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I need help with my cash now. Are they legal in Texas? I took out a 1000 loan in July. I extended it in August and paid 399 and another 399 is due on August 29th.

I do not want to default on my loan because I can't have them calling my work or home. I am wiling to pay it off but what are my legal options?

Please help!




I do not believe that MYCashNow is legal anywhere. Are they still debiting your bank account?

Sub: #1 posted on Tue, 08/05/2008 - 21:51

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Yes, they debited my account on the 1st and planning another debit on the 29th.

I am not sure how to move forward. I can't close my bank account. I don't want to default either, I just don't want to pay a 800 fee on a 1000 loan!

Sub: #2 posted on Tue, 08/05/2008 - 22:01

Unregistered


The only way to put a stop to the nonsense is through your bank account. With these two "fees' you will have already paid $798.00 towards a $1000 loan. Thankfully you have some lead time before they will be debiting your account again. Have you drafted a C and D letter? Credit Protection Depot strong arms for them but it seems that there is an issue of late getting email, or snail mail to them. You could call 1-866-645-1661 or fax the C and D to them at 1-866-645-1662. I see that your state laws have not yet been posted but someone will be along shortly to help you with that. Hope this info is helpful. Hang tight.

Sub: #3 posted on Tue, 08/05/2008 - 23:31

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Hi,

Honestly, I am kind of scared to send them a C and D letter. Doesn't that mean that I am defaulting on my loan? I don't want them to send it to a credit agency. OR worst they debit the full amount from my bank account, which would really put me in a hole.

I know they are illegal to operate in Texas or anywhere else for that matter. So should I call them a couple of days before the next payment and tell them that I just want to pay the principle and set up a EPP?

Any advice?

llw1995, thank you for your help! I really appreciate it.

Sub: #4 posted on Wed, 08/06/2008 - 00:23

Unregistered


If you say anything about not paying according to the terms of the contract, they will most likely debit your account for as much as they can.

Sub: #5 posted on Wed, 08/06/2008 - 00:30

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

goudah, thank you for the input. Is my best option is to call them before August 29th and tell them that I am willing to pay the principle only and set up a EPP. Do they even except EPPs? I am just so scared of them taking out the whole amount of 1399 on the 29th. :( Sorry if I am being such a baby about this!

Sub: #6 posted on Wed, 08/06/2008 - 00:46

Unregistered


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