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Sued by UGH I - CashNet USA Debt Buyer


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  • 2 months later...

Update in my case vs. UGH:  I retained local counsel. Persolve Legal Group is representing UGH and provided dozens of pages to our Interrogatories and Request For Production of Documents. (Did see JTM Capital bought the debt from CashNet then sold it to UGH-I.) Case review with counsel.

Wondering what those in CA are coming up with to fight the ultra-high interest lenders. I see on the docs provided that CashNet was charging 189% interest:  I believe CA now has an anti-usury law that applies to personal lenders also (which is shy CashNet no longer lends to CA residents). Anyone have success fighting CastNet, etc?

Thanks

 

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4 hours ago, 99leftbaloons said:

I see on the docs provided that CashNet was charging 189% interest:  I believe CA now has an anti-usury law that applies to personal lenders also (which is shy CashNet no longer lends to CA residents).

The law is not retro-active though. If the loan pre-dates the law then the interest rate while egregious is still legal. That usury interest rate is why many states ban payday loans.  It sets the consumer up for a debt cycle they cannot escape.

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