I needed some money to help pay the rent a few months ago and took out a $175. Loan from these people.
Now, I have dealt with a few other companies before and never had problems—the fees were clearly stated and sent in advance through the mail and when problems arose I was able to make arrangements with them.
HOWEVER, mycashnow is the WORST cash loan copany out there! They would send me emails telling me they were going to take out $186 midnight the night before my paycheck arrived! And none of this money was going toward the principal—it is all in fees! I am sure this is illegal.
I went to my bank and had them stop payment on this company. They are not getting one red cent. They have tried to call my boss, but since he is the CEO, all his calls are heavily screened, so they haven't made any leeway that way. They have been calling my parents halfway across the country, but my parents won't give them any information and are reporting them to the telephone company for harrassment.
It's not that I don't want to pay what I owe, but I have paid them that 2X over again and I'm not going to pay anymore. They are threatening to take me to court. I can't wait. There is no sane judge in the country who would make me pay these outrageous fees! There are laws about such things! There is a limit on how high an interest rate they can charge! There are also laws about how they can go about trying to collect, and when and how many times they can call you in a day. I have my ringer shut off on my phone and I screen all my calls with caller ID and these people call me in excess of 10 times a day. This is harrassment!
I am trying to get them to send me an invoice explaining all the charges and how they got to their outraeous figure (now the balance is at $500—all in fees, not including the principal— you'd think I didn't send them any payments at all!) I have gotten no response. No court in the country would expect you to pay a bill that has no accounting to back it up!
Please, anyone who is dealing with this company or another one like it-do not file bankruptcy over this. What they are doing is highly illegal. It is only a matter of time before the law catches up with them. Until then, we have to fight. We should all band together and say "No! This is wrong and we're not going to take it anymore!" and take these jerks to court in a class action suit.
0 comments