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Posted: Tue Dec 04, 2007 11:48 am Subject:

Vick,I just saw where you posted that your loans were cso. A lot of texas loans are now operationg as cso's to get around the pdl laws. I would certainly go into the store fronts and try to make some kind of payment arrangements. They are operationg legally so you need to be careful.

Posted: Tue Dec 04, 2007 11:58 am Subject:

As for the internet one, because you are in Texas, the internet one (whether operating legally or not) also can get around the rules in Texas, if you borrowed 500, paid 300 (which 100 went to the principal) you still owe them 400+ fees (if operating legally) or only 200 for moral obligations (if operating illegally)....

Not sure where to check on that one.... Any suggestions Kash?

Posted: Tue Dec 04, 2007 12:03 pm Subject:

Pay day one is licensed in WI.Let me do some checking

Posted: Tue Dec 04, 2007 12:06 pm Subject:

Found this that Goudah possted else where
Payday One, Payday OK, and Cash Net USA are confirmed CSO's in Texas. This means they are acting as a Credit Service Organization and not a payday loan company. They do not have to follow the payday loan laws, and can charge pretty much what they want

Posted: Tue Dec 04, 2007 12:10 pm Subject:

Okay Vic, there you have it.... You need to get these guys paid, and your best defence is to get a hold of them first and try to work out a deal. I don't know if they'll try to be sneaky and try to clear out your account as soon as you mention you can't pay them....

I'm not sure if it is a good idea to close your account or not. You will have to pay them though....

Posted: Tue Dec 04, 2007 12:13 pm Subject:

I would not mention that you are thinking of closing your account. Poko is correct , they will go in and clean you out.

Posted: Tue Dec 04, 2007 12:15 pm Subject:

But will they try and clean it out even if you don't mention closing your account, but merely mentioning that you can't afford to pay them and ask them to not take anything out of your account for the time being? I don't know how sneaky CSO's are, I only suspect they might since they've figured out how to get past the laws....

Posted: Tue Dec 04, 2007 12:20 pm Subject:

I am checking with someone else. If possible she will have to close her account. Not sure if she can though

vick · Posted: Tue Dec 04, 2007 1:05 pm Subject: posted on wrong thread sorry

what should i do in order to make payment attempt. what if they say no could i close my bank account default and they have to take my payments. what can i do i am slowly drowning. please
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Posted: Tue Dec 04, 2007 1:12 pm Subject:

Ok vick, this is the answer I got from one of our most respected members. Cso's are legal in texas. They can take you to court if you close your account and the check gets returned. You need to try to make payment arangements with them. Texas law is crazy, but unfortunately these companies are legal.

Vick · Posted: Tue Dec 04, 2007 1:19 pm Subject:

so my best bet is to make payment arangements what if they will not. how long does it usually take before hey take me to court

Posted: Tue Dec 04, 2007 1:40 pm Subject:

It can take a while, filing all the paperwork and such. I'm not sure exactly, but it won't be right away, they will probably call and harass you for the money first.

But if you go in and talk to them and explain your situation hopefully they will be willing to help, because taking people to court is costly and annoying. Good luck with them, and keep us updated please! Let us know which ones are working with you and which ones aren't, so others in your situation someday can know what to expect....

vick · Posted: Tue Dec 04, 2007 2:40 pm Subject:

i will thanks

msgreen

I don't know if this helps but I am in texas and have defaulted on loan with the cash store. I think they are going to let me make pay arrangements. I am waiting for manager to talk to her supervisor about options to help me repay the loan. She was much nicer than I expected. I explained my situation and told her it is my intention to pay what I owe but I need help working out plan to acheive this.

Posted: Tue Dec 04, 2007 9:14 pm Subject: r

msgreen, good for you. Sometimes it takes a little persistance with the storefronts. They aren't willing to "jump" on a payment plan. They like their money right now and in full! I am hoping for the best with you regarding this particular storefront. Very Happy

msgreen

Thanks, I appreciate your encouragement. I feel much better after talking to the Cash Store today.
Quik Cash didn't give me any problems about pay arrangements. They said all I have to pay is the
principle. I make my first payment to them next week.

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