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Zip Cash, Email, Help me understand........

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Zip Cash is one of my many PDL's that I have and am trying to rid myself of. I sent them a letter stating I think I've paid enough to them, as I've already paid almost $1400.00 and would like this to be considered PIF. Here is what I received.


Thanks,

Diane




One way to avoid paying any extra amount to the PDLs is closing your checking account and also talk to the bank manager to block debit from your account. But you should read THIS before closing your bank account.

You can also go through the post done by one of the Moderator's of this forum, Shazzers, to know a step-wise procedure to avoid PDL companies to pay in excess.

Sub: #1 posted on Wed, 08/20/2008 - 23:46

phoenix phoenix
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Been there, done that. I've followed all of the proper procedures. Closed account, sent letters, etc... Now I'm in negotiations with most of the companies. I just wanted someone to look at this letter and tell me that I'm reading what I think I'm reading: They are doing a PIF............

Thanks though,

Diane

Sub: #2 posted on Thu, 08/21/2008 - 03:24

dlsbrs dlsbrs

(Posts: 54 | Credits: )

Diane, Zipcash is licensed in NM, I am sure by now you are aware that you must abide by the pdl laws wherever they are licensed. I am going to post the lender laws of NM. I will admit I am not good at calculating interest but perhaps someone else can shed some light on this subject for you. Basically, you will need to figure out just how much (according to NM laws) you should have actually paid them, then you can go from there, it very well could be that they owe you a refund, and if you or someone could figure this out, it would give you some ammunition to toss back at them and you could even contact someone in NM to complain that Zipcash did not follow the law.

Quote:
New Mexico State Information

Legal Status: Legal

Citation:
N.M. Stat. Ann. ???? 58-15-32 to 38

Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
apr for 14-day $100 loan: 417.14%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager

Sub: #3 posted on Thu, 08/21/2008 - 04:01

Shazzers Shazzers
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Part of me says a refund would be nice but honestly, I'm very happy with my PDL's paid. I'll call it a life lesson and NEVER fall in to he trap again. Does this sound like they are writing off the balance?

Thanks,

Diane

Sub: #4 posted on Thu, 08/21/2008 - 05:44

dlsbrs dlsbrs

(Posts: 54 | Credits: )

D- Yes, they are giving you a PIF.

I'm removing your letter from the site, as I assume you will be signing it and there is a confidentiality agreement in it.

Sub: #5 posted on Thu, 08/21/2008 - 07:29

goudah2424 goudah2424

(Posts: 7936 | Credits: )

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