pay that if I am paying back 2 other legal PDLs. What should I do? I spoke with them yesterday, and all she said was think about it and call back tomorrow with your decision. And I'm thinking "or else what?". Just seems weird that they are doing this. So what are my options? I cannot do this $421 because I have car & truck payments, 3 credit card payments, etc. These were almost 2 months late last month due to PDLs...which is why I took control of my money and closed my account.

Anyone help? Please?


I would go back with a counter offer that you can afford. If they can't or won't accept it then you'll just have to tell them to send it to collections and you'll have to make payments to the CA. I went back and forth with Check n Go a few times and they finally agreed to give me a settlement rather than an EPP. How much have you already paid them in rollovers?


lrhall41

Submitted by OhioGal1 on Tue, 03/08/2011 - 08:12

( Posts: 5253 | Credits: )


Well this was one of those that I could not pay down...and by 5th paycheck, what I owed would wipe out paycheck and I would have to get another loan from them 3 days later to get back what they took out. The fees are $400 something per paycheck but with 30% discount...for this particular loan, I took out $1800, and paid $400, I think...$100 toward principal and $300 towards fees. Nice, huh? I have been with them too long to count how much I have already paid them in fees/interest + original loan amounts. How embarrassing. :(


lrhall41

Submitted by JK2653 on Tue, 03/08/2011 - 08:18

( Posts: 90 | Credits: )


No need to be embarrassed. I would simply ask them for a settlement. Go through your bank statements and figure out how much you've actually paid on the loan already. Then figure out a reasonable settlement offer (I wouldn't go lower than 50%) and break it into 6 payments. If they say no, then you'll just have to default on the loan and let it go to collections. You'll be able to work out payment arrangements with the CA. Don't let them intimidate you. Just let them know that you cannot afford to pay as agreed and you really want to get this taken care of.


lrhall41

Submitted by OhioGal1 on Tue, 03/08/2011 - 09:28

( Posts: 5253 | Credits: )


Question...they now say my loan is in default (only missed one payment...geesh). They say if I don't pay, then they will send loan to 3rd party collection agency. What do I do? Do I let this happen and then settle? Or do I ask for settlement now? How do you draft a settlement request letter? And if I settle, do I have to pay lump sum or can I request payment plan on agreed settlement amount? I am still disgusted at how much I have paid in an 18 month period...do you realize that I could have bought a FREAKING CAR?! I am going to be sick...:(


lrhall41

Submitted by JK2653 on Thu, 03/10/2011 - 07:28

( Posts: 90 | Credits: )


Don't bother with a letter. Call them and make them a settlement offer. Negotiate. Make sure whatever you agree to you get in writing and make sure you will be able to afford the payments. Generally, they will allow you to pay off the settlement if 4(ish) payments. Missing a payment (even one) is technically defaulting on your contract agreement.


lrhall41

Submitted by OhioGal1 on Thu, 03/10/2011 - 07:41

( Posts: 5253 | Credits: )