Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Trying to help my friend

Date: Mon, 08/27/2007 - 06:56

Submitted by Tweety71
on Mon, 08/27/2007 - 06:56

Posts: 2061 Credits: [Donate]

Total Replies: 41

Trying to help my friend


I am trying to help my girlfriend that hooked up in the payday loan hell. She took out a loan with 500fastcast in late june for $200.00. As of today she has paid back $ 120.00. She closed out her account for personal reasons and because I didnt know until this weekend that she had 2 more that she took out. Well, she thought she would call the payday loan company and get ahead of the game before they called her at home/work.

they told to call back on thursday to make arrangements because they didnt have a total yet and the account hasnt hit collections. I told her OK...

Then I asked her about the other 2.

USFastCash- The loan was for $ 250.00. She paid back $ 75.00 on it. When she called she was told the balance was $400.00 and she would have to pay 3 payments moneygram of $133.00.

The last one was with purpose loans. (never heard of it) that loan was for $300.00. to date she has paid back $ 139.63. she called to make arrangements with them to pay the rest off and she told them she wanted to pay with MO and they wouldnt let her. She was asked if a family member or friend could give us the bank info. she told them no. Can they do that? Ask for family members banking info?

So, I'm trying to help her and she wants to pay back legally what she owes and not a time more. Any advice.

she has the mailing address. Can she just send in Money orders until these are paid off?

She lives in OH. She's been emailing me all morning all upset. I told her to hang on I'll see what I can do for her. Please give advice if possible. Thanks.


Wow...is Purpose loans a dba of GFSIL?? I wonder because when I defaulted they said the same thing to me...borrow a family members account and give us the info...like right,..no way!!! Tweety make sure they address she has are legit...you know how some of them are not really there...or it's just a front. Look at the Ohio laws and figure what she should pay. United Cash did give me money gram info...and then I fought with them over the cost of sending it that way and they reduced our agreement by the amount it would cost to send it. These are all internet loans right?? So the same format as always...send the c & d letters ask to make arrangements...with Ourpose if they won't give her the info then she can't pay it plain and simple. Let's google and see what we can find.


lrhall41

Submitted by Morningstarr430 on Mon, 08/27/2007 - 07:01

( Posts: 2329 | Credits: )


Ok- I just got an email from my girlfriend and purpose loans did call her back and they said that they could not give her a total because the interest rates will go up DAILY!?! She said the only way she could pay it off completely was do a lump sum in the form of ACH debits....they would not let her make arrangements to pay it off she needed to get a family members account info. I told her that dont seem right. The loan was for $ 300.00 and they are adding interest on it everyday? hmmmmmmmm. She doesnt know what to do...


lrhall41

Submitted by Tweety71 on Mon, 08/27/2007 - 07:05

( Posts: 2061 | Credits: )


USFastcash
198 South Eights Tribes Trail
Miami, OK 74355
Telephone: (800) 640-1295
Fax: (800) 470-6614

500 Fast Cash
505 G SE
Miami, OK
74354
800-410-5568
Fax: 800-803-9310

I just found this on google...not sure if the phone numbers are current but I know the address' are. Looks like another MTE to me...still looking for purpose Loans...tell your friend not to give anyone elses info...that is totally absurd!!! Tell her to argue the point and that she will just call her lawyer or the state attorney to see what they say about it!


lrhall41

Submitted by Morningstarr430 on Mon, 08/27/2007 - 07:10

( Posts: 2329 | Credits: )


US Fast Cash is part of the MTE / Rio Resources scumglomerate! They are not licensed anywhere and have even lied to the BBB about owning some of the dozen DBAs they have. Tell your freind to pay them back the prinipal at whatever pace she is comfortable with. Also tell her not to give any personal info to any of these companies. No friends, no family, nothing.


lrhall41

Submitted by Frogpatch on Mon, 08/27/2007 - 09:56

( Posts: 5381 | Credits: )


thats all she wants to do but they are wanting her to get a friends/family account info. she wants to pay back just the principal but they are telling her that they cant come up with a balance because it adds interest everyday. she cant make a payment to them until next week and they basically arent working with her. Thats why she's wanting to just send in money orders....


