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HELP! Credit Protection Depot/MyCashNow

Date: Tue, 11/28/2006 - 12:16

Submitted by mlw0603
on Tue, 11/28/2006 - 12:16

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Total Replies: 5

HELP! Credit Protection Depot/MyCashNow


I may be a bit out of the loop here but I just found this forum. I have CPD breathing down my neck saying they are going to sue me even after I have tried to make payment arrangements. I refuse to deal with them over the phone and have requested that they respond in writing, but to no avail. They have tacked on almost $600 in fees on a $300 loan! Help, what can I do? Isn't there a limit on how much they can keep charging? And don't they have to try to arrange some kind of payments with me if I am offering the same?


WElcome to the forums. What state are you from? How much have you paid them including interest. KYSIDE38


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 12:42

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Credit Protection Depot is the acting collector of MyCashNow. You don't have to pay more than the laws in your state. Check the loan payments and compare it with your state laws. You will figure out the actual loan status. If you have paid the full amount, call the company and get your account marked closed.


lrhall41

Submitted by aciotsf on Tue, 11/28/2006 - 13:07

( Posts: 511 | Credits: )


I am in Ohio. I haven't paid anything yet. My bank processed the loan payoff of $300 on 8/21, and even their website indicates that it was paid on 8/21, but then they are saying that my bank returned the payment. I have been fighting with them ever since. There is even a notation on my account section of the website saying that I was approved for another loan on 10/6! How could that be? How could they possibly give me another loan (which they did not) if I had one outstanding?


lrhall41

Submitted by mlw0603 on Tue, 11/28/2006 - 13:15

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You need to check with your bank to see if your bank actually did return the payment. Also, they are not licensed under either Credit Protection Depot or MyCashNow, so you are only responsible for paying back the principal amount you borrowed. You need to go to Pollyandsay's blog and get the template letter for PDLs and sent this to them, inserting your state's laws, which can be found at Tell them you do not authorize them to debit from your account and to contact you only by e-mail or United States Postal Service to discuss payment arrangements on the principal ONLY. Good luck. Let us know how you're doing.


lrhall41

Submitted by dbaker6 on Tue, 11/28/2006 - 13:48

( Posts: 1600 | Credits: )