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 Posted: Sun May 11, 2008 7:22 pm
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I have 5 internet payday and 1 installment loan by way of a payday loan company.Cash Net USA - $815.62Pay Day One - $739.84
My Cash Now - $951.37
Zip 19.Com - $599.00
The Cash Spot - $400.00
Check n Go 1st Bank of Delaware - $1300.00
I have approximately $1000.00 being taking out in fees and I was thinking about using a debt consolidation company until I read all the bad news on them. I just got paid and I am $286.00 in the overdaft. Please help me as you can see I am way over my head. I am going to stopping my check from going to direct deposit but what is next. I was going to close my account but I have to get my balance in the positive and I do not even have gas money for work next week
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rhondaholloway
Joined: 11 May 2008
Posts: 1
Debtcc Points: 40
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justinhi5
Joined: 22 Apr 2008
Posts: 86
Debtcc Points: 638
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 2598
Debtcc Points: 18838
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Posted: Sun May 11, 2008 8:21 pm
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We need more information too:
-Names of each pdl company.
-Whether they are store front or Internet?
-How much you borrowed.
-How much you paid so far.
Here are your pdl laws:
| 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
Regulatory Contact: , |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 2598
Debtcc Points: 18838
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Posted: Sun May 11, 2008 10:25 pm
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CashNetUSA - licensed/legal - operating as a CSO
PayDayOne - I do believe will be licensed/legal
MyCashNow - will NOT be licensed/legal - they are in some other damn country!
Check 'n Go - installment loan - licensed/legal
ZIP 19 and THE CASH SPOT - they are both internet, correct? These are the ones that would need to be checked on to see if they are licensed/legal pdls or operating as CSO's in Texas.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9335
Debtcc Points: 123837
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 2598
Debtcc Points: 18838
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Posted: Mon May 12, 2008 4:11 am
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The ones that are licensed/legal, you will need to work out payment arrangements with. For Cash Spot and Zip 19, if you still have the paperwork for them, you can check to see if the papers have Credit Service Organization anywhere on them.
_________________
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
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Mon May 12, 2008 8:34 am
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Be careful of Texas law. If you close your account and they can prove fraud you can be prosecuted. This would apply only to storefronts like Check n Go. It is important that you keep in communication and don't disappear on them!
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Hyla Cineria
Guest
Debtcc Points: 100
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Posted: Mon May 12, 2008 10:17 pm
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Thanks so much for the advice I am going to my bank tommorow. As far as the illegal payday loan MyCashNow can I them the letter they are illegal in Texas
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rhonda holloway
Guest
Debtcc Points: 100
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Posted: Tue May 13, 2008 4:20 am
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Guest, As posted by Cannr above, in this case the check n go loan is not a store front, rather it is an installment loan. Rhonda, you will need to either continue paying them only use a different method, or work out a payment plan.
_________________
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
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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