lrhall41

Submitted by Tweety71 on Mon, 08/27/2007 - 10:07

( Posts: 2061 | Credits: )


Thats is right, you do not want to give out friends or family account info. But you can get a pre-paid debit card or a visa gift card and she can put the money on there and then they can only get the money that she puts on there, no more. It is a better option than to send a money order to an address that your not sure is it is right or not. Then all she has to do is call in with the account info from the card.


lrhall41

Submitted by puddlejmpr on Mon, 08/27/2007 - 10:19

( Posts: 1634 | Credits: )


we both realize that but since they wont work with her and they wont give her a total balance she's going to be making payments on this until who knows when.....if she makes payments on it of what she can afford to pay I'm just wondering how much they are going to screw her over with.....


lrhall41

Submitted by Tweety71 on Mon, 08/27/2007 - 12:26

( Posts: 2061 | Credits: )


Well they would have to be calculating the interest correctly. She can figure out what she will owe herself by doing the calculations.

1. First, determine the number of days for which the interest is being calculated and the interest rate for the time period over which the calculation is to be performed.

2. Next, take the number of days and divide by 365. This equals factor A.

3. Then, express the interest rate factor as "1+interest rate." A rate of 5% would have the interest rate factor of 1.0500. Using the scientific calculator, take this number to the exponent of factor A. This will provide the interest rate factor for the number of days indicated.

4. To determine the interest earned for a given dollar amount, simply multiply the interest rate factor by the dollar amount.


lrhall41

Submitted by goudah2424 on Mon, 08/27/2007 - 12:35

( Posts: 7935 | Credits: )


So she closed it for other reasons and purpose is upset about it, but she has the money at least for now to pay off purpose only they won't take it via money order right?

It seems to me that opening the new account will work as long as she doesn't give it out to anyone else, especially those she closed it from. And as long as she doesn't get any more loans. And as long as she keeps an eye on it and documents anything purpose takes out, and makes sure it comes one when it is supposed to and for exactly how much it is supposed to and no more, then I don't see a problem.

Someone else might disagree though....


lrhall41

Submitted by pokogeo on Tue, 08/28/2007 - 10:45

( Posts: 571 | Credits: )


Yeah, and if that starts to happen or anything suspicious she should change it again! It is awful but it seems better than giving them her friends or family's account number. And considering they are an installment loan and not a illegal pdl, they'd operate with better conduct.

In fact, once they are paid in full she might consider changing her bank account again anyway, just so she is sure no one will have her new info.


lrhall41

Submitted by pokogeo on Tue, 08/28/2007 - 11:03

( Posts: 571 | Credits: )


I've heard about the pre-paid cards too. In fact I had some creditor suggest it to me when I informed them I didn't have a bank account anymore. Seems like a reasonable option, though I wonder if they'll tell you they won't take it, but then again, if you just give them a card number, they probably don't know it is just pre-paid. That is probably the safer way to go instead of changing bank accounts all the time.


lrhall41

Submitted by pokogeo on Tue, 08/28/2007 - 15:35

( Posts: 571 | Credits: )


I thought they might try that. It is suspicious when a creditor will not accept money that is owed to them. They only want the bank account to rip you off.

So I guess it is back to the previous option, get a new bank account. Here is a new twist that might work if she finds a good bank. Open two accounts only give them the information on one and only put in the amount they need to take in one and have the bank not allow any thing else go through except that one payment from that one company on that specified day.

Not sure if a bank will do it, but it is worth a try. Then once they are paid in full, she can close that one and be done. But it will only work if the bank makes sure to not let them take more than they are supposed to and won't charge her any fees if they do try....


lrhall41

Submitted by pokogeo on Wed, 08/29/2007 - 13:27

( Posts: 571 | Credits: )


I know it is dumb. I can't see a regular person whom you'd owe money to reject a money order and request your bank account information. Not going to happen.

Could she call the AG's office or someone to call them and make them accept the money order. That is the only other thing I could think of.
THREAD LOCKED.


lrhall41

Submitted by pokogeo on Wed, 08/29/2007 - 13:37

( Posts: 571 | Credits: )