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Posted: Tue Aug 15, 2006 2:16 pm Subject: payday loan nightmare

I have gone into default as of today
and tomorrow more to come for a grand total
of 7. Most are from stores, and the others (3) online
Does anyone know the recupercussions
for defaulting in Texas? Is it a felony?
Should I get legal advice?

Thanks,
daphne

Posted: Tue Aug 15, 2006 2:33 pm Subject:

Hi Daphne, welcome to the forums. Defaulting on a payday loan in TX is not a felony, and you can't be arrested in TX for defaulting. However, the storefront lenders can eventually bring you to court if the situation drags on too long. I don't think there has ever been a case of an online lender bringing anyone to court at all. If you let us know what lenders you have loans with, other members can share their experiences with you and give you advice on how to deal with certain companies. But first thing first, you need to figure out how much a month you can afford to pay to the storefront lenders, and then call them to let them know that you are having a difficult time, but that you intend to repay what you borrowed in full. Ask them to work out payment arrangements with you, and get something in writing regarding any arrangements agreed upon. As for the online pdls, they have to be dealt with a little differently depending on the company. Let us know a little bit about your situation so we can help. Smile

Posted: Tue Aug 15, 2006 2:51 pm Subject: a big thank you

thank you for your advice and quick response...
I hope that I am doing this right and that you and others receive
my response. Okay...stores are Ace Cash Express, Check n Go,
EZ Money, and the Cash Store...online, Paydayok, paydayselect
and tendollarpaydayloan.com...if anyone has experience with defaulting
with these companies, especially in Texas, please share...
sincerely

Posted: Tue Aug 15, 2006 3:01 pm Subject:

Search by the names of the companies in the google box above. You will get links discussing about these companies and with loads of information by others dealing with them.

If possible, give priority to the storefront lenders first. They are the ones who take legal actions quick enough. Most of the internet loan companies are known for their disputed accounts adding excessive charges. Review your loan statement from each of the companies. Check the laws in your state to find whether all the charges and interests have been put correctly. In case, you find any item to be in dispute, highlight it and inform the company in writing. They will verify it for you. Contact the Texas senate for more information

http://www.senate.state.tx.us/

Guest · Posted: Tue Aug 15, 2006 8:23 pm Subject: Ace Cash Express

I'm your shoes dlewis. Currently defaulted on 7 PDL's. All taking payments except Ace. Just defaulted and returned their call today. They are going to be a bear. Said they don't accept payments. He was very rude, didn't know his facts and eventually hung up on me. The good news is the others all take payments and I'll deal with ACE as it happens. My experience with the online PDL's is with Sonic. They have sent me to Universal Fidelity after refusing payments. I sent a debt validation letter and am waiting to hear back. Good luck.

Posted: Wed Aug 16, 2006 12:29 pm Subject:

I sent a letter to Payday Ok and they closed my account and marked me "PAID IN FULL" they were very easy to deal with. I had to sign a confidential settlement and fax it back. Cash Transfer Centers is not cooperating, although after my letter was faxed to them I haven't heard another word from them, so far!!

Posted: Wed Aug 16, 2006 12:39 pm Subject:

Guest- Be careful when dealing with Universal Fidelity. We're currently doing some research on them, as there are some suspicions that have arisen regarding their locations and other DBA names. Check out this thread: http://www.debtconsolidationcare.com/settlement/sonic-contact.html

Daphne- I have a friend who recently worked out payment arrangements with Check n' Go and EZ money. Take Christina's advice and deal with the storefront lenders first- they can become a problem much quicker if they think you're making no attempt to contact them. As for the internet PDL's, what were the original loan amounts, and how much have you paid back on them?

guest · Posted: Wed Aug 16, 2006 8:33 pm Subject:

Thanks for the heads up apaverystar23. I asked for a debt validation from them. The thing is I never signed anything with Sonic to begin with. It was point and click, boom, the money was in my account the next day. I tried to make payments to Sonic through Debt Mgmt Plan and they refused. We'll shall see what they do next.

Posted: Fri Aug 18, 2006 11:33 am Subject: Thanks

I still plan to see a lawyer for advice,
and this weekend figure out a payment plan
that could possibly work for me...so far, I have
received numerous calls at work and home. Usually
I just do not answer, or tell them I will have to
get back with them later. This is all overwhelming.
Will let you know what I find out from lawyer next week.

Posted: Fri Aug 18, 2006 11:45 am Subject: nightmare

DLewis, Keep your spirits up, Things will get better. I am payday loan free now thank the Lord. I was in your place once and it is so hard. This forum is such a blessing you feel like your not alone anymore. You can get excellent advice on here. Take Care KYSIDE38

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