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Mycashnow & credit protection depot

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So, I have a payday loan with mycashnow, original amount $900. I have borrowed a total of $2500 over three loans from these guys and with principal and fees have paid back a little over $2500. I have defaulted on the "fees" and now the Credit Protection Depot is calling and e-mailing. I have not sent out letters yet, because my bank is being a pain and I'm still trying to close the account. Long story short, here is a portion of an e-mail I recieved from them today.
"Even if you are unable to pay $1464.71 for the balance on the loan, then we require a minimum payment of $488.24 to put the account on legal hold.
If we refer this account for further review and forward it to our outside firm for additional collection efforts, you will be legally responsible for all additional fees associated with costs involved for the collection of this debt.
Please call us at 1-855-883-2270 immediately in order to stop us from taking any further collection on this account.
Credit Protection Depot"
Should I be concerned about anything here? Or once my bank is closed do I send out my letters and be done with it?


Posts: 15508
Credits: 135761.15272958

Sub: #1 do this
Tue, 06/12/2012 - 12:04

first go to soaplady's the primer on dealing with illegal lenders.follow every since mycashnow is not located in the US(any address is a mail drop only)and CPD is located in canada.they will do nothing.they know the loan is illegal.after you go to the primer to file AG complaints as you do apply overpayment on previous loans to the current one meaning you owe nothing.


Sub: #2 Response to try this
Tue, 06/12/2012 - 12:34

Thanks Paul. So this is just an empty threat. They can't take legal action and charge "legal" fees since they are an illegal lender to begin with. BTW, I am in Indiana. Not sure if that matters.

Thanks Again!

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