 Posted: Thu Nov 20, 2008 11:33 am Subject: Defaulting on a payday loan in Texas |
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I live in the state of Texas.
I took out a payday loan on September 18, 2007 with Cash Stop, a storefront company.
The loan was for $500.00 and a payoff amount of $603.97.
This may not be important, but they had me give them 3 different checks: 1 for $100.00, 1 for $250.00, and 1 for $253.97. I don't remember their exact explanation for this, but I do remember they said it was to protect me...???
As of 10/15/08, I have paid them $1353.85.
I just can't pay this anymore. My payment was due yesterday, 11/19/08, and I did not go in and pay it.
They are already calling and stressing that their lender is not a member of CFSA??, and that they will press charges.
I closed the bank account that the checks were written on several months ago, because I had to default on several other payday loans. But I kept paying on this one for some reason.
I do not want a lawsuit on my hands, but I'm not going to pay them another dime if I don't have to.
What can you tell me about Cash Stop, and what would you advise me to do?
Any advise would be greatly appreciated.
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infinity0501
Joined: 20 Nov 2008
Posts: 1
Debtcc Points: 12
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