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 Posted: Wed Feb 13, 2008 4:11 pm Subject: Payday loan help in Texas......
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Hi, I am trying to get help...I have 5 payday loans that I seriously cannot afford to pay back. 4 are storefront and 1 is online. I live in Texas. What advice or options can I get to help me in my situation?
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msdhoward
Joined: 13 Feb 2008
Posts: 2
Debtcc Points: 100
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Posted: Wed Feb 13, 2008 4:36 pm Subject: pdl help
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Hang in there we can get you through this.hopefully
someone willcome along and post the laws for Texas
regarding pdls.If you can post whether they are internet or store front pdls and how much you owe them and how much you have paid back.
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stevekathy4867
Joined: 24 Sep 2007
Posts: 58
Debtcc Points: 1810
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Posted: Wed Feb 13, 2008 4:51 pm Subject:
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Check N Go (Online)-$692, Ace Cash Express (Store)-$480, Advance America (Store)- $903, First Cash Advance (Store)- $576, and Purpose Money (Store)- $963.
All of them except Advance America are in collections. I can't really say I have paid anything on them. The situation is all to overwhelming. Some are threatening to take me to court and garnish my wages if I dont pay them off by a certain date.
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msdhoward
Joined: 13 Feb 2008
Posts: 2
Debtcc Points: 100
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Posted: Wed Feb 13, 2008 5:45 pm Subject:
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msd, Is your check n go online a pdl or an installment loan. Check n go does both. Texas is difficult because many of the storefronts operate as Credit Service Organizations (CSO's) and they do not have to follow the pdl laws for the state of Texas. I do know if Advance America is not in collections you have an option. They are part of the CFSA. Becuase they belong to this organization, you can go in to them no later than the day before the loan is due and request an extended payment plan. As members of the CFSA, they have to cooperate. You do need to look at your paperwork from the loan companies and see if they are PDL's or CSO's. If it is a CSO it will say that on the paperwork.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
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Posted: Wed Feb 13, 2008 5:49 pm Subject:
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Here is a little more info on CSO's. Goudah, a moderator in the PDL fourm knows alot about CSO's. She posted this.
| Quote: | In essence, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as 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
An important aspect of the CSO or Credit Services Organization model is that there IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED. |
I found where Goudah posted ACE is a CSO. I could not find the others so if you could check your paperwork and let us know.
With the CSO's, they are legal and need to be taken care of. I would try talking to them and working out a payment plan. They can take you to court and quite possibly a judgement can be granted against you.
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RoxyNY
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Joined: 03 Aug 2007
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Posted: Thu Feb 14, 2008 2:56 pm Subject: Payday Loan help in Texas
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Is "Paydayloanyes" considered a CSO? And if thy have law offices out of Florida representing them against a borrower in Texas, what are the legal ramifications? Is the borrower bound to accept the payment terms
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purplerain
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Debtcc Points: 100
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Posted: Thu Feb 14, 2008 6:46 pm Subject:
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Where else besides the loan papers can you find out if they are CSO? Is there a site somewhere that lists this? What about the CFSA?
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egyptcrossarabs
Joined: 18 Jan 2008
Posts: 257
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Posted: Thu Feb 14, 2008 6:56 pm Subject:
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I would imagine you could contact the secretary of state in Texas and I am sure you could google the web site. CFSA is an agency that storefronts can become a member of and they do have a web site as well and the storefront members are listed on it. www(dot)cfsa(dot)net
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In life it doesn't matter
how hard you hit, it matters
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and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Thu Feb 14, 2008 7:45 pm Subject: r
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You can always call the storefronts and ask if they are operating as a CSO. If you don't have your loan documents, call and ask them. Or go in and ask for copies of your loan documents. They will have them for you. I'm not sure if there is an actual site that tells if certain storefronts are operating as CSO's. Without paperwork, you can call. You can also call and ask if they are members of the CFSA. If you aren't comfortable calling the actual store you have the loans with, call the corporate office. They will tell you how they are operating.
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Guest
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Posted: Fri Feb 15, 2008 7:53 am Subject:
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I can tell you that just about every storefront in Texas is oeprating as a CSO.
Check n Go online is also operating as a CSO in Texas.
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goudah2424
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