CashYes Problem
Date: Wed, 08/18/2010 - 10:20
Recently I closed my bank account, because I was overwhelmed with payday loans. I recently contacted CashYes to explain to them that the guidelines in which the contract was signed was not legal according to Louisiana laws. The representative told me that because they operate out of Belize and not Louisiana they didn't have to follow LA law. She also said, since I refuse to pay my remaining balance of $820, they'll be one of 3 options, collections and settle on a payment, wage garnishment or reported on my credit report as delinquent.
My original loan was for $600. I've already paid $600 exactly, but those were only finance charges.
What's my next step?
Thanks in advance!
Quote:Originally Posted by AnonymousHi All, Recently I closed
Quote:
Originally Posted by Anonymous Hi All, Recently I closed my bank account, because I was overwhelmed with payday loans. I recently contacted CashYes to explain to them that the guidelines in which the contract was signed was not legal according to Louisiana laws. The representative told me that because they operate out of Belize and not Louisiana they didn't have to follow LA law. She also said, since I refuse to pay my remaining balance of $820, they'll be one of 3 options, collections and settle on a payment, wage garnishment or reported on my credit report as delinquent. My original loan was for $600. I've already paid $600 exactly, but those were only finance charges. What's my next step? Thanks in advance! |
since they are not even in this country.they are illegal and they are not entitled to interest.you owe nothing much less 820.00.let them call and threaten.that is all they can do.go to the sticky titled DEALING WITH ILLEGAL LENDERS at the top of this forum.it has all you need to get this place out of your life.btw they can't legally report on your credit,and a simple WAGE ASSIGNMENT REVOCATION letter will stop them cold.it's all in the sticky.just know they are illegal,and full of it.do not talk to them on the phone again as it is a waste of time.
Cash Yes is not licensed to lend PDLs in your state. As per the
Cash Yes is not licensed to lend PDLs in your state. As per the law, they must follow the PDL laws of your state. Illegal companies do use the lines as told to you by CashYes. You can contact the Office of the Financial Institutions and ask them about CashYes.
Later on, you should send a letter to CashYes stating that since they are illegal in your state, you are not bound to pay anything more than the principal amount borrowed. You should also ask for a PIF. Send the letter to:
Cash Yes
Suite 508 Marina Towers, Newtown Barracks Rd.
Belize City, BZ C.A.
Thanks Paul and Paul! I actually requested a Paid in Full recei
Thanks Paul and Paul!
I actually requested a Paid in Full receipt and the lady told me that that won't happen because I still owed $820. I just got off the phone with them.
@PaulCahill I actually contacted my OFI last week and someone told me they don't regulate internet payday lenders.
I will follow the steps in "Dealing with Unlicensed Lenders".