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Cashier's Check vs. Money Order?

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Hi All,

I have been lurking on this forum for some time now and thank all of you for your valuable information! I have sent PIF letters to all 7 of my PDL's and have suprising heard back from 3 of them within 2 days. I will make another post down the road of my successes and dealing with this company, but first need some advice on which form of payment I should make to repay the principle of my loans that have been agreed upon by the companies to be settled.

I have been offered to repay by certified check, cashier's check, or money order. From my research, I understand that a certified check will include my account number, so I will absolutely NOT be going that route.

That leads me to my question: Should I pay by cashier's check or money order?

It seems that neither method will include my account numbers (which is good). I have seen that a restriction with a money order is that the maximum amount you can use is $1,000 (which doesn't matter in my case because all of my amounts owed are lower than that). So, what are the pros and cons of each method? I just want to make sure that the payment is traceable and I have receipt acknowledging payment.

I appreciate your help!




I am a little confused by your post or I am just not reading it correctly. You say that you sent PIF letters to all your pdl's which, to me, means that you have overpaid and are due refunds. Are you absolutely sure that all your pdl's are legal. What state are you from, list the lenders, amount owed and amount paid back so far. We will be able to help you further.

Sub: #1 posted on Wed, 06/03/2015 - 20:45

bingonut bingonut

(Posts: 1433 | Credits: 168.82)

I should have been a bit more clear in my original post. I did send PIF's to my lenders. All 7 lenders are tribal, and thus are illegal from my understanding. I was fortunate enough to find this website before I had repaid all my principal on some of my loans.

With 3 of my loans, I had overpaid the principal. On the other 4 loans, I still owed principal, am morally obligated to pay back that principal, and plan on paying that principal back.

I have received responses back from 5 out of the 7 lenders I sent PIF letters to. Of course, 4 of those 5 lenders that I did hear back from were the ones that I still owed money to. They all agreed to changing my loan status to paid in full if I repaid the principal remaining.

Thus, for those 4 lenders that I still owe principal back on the loan, should I send the money via cashier's check or money order?

Sub: #2 posted on Thu, 06/04/2015 - 11:23

EliminateDebt EliminateDebt

(Posts: 9 | Credits: 1.62)

Not sure what the prices are for the cashier's check or money order, but I would send your payment via the cheapest cost to you. You have already spent more than you needed to.

Sub: #3 posted on Thu, 06/04/2015 - 18:37

bingonut bingonut

(Posts: 1433 | Credits: 168.82)

For anyone else that encounters this situation in the future, I wanted to provide some information. I was trying to choose between sending my final principal payment via money order or cashier's check. I went with cashier's check and here is why...

Cost:
Cashier's check: $8.00 each
Money order: $5.00 each

Pros & Cons:
These two payment methods are very similar. I researched each of them extensively (including certified check). First off, DO NOT use a certified check to pay off a PDL (especially an illegal one). A certified check has all of your personal bank account information on it. The only difference between a personal check and certified check is that a banker at your bank "Certifies" that the check is genuine and that at-the-moment you have enough funds in your bank account to cover the check.

OK, so now you know to never use a certified check. Now, back to cashier's check vs. money order. The first difference is that a money order can only be written for a value of up to $1,000 whereas a cashier's check can be made for a higher amount. Both forms come with a "receipt" that you can use to track the payment method. I preferred the cashier's check option because a bank must fill in the "pay to" part of the check, whereas the "pay to" part of a money order is blank. With that being said, your (il)legal lender may claim that you "wrote the check to someone else with a money order". They can't use that line of BS with a cashier's check as a bank inputted the information and that information has a paper trail.

All in all, it was worth the extra $3.00 for me to use a cashier's check over a money order. Hope this information helps and I would love to hear someone that agrees/disagrees.

Sub: #4 posted on Mon, 06/08/2015 - 09:22

EliminateDebt EliminateDebt

(Posts: 9 | Credits: 1.62)

any currency exchange charges less than 1.00 per money order.however never pay until the lender agrees on the amount owed as they will fight you tooth and nail so keep said money aside for now.

Sub: #5 posted on Thu, 06/11/2015 - 00:43

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Yes, I did wait until the lenders agreed on a settlement amount before sending them the cashier's check. I sent them certified mail as well for a bit of extra protection. On a side note, I did actually receive a confirmation email from NorthCash that they received my payment and that my loan was PIF. The others I never heard back from as I expected.

Is it necessary to pursue the ones that I haven't heard back from that they received my Cashier's Check, or is it a moot point as I have an email from them stating the settlement amount and could get evidence of them cashing agreed upon settlement Cashier's Check?

Sub: #6 posted on Thu, 06/18/2015 - 09:40

EliminateDebt EliminateDebt

(Posts: 9 | Credits: 1.62)

it's up to you.i would get the cancelled check before pursuing,but you should get the PIF from all lenders.

Sub: #7 posted on Fri, 06/19/2015 - 04:54

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Certified mail is a waste of time and money. First class is the only way to go. Money orders can be purchased at Walmart for 79 cents or even USPS.

You have over thought the entire process. All you have to do on over with illegal lenders is to inform them how you are going to pay....like 10 bucks a month for the next 5 years. For the ones that are over paid just tell them what you want.

Sub: #8 posted on Mon, 07/06/2015 - 05:10

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.14)

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