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 Posted: Thu Feb 21, 2008 11:20 am
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Good Morning,
I needed to turn to PDL's when my partner became unemployed. But now regret it in so many ways.
I reside in the state of Texas and need some assistance. I to fell into the vicious cycle of payday loans. I have read a lot of information on this site but would like to know how do I proceed. I have 4 PDL's out as of now.
PayDayOne Loan amount $500
I have paid $503.77 which breaks down to $150 principle and $353.77 in fees.
PayCheck Today Loan amount $300
I have paid $140 which is $50 to principle and $90 for fees
MyQuik Loan Loan amount $400
I have paid $120 in fees
The Loan Shop )(MTE Financial)
Loan amount $300
I have paid $90 in fees.
I contacted my bank and discussed my circumstances and they have closed my checking account at this point. I want to send the necessary letters and make restitution on what I borrowed. I also accessed the CFSA to see if these companies were listed and I didnt see them on there.
So can anyone offer any help on how to proceed and what needs to be sent. In other words what are my next steps.
Thank you!
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jennica07
Joined: 21 Feb 2008
Posts: 7
Debtcc Points: 289
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Posted: Thu Feb 21, 2008 9:42 pm
Latest Blog Post : Decision |
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jennica....welcome! Are these all store front loans?? To invoke the CFSA you would need to contact each lender at least a couple of days before your next payment is due. If these are store fronts: call them and ask...if they are not a member they may still be able to make payment arrangements with you.
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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Posted: Thu Feb 21, 2008 9:45 pm
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Hi there Jennica, I am going to post your state pdl laws, someone will be along to help you shortly.
Texas State Information
Legal Status: Legal
Citation:
7 Tex. Admin. Code § 1.605; Tex. Fin. Code Ann. §§ 342.251 et seq. and 342.601 et seq.
Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
APR for 14-day $100 loan: 309%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610
Regulatory Contact: ,
Regulator Website
Licensee Database
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Ohio Payday Loan Laws
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 2602
Debtcc Points: 18851
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 2602
Debtcc Points: 18851
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Posted: Thu Feb 21, 2008 9:50 pm
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Paycheck Today and The Loan Shop are internet payday loans. You need to find out if they are licensed in Texas (probably not). I don't know about the other two but I am sure someone will come along and let you know.
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spanisheyes
Joined: 15 Jan 2007
Posts: 283
Debtcc Points: 12506
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 2602
Debtcc Points: 18851
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Posted: Fri Feb 22, 2008 8:00 am
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In Texas many pdl's are actually CSO's. This means that the laws posted above would not apply to them.
Payday One is a CSO in Texas. The others I doubt are, but that area should be checked also.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7303
Debtcc Points: 108712
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Posted: Sun Feb 24, 2008 5:54 pm
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I defaulted on a payday loan. When they got sassy with me, my lawyer got sassy back. They waived the loan and paid a cash settlement. If you are being harassed over a payday or internet loan in Texas, check out helpingtexas.com
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Guest
Debtcc Points: 100
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Posted: Tue Feb 26, 2008 10:49 am
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These are all Internet Loan companies, I believe one is a CSO. How do I find out if they are licensed in texas or need to be in order to offer me a loan? Please advise. Also can anyuone PM me with some sample letters?
Thank you!
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jennica07
Joined: 21 Feb 2008
Posts: 7
Debtcc Points: 289
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Posted: Tue Feb 26, 2008 8:37 pm
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jenn, your MTE Financial loan will not be licensed/legal. If it is indeed MTE, they are not licensed to lend anywhere in the US.
I have pm'd a letter for you to use as a guide. Check your messages. If you have any questions, just post! 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9335
Debtcc Points: 123837
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