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Posted: Fri Jul 20, 2007 7:01 am Subject: Debt with Pay day Loans

I'm currently about to get way behind on my pay day loan! They don't tell you that when you extend your loan they charge you the same finance charge! It's really easy to fall behind on that and I didn't realize it could get me in trouble. I hope this site can point me in the right direction fast!

Up to eyes in debt in Houston!

Posted: Fri Jul 20, 2007 11:44 am Subject: leigh

leigh, is this an internet pdl? If so, I gather that you are in Texas? And, if you could, post what pdl company it is, how much you borrowed, and how much you've paid on it so far. Please post this information and we can go from there.

Posted: Fri Jul 20, 2007 12:11 pm Subject:

leigh, be aware of the laws in your state. Most of the IPDL companies have set up their illegal business in the borrower's state and charge illegal fees. How much have you paid towards the loan? Calculate the total payments and review the laws of your state. If the companies are not licensed with the Dept of Corp of your state, you don't need to worry because their business is not legal. You just have to pay the principal amount only and stay away from them.

Go through this link discussing about CashNetUSA. You will have more info

http://www.debtconsolidationcare.com/paydayloan/cashnetusa-licenseinfo .html

leighlopez · Posted: Fri Jul 20, 2007 12:15 pm Subject:

thanks for the reply!... I am in Texas. It's an internet pdl co. called CashNetUSA. Original loan amount was for $600.00 I've paid $188.62 and owe now $690.14. I have to do someting soon because next week when it's due I can extend the loan but that tacks on another $140.00 more!

Posted: Fri Jul 20, 2007 12:17 pm Subject:

Here are the laws for the state of Texas.

Posted: Fri Jul 20, 2007 12:20 pm Subject:

Leigh, CashnetUSA is licensed in the states that they loan in. They operate like a storefront. What you need to do is make contact with them and tell them not to debit your bank account anymore. It will be a good idea to close your account. Before you do that, though please read this: http://www.debtconsolidationcare.com/paydayloan/close-account.html
This step will get their hands off your money. You can make payments to them and get them paid off. Once you stop the debits from your bank account, the interest will stop accumulating and whatever you pay will go towards what you owe. They will not like if you cannot pay the full amount right away but they will accept whatever you send them. Smile

Posted: Fri Jul 20, 2007 12:40 pm Subject: leigh

leigh, listen to sass. That's exactly what you need to do. If you can, close your account now. Put a hard debit block on it. Do whatever you have to do. The pdl will "work with you" once they can not debit your account any longer. However, as sass said, they are licensed. So you need to pay what you owe. Only what you owe. If they are able to still access your bank account, they will continue to take out whatever they want.

Posted: Fri Jul 20, 2007 12:45 pm Subject:

Yeah get that bank account taken care of asap. If you have direct deposit, make sure you can get it changed before your next payday though so you can either get a paper check or it can go to a new account. Smile