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Posted: Mon Oct 06, 2008 5:28 pm Subject: Drowning away in Texas

I live in Texas and have several storefront PDLs and 1 internet PDL. I haven't had an issue with any of the PDLs (other than paying a ridiculous amount of interest) until now.

When I went to pay my interest at Ace Cash Express last month, the clerk told me that I could only pay the interest one more month (which would be this month) and then in November I had to pay the total balance of the loan (which is a little over $800). Apparently, they only give you 4 times to pay just the interest before you have to pay off the entire amount. So I go to pay my what I thought was my 4th $145 interest today and a different clerk tells me that last month was my 4th and that I would need to pay the $800 this month. I told him what the other clerk told me and that if what he was telling me was the case, I would've done this last week when I got paid. All he could do was give me a 3 day extension.

Now I'm panicking because of course, I don't have $800 in my account. My sister in law went through the same PDL nightmare and what she did was close her checking account and let her PDLs go into collections and thenshe was able to work out a payment plan with them. She said she only had to pay a fraction of what she owed.

I would like nothing better than to just consolidate all of these PDLs into one payment. Here's what I owe (estimates on the interest)-I get paid monthly and I pay the interests on a monthly basis.

Storefronts:
ACE Cash Express Principal:600; Interest:145
Checkngo Principal:925; Interest: 190
EZ Money Principal:300; Interest: 130
First Cash Pawn:200; Interest: 55
Advance Cash America:600; Interest:120

My Internet loan is with US Fast Cash for $350 Principal with a $90 Interest.

I've already paid the interest on all of the other loans this month...except for ACE because they're the ones who want the entire amount now. Sigh. What are my options? Any help is greatly appreciated.

Posted: Mon Oct 06, 2008 5:42 pm Subject:

I don't think USFastCash is a licensed lender in Texas but I'm not 100% possitive about that. Keep checking back to see if anyone else has any info on them. I am going to post your lender laws but keep in mind that some lenders are acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. This means the payday loan laws wouldn't apply to them.
USFastCash
Phone: 1-800-640-1295
Fax: 1-888-549-3324
Email: customerservice@usfastcash.com
US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com

Don't feel bad - if I paid off all my loans today w/ the fees, I'd owe $5,757. If I paid just fees, I owe $1,656. I can't do it any more. Long story, but I'm going to have to work with someone to clear this up. I have a little bit to make a decision and I haven't decided if Langhorne is the way to go. I'm going to talk to a friend who teaches a Dave Ramsey class- they used a very good company to consolidate their legitimate unsecured debt and I might check that company. Cost is an issue though. I can afford the charges from Langhorne, but it won't be any fun.

If I gather any useful knowledge for special circumstances in Texas, I'll pass them to you.

Posted: Mon Oct 06, 2008 6:05 pm Subject:

I hope everything works out in your favor, good luck!

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