Took a loan from Mycashnow and Paydaymax.com for about $600.00 total paying what I could afford every other week, usually having to extend loans, which set me up for failure with their high fees.
After a couple months I could no longer pay the principle plus fees and tried every way possible to stop the ongoing, mounting charges, by calling and emailing repeatedly to the company that handles the payments and represents both Mycashnow.com and Paydaymax.com- Credit Protection Depot to explain my financial situation and make arrangments to finally get this paid off.
Without success I saw an ad for a company that assisted in working out payment arrangements with payday loan companies like this to come to a fair settlement for both sides and put this to rest once and for all.
The company I contracted instructed me to stop payments to Credit Protection Depot and sent numerous proposals to get this debt paid off in a manner fair for both sides.
I followed the instructions of Credit Protection Depot where to fax the proposals and even sent in payments totaling about $400.00 in good faith that I'm not running from this debt and want to pay it off, meanwhile all of the $400 went to interest only without my knowledge.
After all the back and forth contact between myself and the company representing me, Credit Proection Depot and Mycashnow.com were still adding fees building up the new balance to over $3100.00.
The last correspondence from Mycashnow was a threatening email saying that because I ignored them and not made payments, which was obviously false, they would refer my account to collections.
I immediately contacted them to let them know proposals were sent for Mycashnow and Paydaymax and it was my understanding that they were finally accepted and that checks have been mailed (to a Canadian Address Credit Protection Depot provided me) totaling about $400.00
They indicated to send them another proposal that same day along with proof of the $400 in payments sent and even provided me info on where to send this to, which I certainly did. They indicated if I did this, they would stop the account from going to collection.
Weeks later I get contacted by a collection agency- National Credit Adjusters in Kansas who reported my info to the credit bureau for $3100 and used every threatening tactic to recover funds saying Mycashnow accepts no proposals, untrue because why would they tell me where to send the proposal to and give me a deadline of the same day?
The collector lied in every way, contacting my job, threatening lawsuits, further fees and more damage to my credit.
With this in mind, please think twice about doing business with this company. Payday loans in general set you up for failure and give you a tremendous hassle to find and contact them, should problems arise. Trust me when I say they'll make you and your bank accounts miserable.
Ripped off joe
Jersey City, New Jersey