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Who has had luck getting PDLs "zero'd out"

Date: Sun, 04/23/2006 - 18:34

Submitted by anonymous
on Sun, 04/23/2006 - 18:34

Posts: 202330 Credits: [Donate]

Total Replies: 44

Who has had luck getting PDLs "zero'd out"


I signed up w/T&C on Friday, but did some research into Texas law this weekend. Turns out that PDL lenders MUST be licensed in Texas to issue loans AND there are caps on interest that can be charged.

I am planning to send the PDL pollyandsay's letter about their violation of Texas law and see if I can get the contracts voided since they are not licensed to loan in Texas. Alternately, they are also in violation of Texas' interest cap.

My question is this:

Who has had luck with these letters resulting in a PAID IN FULL status...and which lenders?

I certainly want to pay back legitimate loans, but my internet PDLs appear to NOT be legal contracts in my state. I have paid them PLENTY of rollover fees/interest, so it's not like they're hurting for my money :)!

Any input is appreciated...


I've had One Click/ United Cash Loans send me a statement that the debt was paid in full, and refunded me $300. Of course they had caused a bunch of NSFs and overdraft fees, and when they represented the debits they charged a higher NSF fee than VA law allows. Had a loan with each, they are the same company operating under numerous names. I'm working on Quikpayday. I had one other lender that dropped the balance from $900 to $400 after pressing them about licensing status.

It never hurts to ask. Send them a letter stating how much you have paid, how much was allowed by state law, and request the acct be marked paid in full. Good luck!


lrhall41

Submitted by set4sail on Sun, 04/23/2006 - 18:38

( Posts: 412 | Credits: )


If you have a payday loan account appearing in your credit file, it must show the actual update till it has been paid off. You can always request the credit bureau or the payday loan company to update your file if it has not been done. If you are taking help of the credit bureau, they will conduct an investigation with your information providers and update your file. This will allow your credit history to be presented in actual shape.


lrhall41

Submitted by john on Mon, 04/24/2006 - 08:13

( Posts: 1231 | Credits: )


Does anyone know if Sonicpayday loans are legal in the State of Maryland - I need to know quick - I have an outstanding loan - and they are threatening to send the wage assignment to my job - help


lrhall41

Submitted by anonymous on Mon, 04/24/2006 - 12:15

( Posts: 202330 | Credits: )


Seeing_the_Light,

Usually, the consolidation company gets the info in writing from the payday loan company that your account has been paid in full.

Even if you get the info in writing, it will be good help to you. Check your credit report and see that the account has been updated as paid in full.


lrhall41

Submitted by john on Mon, 04/24/2006 - 13:02

( Posts: 1231 | Credits: )


I have had 500Fast Cash, USFast Cash and GECC zero balance paid in full. I just paid Cash Today in full on Friday. Week after next week Cashnet 500 will be paid in full. and I have asked both for written acknowledgement that the loans are paid in full. I am going to send letters to United Cash, AIP, National Cash and Worldwide Cash even though they are with T&C I think I have paid them more than enough and they don't need anymore money from me.


lrhall41

Submitted by oh2benc2 on Tue, 04/25/2006 - 16:04

( Posts: 284 | Credits: )


I got a call from FSM Processing yesterday saying that since I borrowed $200 originally, and had paid a total of $180 in renewal fees since then, they would "waive" the extra $20 I owed them and mark my account closed!

This is after I sent them a letter pollyandsay helped me with! THanks polly!!

maybe it will work for others...keep your fingers crossed for me!


lrhall41

Submitted by Seeing_the_Light on Wed, 04/26/2006 - 09:19

( Posts: 529 | Credits: )


here's another one I got!!

Quote:

ZARVAD III Ltda. DBA MyPaydayLoan.com

Centro Colon, 8 avo piso, Oficina 8-4

San Jose, Costa Rica

Phone: 888-269-2303



April 26, 2006



Dear Ms. Canales,



Despite our disagreement of your interpretation of the statutes based on contract venue, and other laws governing this transaction, we would like to inform you that we have agreed to resolve this matter be dissolving your outstanding balance of $234.38. In addition, there will be no negative report submitted to any reporting agency, or outside collection agency on this credit transaction. You appear to have been a good customer in the past, and it is our intention to treat our customers as fairly as possible, and consider the totality of the situation in dealing with issues they may have. Because of your desire to not engage in this type of transaction in the future, we have also placed your name on our do no loan list as requested.



Best Regards,



Janelle Smith





Please note: This letter is also being sent via U.S. Certified Mail for your records.


YAY!


lrhall41

Submitted by Seeing_the_Light on Wed, 04/26/2006 - 11:30

( Posts: 529 | Credits: )


I am also in Texas and I sent a letter of Polly's to all my lenders and I have not heard back from even one of them! I did only send the letters by email, so I guess the next step will be to send by snail mail- hard copy certified. I have got to get these loans knocked out. I am at the point where I cannot continue to pay T&C- my regular bills are mounting up and I am going to be in a mess soon.

Crystal


lrhall41

Submitted by cmcdonald on Thu, 04/27/2006 - 09:46

( Posts: 80 | Credits: )


I have a PDL that I didn't put w/T&C...this is wwofford b/c I can't get logged in today :)! The company is cashzip.com. After having your loan for a year (I know...), they put you in paydown mode where 1/2 of the finance charge takes down your principal owed.

I was down to only paying $7 biweekly and had a balance of @$100. Sent them an e-mail asking if they might forgive the remaining balance since I'd paid well in excess of the principal + so much interest. They replied with a nice e-mail that my account was marked in full.

$15 extra a month doesn't sound like much...but with gas prices so high, anything helps :)!


lrhall41

Submitted by anonymous on Fri, 04/28/2006 - 06:33

( Posts: 202330 | Credits: )


I'm going to today, I already sent it once to both the compliance department and customer service this morning and I going to send it again. I can't fax that much here at work though so I'll just email. I also have sent to 500fastcash and haven't heard from them either but their "collector" hasn't called me in the last week either. Thanks for the advice Tammy!


lrhall41

Submitted by CycloneFan on Fri, 04/28/2006 - 07:47

( Posts: 1155 | Credits: )


Got a letter from National Cash Advance aka National Title Loans, saying:

Quote:

We have no record of you owing our corporation any money, therefore you have no debt owed to this corporation. You can remove this corporation from your list of creditors with your debt management company.


LOL!!!!!!!!!!!!!! :roll: This after they've eaten up about $200 in fees from me! OH well...looks like we've all got them running scared!

Any more updates on PDL's who have agreed to "zero" your balances?

Cash supply dropped my account as well...YAY!


lrhall41

Submitted by Seeing_the_Light on Mon, 05/01/2006 - 12:11

( Posts: 529 | Credits: )


oh2benc2:

I just sent National that letter I gave you...I had already paid them $350 over what I originally borrowed in fees. They sent me a letter stating I "didn't have a loan with them" so, because of that, I've been emailing them to ask for a refund...but no luck yet.

Sue:
United caved? I've been trying for a few weeks with them too...maybe I'll hear something soon!


lrhall41

Submitted by Seeing_the_Light on Tue, 05/09/2006 - 10:11

( Posts: 529 | Credits: )