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#1
06-13-2006, 01:55 PM
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PDL"S in Texas
Could anyone tell me what the pdl laws are in Texas? I have a few PDL's that I can't seem to get paid off. They just keep renewing them. I have already paid approximately $1500 on a $400 loan.
Any help would be appreciated. :? 
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#2
06-13-2006, 02:01 PM
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Texas payday loan law
It appears that they are legal. You may want to consider closing your bank account or getting a new account number and of course don't share that with anyone, then set up a payment plan with them and try to get them to wave some of that ridculous interest they charged you
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#3
06-13-2006, 02:01 PM
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I guess you have paid more than the permissible amount. The links below will be helpful in getting the accurate information about the state laws.
http://www.legis.state.wi.us/lrb/pubs/wb/00wb7.pdf http://hffo.cuna.org/download/1168.pdf?&sub_id=14490 Besides, read the blog of Polly where letters have been drafted for the lenders charging excessive interests. You can also go through the letters section in this site.
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#4
06-14-2006, 05:09 AM
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Thanks I did send out the letter on the Polly blog. I hope it helps. I did find something about usury law in Texas that says 178% apr and I thought the way that I read the law stated above that they can not keep renewing these loans. Am I reading it wrong? Otherwise you would NEVER be able to pay these people back. Oh well I have stopped the electronic drafts. Maybe they will work with me. I sent them the letters yesterday and haven't heard a word from anyone yet.
I am especially working with a company called Apple Fast Cash....anyone heard of them. I have talked to a few ladies on email. One told me to call her... when I did she acted like she didn't know what I was talking about. She gave me the name of a manager BUT I would have to email him. I couldn't talk to him....sounds like the run around to me. Of course he hasn't answered my emails yet either. I keep sending him about 3 a day. Don't really know what else to do.
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#5
06-21-2006, 06:07 AM
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How did you stop the drafts out of your account? Did you do this through your bank? Or did you do it with the PDL company;s
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#6
06-21-2006, 06:12 AM
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The pdl's that I contacted when my chkg acct went 'sour' were not willing to (said they were not able to do so) stop the drafts on my chkg acct.
The bank was not willing either. They said these are ach debits and cannot be halted.
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#7
06-21-2006, 06:17 AM
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Hmmm I am going to the bank today and closing my account except I have direct deposit and it is too late to do anything about that this week I will see what they tell me about closing it but then transfering my deposits to the new account or something along those lines, since it is too late,
I know my bank can put stop payment on ACH I think but not sure
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#8
06-21-2006, 06:31 AM
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Fortunately I work for a pretty good company as far as flexibility goes and they were able to stop the dir deposit the same week that Wilma hit here. Even though it goes thru ADP or someone like that.
Fortunately, I was able to get a live check and go open an acct with WAMU... they are pretty good.
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#9
06-21-2006, 07:20 AM
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I am looking for a reputable debt consolidation or credit counseling Program as we speak Know of any off hand
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#10
06-21-2006, 07:27 AM
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One of my friends use Discount debt solutions in Florida. Not sure if they cover more than one state though. Here's the link.
Hope this helps some. email address removed per forum rules. (Tammy)
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#11
06-21-2006, 09:58 AM
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Just found something interesting in searching the web now I just need to statue that follows this but it says:
Under Texas law, a lender cannot pursue criminal charges to collect on a debt. Also, a payday loan lender is limited as to how many times a loan can be renewed. Currently under Texas law, lenders are allowed to renew a payday loan one time each month.
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