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 Posted: Wed Mar 05, 2008 1:35 pm Subject: payday loan nightmare
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I have been following the posts between RoxyNY and Bucksoldhen and I feel like it is me there, I am in the same situation. RoxyNY can you help me?
American Consumer Credit/The Cash Spot
borrowed 300 have paid 225 in fees
still owe 337.50
CMG Group
borrowed 300 have paid 360 in fees
still owe 390
500 Fast Cash
borrowed 300 have paid 450 in fees and 50 principal
still owe 325
Texas Loan Corporation/TLC/Cash Central
borrowed 300 have paid 304.26 in fees
still owe 401.53
Paragon (I do not recall applying and have no documentation for them, but they have my info)
borrowed 300 have paid 360 in fees
still owe 390
Payday One
borrowed 1000 have paid 523.91 in fees
still owe 1172.17
Payday One
borrowed 1000 have paid 424012 in fees
still owe 1172.99
In total I have borrowed 3500
I have paid 2607 in fees
I still owe 4189
LIke Sherry, I have not been able to pay my house or car payment because of the fees. I am going to the bank today about closing my account. HELP!
Are there any licensing issues with any of the companies I am dealing with?
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maxman
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Debtcc Points: 100
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Posted: Wed Mar 05, 2008 1:41 pm Subject: I forgot - I am in TEXAS
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Sorry, I left out that I am in Texas.
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maxman
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Posted: Wed Mar 05, 2008 2:58 pm Subject:
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I just posted to the other thread and then I saw this...good job... Texas is very pdl friendly and alot of the time the pdls will operate as Credit Service Organizations so they do not have to follow the pdl laws....I will do some research on your companies and post the laws..Hang in there..I will be back as soo as I can.
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RoxyNY
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Posted: Wed Mar 05, 2008 4:26 pm Subject:
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max, please tell me this one is a typo regarding how much you have paid them back:
| Quote: | Payday One
borrowed 1000 have paid 424012 in fees
still owe 1172.99 |
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cannr
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Posted: Wed Mar 05, 2008 5:03 pm Subject:
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Here are the laws for pdls for Texas
| Quote: | 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
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RoxyNY
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Posted: Wed Mar 05, 2008 5:08 pm Subject:
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Max, So far I have found pdl licenses for Payday one, Amarillo Texas and Cash Central, El Paso Texas..
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RoxyNY
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Posted: Wed Mar 05, 2008 5:08 pm Subject:
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Max, So far I have found pdl licenses for Payday one, Amarillo Texas and Cash Central, El Paso Texas..
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In life it doesn't matter
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and keep moving forward.
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RoxyNY
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Posted: Wed Mar 05, 2008 5:09 pm Subject:
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Also, I'm posting some information regarding closing your bank account. You want to be SURE it will not be forced open due to pending pdls, okay? If there is a chance it could be forced back open, put a hard debit block on it. Read the following:
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cannr
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Posted: Wed Mar 05, 2008 5:10 pm Subject:
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cannr.. . I too am hoping that it was a typo error. What has been paid by so many of us is so disturbing to me that I could literally throw up. God, how can we stop these people? I have to admit that you guys have made my life SO much better since I found you. I am so much stronger. I don't let this bother me that much any more. Actually, I sometimes have to laugh at them. How oblivious are these people. With the amount of letters they are receiving you would think that would pack it up and leave before it bites them where they most deserve it. It is so frustrating to me that I can't just make it go away for all of us.
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llw1995
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Posted: Wed Mar 05, 2008 5:10 pm Subject:
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| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
Last edited by goudah2424 on 17 Jul 2007 15:25 |
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cannr
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Posted: Wed Mar 05, 2008 5:14 pm Subject:
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Max, are any of these storefronts?
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RoxyNY
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Posted: Wed Mar 05, 2008 5:20 pm Subject:
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llw, I'm glad you've gotten to the point to where you can laugh now! It takes awhile, but it does get funny after awhile! And, I am REALLY hoping that amount is a typo, or I'm going to have a heart attack! 
roxy, the only one that sounds as though it MIGHT be a storefront could be Texas Loan Corporation/TLC/Cash Central. I've never heard of that one. The other ones, I've heard of. However, I'm not sure because of the amount paid back and the amount still owed (?).
max - can you please verify if these are all internet loans? And also if the amount I questioned is correct?
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cannr
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Posted: Wed Mar 05, 2008 5:33 pm Subject:
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CMG is associated with Neivis out of the West Indies, not going to be licensed.
500 Fast Cash associated with MTE, not going to be licensed
Paragon funing, not going to be licensed
Cash spot is licensed in DE.
Cannr, I was wondering about the store fronts becuase I found those two on the license website for Texas under the state info on payayloaninfo.org
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Wed Mar 05, 2008 5:36 pm Subject:
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Okay. So the only ones in question are Texas Loan Corporation/TLC/Cash Central (what is this? storefront or internet?) and PayDayOne - which I do believe will be licensed. I could be wrong, but I'm thinking it is.
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cannr
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Posted: Wed Mar 05, 2008 5:42 pm Subject:
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I believe Goudah posted that it was..Pay Day one licensed...
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Wed Mar 05, 2008 5:57 pm Subject:
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So... Pay Day One - licensed. Cash Spot - licensed in Delaware. Texas Loan Corporation/TLC/Cash Central most likely licensed. The others will not be. Do we agree on this so far until max comes back?
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cannr
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