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Posted: Wed Jul 30, 2008 8:40 am Subject: E-Payday-Loan Question

Okay, In an email battle with e-payday-loan which is Illegal in Texas.

Here are the loans I had and the amounts I've paid.

Loan 12/5/07 $300 - Paid a total of $840

Loan 5/1/08 $300 - Paid total of $90

For $600 of principal, I have paid $930 in payments. Does the overpayment of one loan trump the principal on the new loan?

Please advise anyone.

Guest · Posted: Wed Jul 30, 2008 8:53 am Subject:

I don't think so but I could be wrong. They are two separate loans. I would think that you would have to argue the point, ask for a refund or perhaps you could get them to apply your "refund" to your other loan and then ask for the remainder be returned to you. Seems like a lot of "asking" and brainpower for the PDL to comprehend and I am not sure that they can handle that. I guess I would just ask for a refund on one and since the other is not yet PIF, just apply what you get to the new loan. Perhaps someone will come along soon to add to the mix. Keep us posted.

Posted: Wed Jul 30, 2008 8:53 am Subject: reply

the payments don't carry over.you still owe 210.00 on this loan.
are you sure this is illegal in texas,it might be operating as a CSO.

Posted: Wed Jul 30, 2008 8:58 am Subject:

If they are registered with the State, they may be legal

Posted: Wed Jul 30, 2008 9:16 am Subject:

E Payday Loan is not a registered CSO in Texas.

Posted: Wed Jul 30, 2008 9:26 am Subject:

Paul is right. Past loans do not count towards your current loan. If you have overpaid a past loan, it is a far stretch to try and use that as payment for your current loan. Crazier things have happened though. So you can try it and see if they fold. On the other hand, if you have a current loan due, I suggest paying the principal of that loan to clear the debt Confused

Posted: Wed Jul 30, 2008 9:57 am Subject:

No, I am sure that they are illegal. Not a CSO and not licensed in Texas. I just had a conversation with the AG's office and they have so many complaints against them that they said to ignore their threats.

Posted: Wed Jul 30, 2008 10:06 am Subject:

I would say give them nothing more. when dealing with an illegal pdl, the best you should expect is them to leave you alone, and close your account with a zero balance. keep it simple, it is illegal, they get nothing, except for whatever you may morally feel obligated to pay. Period, end of story.

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