CashNet Ripping off my checking account Utah Internet
I applied for a payday loan on October 17, 2003 to help pay for some checks that was floating before they reach the bank. I applied for the loan over the Internet that's called CashNet. They informed me that I was eligible for a loan in the amount of $300. I thought that was a bit too much, but I accepted it anyway and it did help, for a minute.
After I faxed all my information, a representative called me to say that they will debit my account every 2 weeks of $90.00 until I inform to them that I will pay the entire amount in full. The next day, $300 was in my checking account. Two weeks later on October 30th, the company debit my account $90.00. The following week, again my account was debited $90.00. Now that it is December 1, 2003, I have paid this company in fees $450.00 total with a constant negative in my checking account.
Even though I get weekly with a take home pay of $320.81 after taxes, as soon as I make a deposit to pay bills, they make sure that they get their $90.00. I don't understand the confusion here. I was told when I applied that they would take it from my account every 2 weeks, not every week. I have never known a payday loan company that would debit an account every single week. I can't even pay off the loan because I'm not given the chance to save up to pay for it.
I know that there is something that should be done about this because it is ridiculous.
Pamela
CHICAGO, Illinois
U.S.A.
1 Updates & Rebuttals
Mo
Wilmington,Delaware,
U.S.A.
ask CashNet to provide you with a written statement of the balance on your loan, they will most likely refuse
#2Consumer Suggestion
Tue, February 17, 2004
CashNet has put me through the same thing. I took out a $300 and as of today I have paid $715, and they're still harassing me for $200 (towards the principal, they claim). Contact your state's attorney general immediately. Most attorney general offices have online complaint forms that you can fill out. Do it today!
Also, you can file a complaint with the BBB. While they legally cannot take action on your behalf, a complaint filed with the BBB will carry weight with the Attorney General's office in your state.
Another point: if you ask CashNet to provide you with a written statement of the balance on your loan, they will most likely refuse. This is against the law! A creditor is required by law to provide you with a written statement on your account before they can take legal action. If (and when) CashNet refuses your request, make sure to document that for your complaint with your state's Attorney General office. This company is going to try to hang you (threats of jail, etc.), but the key is, you have to hang them first!
I live in DE and the Attorney General's office here has been extremely diligent and helpful in resolving my complaint. Most states aren't too friendly towards these subprime, predatory lenders, so you have that on your side.