CashNetUSA And Other PDL's
Date: Thu, 01/05/2012 - 10:31
Hello I am a new member to this site and appreciate the information that I have read so far.
I have a dilemma with some payday loans and installment loans that I have taken out over the past few months, and hope that I can obtain some advice as to how to go about handling my situation.
I took out an installment loan with Check 'N Go (in California) a few months ago at one of their local stores. This loan will be paid off on Feb. 17, 2012. I also made, what I now know was a poor decision, in taking out a second installment loan online with CashNetUSA ($2600.00), through automatic account withdrawls, along with a PDL loan with Speedy Cash ($300), through a debit card transaction online.
These were in addition to three other PDL's that I have going on with Allied Cash Advance, Advance America and Cash Now (all local stores).
The impact of all of these loans has finally caught up with me. So here's my situation:
I emailed CashNetUSA on Wednesday, January 4, 2012, along with Speedy Cash to revoke authorization to debit my account. I told them this would be temporary and that I could resume payments in March, 2012 (this would be after the Check 'N Go loan ends), if they could restructure my payment schedule.
I received an email reply back from CashNetUSA to say that they could not restructure the terms of my agreement and that if the payment was made within two days of the due date, I would need to contact their Collections Department too see what options are available. The payment was originally scheduled to be debited from my account on Friday, Jan. 6, 2012, so it hasn't occurred yet.
I will be advising Allied Cash Advance and Advance America that I will need to make arrangements to pay of those loans (both $300). I am sure they will work with me, as I have been a consistently good customer with them on and off, up until this moment.
I will still be making payments on the Check 'N Go loan and the Cash Now PDL, so it's not as if I have had to stop paying on all of them, which helps somewhat.
My questions are this:
I know that CashNetUSA is a licensed PDL in California, but they are also licensed to offer online installment loans in California?
For other people that may have run into issues with CashNetUSA's installment loans, what is best my course of action at this point?
I am sure I will either hear from their Collections Department or need to contact them. I do not want them having access to my Bank account any longer, so I like the idea of offering to make payments via a prepaid card. That would make things a lot more manageable for me. I believe I owe about $1355.00 plus interest of course on the CashNetUSA loan, but it is a 12 month term. Would they only want to recoup their $2600.00, or would I be expected to pay the full amount of $5,000 + on the loan?
I would also like to make installments to Speedy Cash on the same prepaid card, which I am hoping they would be willing to work with me on. I have not heard back from them yet.
My Bank has been informed of the revocation emails that were sent and has said they will not process any ACH debits from my account. I am hoping that holds true.
Sorry for the long-winded post, but any advice or suggestions that anyone has would be much appreciated.
I have a dilemma with some payday loans and installment loans that I have taken out over the past few months, and hope that I can obtain some advice as to how to go about handling my situation.
I took out an installment loan with Check 'N Go (in California) a few months ago at one of their local stores. This loan will be paid off on Feb. 17, 2012. I also made, what I now know was a poor decision, in taking out a second installment loan online with CashNetUSA ($2600.00), through automatic account withdrawls, along with a PDL loan with Speedy Cash ($300), through a debit card transaction online.
These were in addition to three other PDL's that I have going on with Allied Cash Advance, Advance America and Cash Now (all local stores).
The impact of all of these loans has finally caught up with me. So here's my situation:
I emailed CashNetUSA on Wednesday, January 4, 2012, along with Speedy Cash to revoke authorization to debit my account. I told them this would be temporary and that I could resume payments in March, 2012 (this would be after the Check 'N Go loan ends), if they could restructure my payment schedule.
I received an email reply back from CashNetUSA to say that they could not restructure the terms of my agreement and that if the payment was made within two days of the due date, I would need to contact their Collections Department too see what options are available. The payment was originally scheduled to be debited from my account on Friday, Jan. 6, 2012, so it hasn't occurred yet.
I will be advising Allied Cash Advance and Advance America that I will need to make arrangements to pay of those loans (both $300). I am sure they will work with me, as I have been a consistently good customer with them on and off, up until this moment.
I will still be making payments on the Check 'N Go loan and the Cash Now PDL, so it's not as if I have had to stop paying on all of them, which helps somewhat.
My questions are this:
I know that CashNetUSA is a licensed PDL in California, but they are also licensed to offer online installment loans in California?
For other people that may have run into issues with CashNetUSA's installment loans, what is best my course of action at this point?
I am sure I will either hear from their Collections Department or need to contact them. I do not want them having access to my Bank account any longer, so I like the idea of offering to make payments via a prepaid card. That would make things a lot more manageable for me. I believe I owe about $1355.00 plus interest of course on the CashNetUSA loan, but it is a 12 month term. Would they only want to recoup their $2600.00, or would I be expected to pay the full amount of $5,000 + on the loan?
I would also like to make installments to Speedy Cash on the same prepaid card, which I am hoping they would be willing to work with me on. I have not heard back from them yet.
My Bank has been informed of the revocation emails that were sent and has said they will not process any ACH debits from my account. I am hoping that holds true.
Sorry for the long-winded post, but any advice or suggestions that anyone has would be much appreciated.
Yes, they're licensed. Yes, you'll be expected to pay the ful
Yes, they're licensed.
Yes, you'll be expected to pay the full amount due, unless you can negotiate a lesser settlement.
I suggest you contact (email) each of your lenders and try to work out an extended or alternate payment plan you can afford. If they can't or won't cooperate, then explain to them that you will have to default on the loan and work with their collections departments to pay off the balance of the loan.
The storefronts should be able to give you an extended payment plan (generally 4 equal payments, no further interest).