I havent heard a word from cashnetusa

i forgot to mention i live in oregon

Wait a minute. Did you receive the funds? I'm confused. Where is says "Status" it's saying "withdrawn". Did you actually receive funds from them on July 3rd??

they rolled it over and just took out the 87.50 i had 1 more time i could roll it over

Okay. So they took their "fee" only. So that means you still owe the $400 something dollars, according to them. You don't have to have it paid until August 3rd? Do you pay it in full then or what? They don't debit any more until August 3rd? Has anyone posted your state law regarding pdl's yet? So that way you'll know how much they can legally charge you? And did you find out if the licensed to do business in your state?

yes i owe 437 which like i said ipay it in full on the 3rd they take the whole 437 unless i go into my acct and ask them to just take the fee. what i dont understand cannr just yesterday that status was still open and i had 1 more time i could ask them to just take the fee but today it says withdrawn and -1 if i dont get a answer from them i call them tomorrow and have them take the full ammt and thats another pdl gone

Well, they've definately confused me - let alone you! If you have the money, just pay the idiots off. I noticed the "negative 1" on there. What? Talk about losing your mind! Call them and ask what the heck is going on. If you have until the 3rd of August, you could just save up the money a bit at a time and pay them on the 3rd. That way you won't have to shell out almost $500 in the next few days! Let me know what's going on!

i will thank you

cannr i just got ahold of someone from cashnet usa and because the laws changed on july 1 in oregon which i knew there are no more rollovers and on august 3 they will be taking the full 437.50 and its pd off. i also told her to send me a letter stating it was pd off but they also send a email stating the same thing.

Yep - The laws changed here as of July 1 (I'm from OR too!). They can only rollover 2 times - and the loan term now has to be 31 days or more, which is why the due date is so far away.
Also, there is now a 7 day waiting period. Meaning when you pay off this loan in full on Aug 3, you will not be able to reloan until Aug 10.
Cash Net USA is a legally licensed company in OR. This is long, but really explains the new laws well.

So reading this it looks like Cash Net USA may not be complying completly with the new law -

Since they allowed you to rollover the loan they cannot charge an origination fee. I read this to mean they can only charge you the 36% interest - For a 31 days term your interest would be about $10.71 . . . . Since this is a licensed company, I would contact Charles Donald at the Oregon Dept of Banking and tell him your situation - He can tell you if they are breaking the new law and what they can do about it.

thank you goudah im dealing with storefronts in oregon and what a difference. i call today and find out oregon has really cracked down on pdls

Yep - Did you see the front page of the Oregonian the other day? Something like 60 storefronts have already closed down . . .

Cash Net USA usually tries to follow all the laws, so I bet if my statement is correct, they will change your amount owed pretty quickly . . . .

i just called yesterday and was told i still owe the 437.50 now what

Call Charles Donald at the Dept of Banking - File a complaint - The law clearly states that any loans funded or rolled over after July 1 MUST follow the new laws. The date on this is July 3, so they don't really have a choice. The new laws are so tight that they have no way around it.

goudah i just submitted a complaint with them

Good job! Keep us updated on your progress!

This is great! You guys are on the ball, goudah! At least a new law has come out and it's BEFORE the date of the loan! Hopefully you can get that amount reduced to the new state law maximum. Oregon is getting on it! Good news to you!

just got a email from charles donald and this is what he said about cashnetusa

If you signed the paper for your loan before July 1, 2007, the lender
may comply with the old law. If you received a new loan or rolled over
your loan after July 1, the new law applies.

Let me give you an example or two:

Let's say you borrower $100 on June 25, 2007 and the fee was $20. You
gave the lender a check for $120 and your loan was due July 10, 2007.
On July 10, you must pay the $120 to pay off your loan.

However, let's say you talked to the lender and the lender allowed you
to roll your loan over on July 10 rather than pay the loan in full. You
would pay the $20 on July 10, and the lender must reduce the rate on
your renewed loan to a maximum of 3% per month or 36% per year.

Was your loan due on July 3? If the loan was due on July 3, and
CashNet collected $87.50, it sounds to me
like Cashnet gave you a rollover. Your interest rate sould be reduced
to 36% per month or you would pay $360.70 on August 3, 2007 to pay your
loan in full. $350 Principal and $10.70 interest.

I need to look at the paperwork to be sure of my figures.



Charles C. Donald
Supervising Examiner
(503) 947-7844

forgot to add that i emailed him my loan papers too

Oh, I'm so glad you've got someone "on your side". You are right in this. And so is this guy. It's always such a relief to hear it from someone that these places are WRONG! You go! :D And keep us posted as to the status of it all!

Charles Donald was super helpful for me too . . . . And it looks like they are breaking the law! I would be surprised if once Cashnet USA realizes this they don't change your amount owed pretty quickly . . .

i just called cashnetusa to see what my final payoff would be. she had to check with her manager and she came back on and told me it would be 350 instead of 437 and it would be pif. i told her good because i would no longer be doing business with them and i hung up. sounds like they arent taking the 87.50 fee.

Good! That is great news! :D :D Knowing the laws just may have saved you $87.50!

thanks to you goudah i wouldnt have kown what to do

I"m glad I could help! :D