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cocoon

Trapped! Please help. I won't bore you with the reasons why I took out the loans, but I need off this treadmill ASAP! I am sinking. I have bad credit, cannot get a loan and no family members or friends can help.
Here are the facts:
I reside in Texas (and did at the time of loans)
All my PDLs are via internet. And they debit the int out of my checking two times a month. My acct is now in the negative $454.
They are as follows:
Cash Advance Network (CAN) $300...$90 int have pd $360
Pay Check Today $400..$120 int have pd $480
Impact $350..$105 int have pd $105
B.I.G. $200..$55 int have pd $350
Arrowhead Investments $300..$90 int have pd $360
GFS $200..$80 int have pd -0-
Payco (in UK I think) $300..$144 int have pd -0-
I am two pmts behind with B.I.G. and Arrowhead and one pmt (my first due) with GFS and Payco.
The calls are relentless and I fear losing my job as I am an executive and am expected to have better judgement.
Can you tell me EXACTLY what i need to please????

Posted: Thu Jun 05, 2008 6:37 pm Subject:

Cocoon, First thing you need to do is close your account or have a hard debit block placed on your account. You need to make sure the pdls have no more access to your $$. I can tell you that CAN, Pay Check Today, BIG, GFS and Payco are not going to be licensed/legal. The calls are going to be relentless...you either need to tell them you no longer work there or just send them to voice mail. Here is some information about closing your account.....

http://www.debtconsolidationcare.com/paydayloan/close-account.html

You may also want to read this in case your bank does not cooperate with you...

http://www.debtconsolidationcare.com/paydayloan/ach-processors.html

The first most important thing is to take control of your money.

Texas laws are tricky...I will post them for you however, I do not think your pdls will be licensed in texas...

Posted: Thu Jun 05, 2008 6:42 pm Subject:

Here are the Texas Laws

cocoon · Posted: Thu Jun 05, 2008 9:23 pm Subject:

Thanks for our help Roxy....couple of questions though, when you say they are illegal, why is that? Does that mean they are not licensed to do biz in Tx or because they don't abide by Tx laws? If the latter, or they bound by Tx laws or the laws where they are based out of? I ask this because I remember one or two recording me when they made several statements about the loan and procedures and they asked me to say my name and the date if I understood. One of the statements was that I understood and agreed the terms of the loan would be governed by their jurisidiction and their laws, something to that affect anyway.
Also on the illegal ones, does that mean I don't owe CAN, Paycheck Today or B.I.G. any more money since I have paid back more than I have borrowed? And does that mean I only have to pay back GFS and Payco the principal I borrowed? What about Arrowhead and Impact? I have already paid Arrowhead $90 more than the loan amt. Are they legal/licensed in Tx?

Posted: Fri Jun 06, 2008 5:03 am Subject:

You are on the right track...they are not operating illegally because they will not be licensed in Texas. They pdl will tell you that you requred to follow the laws of the state or country they are out of and that you knew that and you agreed to that and they will insist on that...but that is crap. Your state laws prevail. The ones that are not licensed in Texas, you are only responsible for paying back what you borrowed. I am thinking neither of thse will be licensed either but will have to check.

Posted: Fri Jun 06, 2008 5:09 am Subject:

I could not find either in the Texas database. and I do not think any of your pdls function in CSO's in Texas...I am sure someone will correct me if needed. In Texas many times a pdl will register as a CSO (Credit Service Organization) in order to bypass the pdl laws. CSO laws are very lax.

Impact is illegal too; I am also in Texas and that's is what I was told...not sure about Arrowhead as I didn't have one with them.

Good luck, close your account and protect your money...I am an executive too and just told my place of employment that my identity was compromised and that some fraud was going on....my office was wonderful...they were put in my voicemail and if i answered i just said that i was no longer employed...

good luck and post anytime you need something...i do and this community is wonderful

cocoon · Posted: Sat Jun 07, 2008 11:46 am Subject:

Thanks for the advice...I have now closed my bank acct at Chase and they said ACH will not force it back open.
If I understad correctly from my research in this awesome community, my next step is to send C & D, ACH revocation letters, and reovocation of Wage Assignment letters to all the PDLs, right? Are there templates availale for these letters and notifications or sample letters somewhere?
Is there a data base in the community where I can find the addresses, phones, and/or email addresses for my PDL companies?
I can't wait to get the ball rolling on this.

cocoon · Posted: Mon Jun 09, 2008 8:08 am Subject: Closed Bank Acct.. what doI do next?

Do I still need to send an ACH revocation to the PDLs even though I have already closed my bank acct? Is there a form to do this on?
I need guidance please.
Thanks

Posted: Mon Jun 09, 2008 8:15 am Subject: reply

i can tell you that it is best to do that.pdl's will attempt to debit anyway,but if you revoke there ACH debit rights they can be penalized for it.someone should be along with an example letter shortly.

cocoon · Posted: Mon Jun 09, 2008 1:07 pm Subject:

Thanks Paul, do you know if there is a place in the community that lists the addresses,phones, faxes of the PDLs all in one place?

Posted: Mon Jun 09, 2008 1:09 pm Subject: reply

if you enter each company in the search bar.you should get the info you need.

Posted: Mon Jun 09, 2008 2:58 pm Subject:

We also have great copies of all the letters you need to send... someone will be along with those links soon. just click, copy and send it certifed with a return reciept asap.

Luke

cocoon · Posted: Tue Jun 10, 2008 9:51 am Subject:

Thanks Paul and Luke, I will be watching for the liks for the letters. I am so glad I found this site. I almost signed up with Langhorne but now I know I can do it myself.
One question, when I send the letters do I also send along my prosed pmt plan to them or wait for the loans to go into default and into collection?

Posted: Tue Jun 10, 2008 10:43 am Subject: reply

once a payment is returned most pdl's go into default.it is up to you,but that is what i did with the pdl's i owed.i also sent a copy of my state laws,haven't heard from them since.

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