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 Posted: Tue Sep 04, 2007 1:06 pm Subject: need speedy cash ipl help ?
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ok, my second loan with them.
first one was paid off last year.
got another, stupid I know.
original loan amount
400.00
so far paid 174.80
principal amount now is 360.00
I don't have the money to pay them a payment that is coming up and wanted to see if I could make arrangements with them and see if anyone has had any
experience with them?
I'm in Texas
Thanks!
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vanryankelly
Joined: 18 Aug 2007
Posts: 84
Debtcc Points: 2044
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Posted: Tue Sep 04, 2007 1:14 pm Subject:
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Hi there. Here are your state laws concerning pdls...
| 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
http://www.occc.state.tx.us/ |
I think, if I'm reading correctly, they are only supposed to charge you $12 per $100 and no rollovers are permitted.
The laws are a little different from my state, but in any case, I would check into the possibility of blocking them from your bank account or possibly closing your account to keep them away from your money so that you can make feasible arrangements with them to pay the legal amount.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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Posted: Tue Sep 04, 2007 1:18 pm Subject:
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Almost all storefronts in Texas are actually CSO's. Since they are a CSO they can circumvent the laws for pdl's.
Is this a storefront loan?
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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Posted: Tue Sep 04, 2007 1:20 pm Subject:
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internet
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vanryankelly
Joined: 18 Aug 2007
Posts: 84
Debtcc Points: 2044
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Posted: Tue Sep 04, 2007 1:22 pm Subject:
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If they are charging you fees and rolling over your loan every time it is due, that is not permitted. If I understand right, that is $12 per $100 per 14 days, so (not don't quote me 100%), that means in 28 days it would be $24 etc. But since your state does not permit rollovers, they should have taken out $448 when your loan was due. If I am wrong, someone please correct me so I don't mislead someone.
How much are they taking out per pay period?
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2nband
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Joined: 30 Jan 2007
Posts: 2135
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Posted: Tue Sep 04, 2007 1:29 pm Subject:
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There are several places called Speedy Cash . . . . I'm trying to find out if they are a CSO or a pdl . . . . Texas has a lot of CSO's . . . .
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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Posted: Tue Sep 04, 2007 1:34 pm Subject:
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Goudah, what is a CSO? I haven't heard of that. I hope they aren't a CSO and that they do have to follow the rules of pdls.
2nband, I'm not quite sure how to read the law either, but it sounds like you are right.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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Posted: Tue Sep 04, 2007 1:40 pm Subject:
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needspeedycash.com/
this is the company
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vanryankelly
Joined: 18 Aug 2007
Posts: 84
Debtcc Points: 2044
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Posted: Tue Sep 04, 2007 1:41 pm Subject:
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ok, I'm not I'm understanding the questions.
but out of the 174.80 they have charged me only
40 has went to principal. original principal was 400
it is now 360.
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vanryankelly
Joined: 18 Aug 2007
Posts: 84
Debtcc Points: 2044
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Posted: Tue Sep 04, 2007 1:56 pm Subject:
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A CSO is a Credit Service Organization. A CSO is:
| Quote: | An entity or person that provides one of the following services:
*Improving a consumer's credit history or rating
*Obtaining an extension of consumer credit for the consumer
*Providing advice or assistance to a consumer regarding the previous two services |
Federal law has decided that fees charged by a CSO cannot be considered interest, so these companies can get around pdl laws by registering as a CSO.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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Posted: Tue Sep 04, 2007 2:07 pm Subject:
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so this does this apply to this internet pdl?
thanks very much for you help!
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vanryankelly
Joined: 18 Aug 2007
Posts: 84
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Posted: Tue Sep 04, 2007 2:08 pm Subject:
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That Speedy Cash is only licensed in Missouri.
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goudah2424
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Posts: 8007
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Posted: Tue Sep 04, 2007 2:08 pm Subject:
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Oh wow! That is a sneaky way to rip people off!!!
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eleroo
Joined: 06 Jun 2007
Posts: 1227
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Posted: Tue Sep 04, 2007 2:09 pm Subject:
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No, this doesn't apply, since they aren't a CSO.
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goudah2424
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Posted: Tue Sep 04, 2007 2:10 pm Subject:
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what do you recommend I do with this?
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vanryankelly
Joined: 18 Aug 2007
Posts: 84
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Posted: Tue Sep 04, 2007 2:25 pm Subject:
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It looks like they are unlicensed in Texas and breaking Texas law. If you have paid them back more then you borrowed I would be done with them. If you still owe them principle, then I would pay that with money orders. You need to try to get them to mark your account PIF. Filing complaints with the BBB, your state AG, dept of banking, etc can help with getting a PIF sometimes.
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goudah2424
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