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I live in TN and have one IPDL with paydayone (located in TX) with a balance of 750.00 with an apr of almost 400%. So far I have repaid (including interest and fees) 978.83. I know compared to the amount of some of the other loans I have seen on this board, it seems small, but they are taking almost 40% of my husband's take-home pay every pay period, and right now I am having to decide between paying my rent, buying food for my family, or paying the electric bill this week.

What is my first step to getting on some kind of payment plan? We are desperate, but my husband is scared to death that they might call his work, and he works in an office w/upper management (he is not a manager), and embarass him, and maybe even be detrimental to his career.

Should I contact the IPDL customer service first to see if I can set up a payment plan, or would I have to be behind on payments first?

Someone should come along soon with PL laws for TN...Sounds like you may have overpaid them...hang tight...

However, you can send them a letter revoking the "ach" debits, revoke any "voluntary" wage assignment that may have been signed and a "cease and desist" letter. You can send it via fax, e-mail and or certified mail all is valid means of communication...then immediately contact your bank specifically the "ach" department and ask them to block them at the "company" level that way they cannot debit any amount from your bank account. But the safest thing to do is close your bank account and open a new if possible and do not give out that information. Good luck

Posted: Sat Sep 06, 2008 8:57 am Subject:

I have looked at the laws from TN, but then I read on here that internet companies don't have to follow the law in my state, only the state that they are licensed in (which is Texas). I am having some trouble finding just what I need. I have read the TX law too, but I guess I just need simple terms.

I am having a hard time understanding how I can get out of the payday loan when I did sign the papers stating I would pay their exhorbitant fees, I just didn't realize it would drag on this long. If I do close my bank account, won't the interest just continue to keep adding up?

Thanks again for any help

Posted: Sat Sep 06, 2008 9:46 am Subject:

Well in that case they may be legal...anywhere in your contract does it state "installment loan'?

Posted: Sat Sep 06, 2008 10:10 am Subject:

I just read over my contract, and didn't find "installment loan" anywhere.

Is there anyway to just contact the IPDL, and maybe set up a payment plan, and stop the interest from continually accuring? I know that these maybe stupid questions, but I am a newbie to payday loans, and am a little bit lost.

How much are they deducting each pay period? Does it say "rollover" fees?

Posted: Sat Sep 06, 2008 10:54 am Subject:

From what I've read, most internet lenders are not very cooperative about working with you.

Sometimes things are slow around here on the weekend, but if you hang in there, someone should be along to give you some advice about the laws of Texas, if those are the laws that you have to follow in this case.

Royalkat · Posted: Sun Sep 07, 2008 3:14 pm Subject: Business in Texas

Texas requires strict licensing for conducting business here.
The loan business requires licensing from the state and it is my understanding that all businesses msut abide by Texas laws reguardless of where they call home. They had to advertise in Texas in some form or fashion and are bound by those laws because that is where they were advertising.
Chek out the Texas Attorney General office, Secretary of the State and the Savings and Loan division, they all have websites jsut do a search. Most will allow email questions and will get back to you, though some are slow.

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