CashNetUSA - won't revoke ACH?
Date: Wed, 10/31/2012 - 17:10
CashNetUSA - won't revoke ACH?
I live in Nevada and have a payday loan through CashNetUSA (aka Advance America's online lender). I am in over my head on this pay day loan - it was for $525 - and I would like to do a payment plan before it defaults or debits my bank account for the full amount. I would like to do an ACH revocation and pay them via money order or prepaid debit card, but according to my contract, it states, "The ECheck/ACH Authorizations set forth in this Loan Agreement are to remain in full force and effect for this transaction until your indebtedness to us for the Total of Payments, plus any NSF fee incurred, is fully satisfied. You may only revoke the above authorizations by contacting us directly, and only after you have satisfied your indebtedness to us."
I thought from reading these forums that REG E states I can revoke ACH authorization at any time. I understand this is a legal PDL in my state, and I do intend and will repay them, but I don't want it debiting my account any further. Help? TIA!
CashNetUSA is a CSO in NV. ACH is federal law and ACH revocation
CashNetUSA is a CSO in NV. ACH is federal law and ACH revocation/rights are clearly defined by the FDIC. You can revoke it simply by sending copies of the ACH revocation letters to your bank and to CNU. They are legally bound to honor it.
As for dealing with CNU and finding some room to breath, I suggest you call them and ask for the EPP. That should effectively freeze the interest and your loan balance would be split up into 4 equal payments.
I understand they're a legal PDL and I have to pay the principal
I understand they're a legal PDL and I have to pay the principal and interest; I'm not trying to get out of that. I'm just trying to do it and get out of this pay it off and take it out immediately cycle.
I will request the EPP (thank you for the suggestion), but is this something they can set up for me before I default on the loan? The last time I spoke with them, they said they wouldn't do any payment plan until I had defaulted. I don't want to default and overdraw my account, and as I said, I do want to pay this off ASAP, but a payment plan would be much easier for me. Has anyone worked with CNU on a EPP before going into default?
From a CashNetUSA Representative
Hi Tiger09,
I am a respresentative of CashNetUSA. While I cannot speak to your account specifically, we do offer payment plans for the state of Nevada. Please feel free to reach out to our customer service team at 888.801.9075 and they will be happy to help you set up a payment plan if you qualify.
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EEPs are only valid for accounts which are not in default so nat
EEPs are only valid for accounts which are not in default so naturally, you are in the perfect position to ask for it.
Thank you, Steve; I did call and finally got someone who agreed
Thank you, Steve; I did call and finally got someone who agreed to set up an EPP. I think they try to scare you into defaulting so they get more $$$. I set up payments with a prepaid, reloadable debit card I have and reiterated they are not authorized to do any more ACH debits. They tried to give me a song and dance about how I can't revoke ACH authorization until I pay off the loan, and I kept repeating REG E. When the girl kept arguing with me, I told her if she debited my debit card on the agreed upon dates, we wouldn't have a problem, but if they tried debiting my checking account with an ACH, they would be hearing from my attorney for breaking federal law. That seemed to shut her up.