[set4sail]

Crystal,

Are you also a Texas resident?

Here's a sample letter from Polly's blog that you can use as a basis for your own letter.

http://pollyandsay.yesdebtfree.org/t...ayday-lenders/

Include your state law citations for licensing and fee limits, and if possible include how much you have borrowed, how much was repaid, and how much would be allowed by your state law.

Good luck! Please pm anyone of us here in the thread and we will be more than happy to help you.

Dana

[notell39]

When you say that Texas has a 48% interest cap on loans + $10, are you telling us that the renewal fees that add up to 48% of said loan is all we're obligated to pay? I think I read that PDL lenders in Texas and the person borrowing the money can agree to rollover the loan numerous times. If this is true, does this make the %48 cap null and void? I have 4 loans from store fronts in Texas and at least 2 of 'em have gotten their money back atleast 2X over what I originally borrowed. I defaulted on all 4. One I'm paying back and receiving no hassle. I've paid them the equivilent to what I borrowed. Another I'm still paying on, but it's the second of an original loan that I paid off serveral times over in fees. They are the sister company of another one that just went to collection and the one in collection has been paid off several times over since I opened it in September.
What I'm confused with is interpreting the law. I paid the 2 "sister" companies religiously, but they were the first to threaten me with hot check prosecution. I "ve paid them more than the original balance that Iborrowed in fees as I stated earlier, but I want to see if I can rightfully send them a letter stating that I've paid them far and above what the state allows, but do I have a leg to stand on? The other 2 companies were paid also, but because I'm behind, they're all threatening collection and I just think it's crap to have paid all these people above and beyond the original amount of what they gave me only to have them have the power to further damage my already damaged finacial situation. I've repaid them they're money. Just because, after several months I reached the point to where I couldn't pay 'em, they have the right to even remotely prosecute? If I borrowed 300 in September and defaulted in January after making $90 payments bi-weekly, please tell me that the %48 works in my favor. That's about 9 bi-weekly payments @90, which means about $810 in fees alone without retiring the balance. Do I have a leg to stand on or am I SOL?

[notell39]

"Guest" posted in line #3 of his message that loans must be converted to declining interest loans after the 2nd payment. Does this apply the licensed store fronts in Texas?