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i am so glad I found this website and this forum!! I need help, and I would like to do this myself to save money instead of hiring someone else. Here is my info:

*List the companies you have the loans with and whether it is a store front operation or an internet operation. --
PayDay Max (internet)
PayDay One (internet)
Cashnet USA (internet)

*List the original amount of the loan for each account--
PayDay Max $600
PayDay One $900
Cashnet USA $850

*List what you have paid so far for each loan--
Pay Day Max $462.78
Pay Day One $235.76 (will be taken out Monday 06/30/2008)
Cashnet USA $212.50 (will be taken out Monday 06/30/2008)

*List what state you currently reside in.--
TEXAS

**Currently banking with WASHINGTON MUTUAL.

I need any information that I can get!! I am currently going through this forum and researching, but I would appreciate help on what to do because I do not even know where to start. I have been in this terrible cycle for a year!! Please HELP!!

Posted: Fri Jun 27, 2008 7:19 am Subject:

Hello!

Payday One is a registered CSO in Texas. They are 100% legal.

Cash Net USA is a registered CSO in Texas. They are also 100% legal.

Those 2 companies you will want to pay off, as they can take steps to collect on the debts.

Payday Max on the other hand is not a licensed pdl, or a registered CSO, so they are not loaning legally.

Please read this thread:

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

It has some info you will need to know about closing your bank account. That is your first step.

Thanks, that's at least one down! As far as closing my account in Texas, are there any laws against that? Also, I have payments for payday1 and cashnet coming out of my account as soon as monday. don't banks have a "cool off" period which will allow those transactions to come through?

Posted: Fri Jun 27, 2008 7:56 am Subject:

No, you should be fine closing your account. Many from Texas have done it before and never had any problems. If you had a storefront that you'd written a check to, it could be an issue, but usually it's not. Since you are all internet, you should be fine.

Yes, usually ACH transactions are put through 3 business days before it appears on your account. So it is probably too late to stop the transactions for Monday. But you can always go by your bank and check. Ask them what their policy is for ach transactions on closed accounts, and if they will force open the closed account.

jmacharry8 · Posted: Wed Jul 02, 2008 6:51 am Subject:

after i close my account, what are the actions I need to take? especially against payday max since they are illegal...

Posted: Wed Jul 02, 2008 7:05 am Subject:

You will need to file complaints against them with the BBB, AG's office, your state Dept of Financials, and anyone else you can find.

Then you will need to send them a letter requesting that your account be marked paid in full once you have paid the principle amount only on the loan. That would mean you would still owe $137.22.

jmacharry8 · Posted: Sat Jul 05, 2008 2:41 pm Subject:

thank you. is there any way you can help me with the letter templates? so the refinance charges i have been paying for paydaymax will count towards the principle balance?

Posted: Mon Jul 07, 2008 6:59 am Subject:

Yes, for payday max the finance charges you've paid should go towards the principle.

There are some templates floating around on this site somewhere . . . . .

jmacharry8 · Posted: Mon Jul 07, 2008 8:26 am Subject:

is this the same action I should take against payday one and usfast cash? I read on here about a success story with someone who had overpaid them in the past with previous loans, and that counted towards their current loan principle. I have several overpaid paid in full loans in the past with all three of these companies, so will that count towards my current principle balances?

So I'm going to close my bank account today (had to wait for my other bills to come out of my account). This is a letter that I came across that I was going to send to payday max, cashnet usa, and payday one (of course edited to my situations)... Will this work for all three companies?

Impact Cash USA
IMPACT CASH LLC
1551 RENAISSANCE TOWNE DR, STE 560
Bountiful, UT 84010
Telephone: (435) 214-4148
800-707-0102 ext. 8005
accountservices (a) impactpayments.com

Re: Acct Numer:XXXXXX

Re: ACH Revocation
Wage garnishment/Wage assignment Revocation
Cease and Desist Notice
Paid in Full Letter

Dear Sir or Madam,

Since taking a loan with you, I have educated myself on the laws and regulations of PDLs and how you have violated almost every single one of them and I will let the BBB, AG, and FTC know this.

According to the Texas Attorney General’s office since I reside in Texas you have to follow the Texas Payday Loan Laws (posted below for your review) and you have to be licensed in Texas to do business with me.
Which by the way, they are not showing that Impact Cash or Impact Cash USA is licensed in Texas so you in violation and I will be filing a complaint with them.

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
Regulatory Contact

I loaned with you one time previously and my obvious overpayments on the fees should be applied to my balance and then our relationship with each other can end. Upon receipt of a paid in full letter I will not even pursue the full refund of ALL monies I paid you that I am entitled to due to the loans being illegal to begin with, since you are not licensed in Texas.

ACH REVOCATION:

This is my written notice to you informing you of revoking any ACH authorization you may have on file from me on any bank accounts I currently have or may have in the future.
You no longer have my permission to use ACH drafts on any of my bank accounts.

WAGE ASSIGNMENT REVOCATION:

Though not legal to begin with, I hereby revoke your right to use any wage assignment I may have digitally signed or verbally agreed to.

This request to revoke complies with Texas Codes/Statues on Wage Assignments/Garnishments quoted below:

“DEDUCTIONS FROM WAGES “
“The employer may not make deductions unless ordered to do so by a court of competent jurisdiction (as in court-ordered child support payments); authorized to do so by state or federal law (as in IRS withholding); or authorized in writing by the employee, and then only for a lawful purpose. “

Any wage assignment/wage garnishment is thus invalid.

Cease and Desist:

This serves as your notice to cease and desist all collection attempts including but not limited to phone calls to me, phone calls to my employer, phone calls to my references, as well as any written communication to my employer.

Below I am giving you the specific law mentioned in FDCPA:

You may email my paid in full letter or contact me by email only at (list email address) to send me my paid in full letter.

Any contact and all responses from your company, parent company, any of your affiliated companies, or collection agency retained by you, will be recorded and forwarded to the above mentioned agencies and authorities

If you contend you are operating legally in the State of Texas, please provide a copy of all paperwork tied to this transaction-along with your licensure, which I will then forward to the State Attorney General for review. You will need to send that to me via certified mail by June 30th. You may request, via email, the address to send this required information to.

Otherwise, no further action is required on your part other than to send me a paid in full letter which I will be expecting by June 30th, 2008.

Once I am in receipt of the paid in full letter I will notify all the above mentioned agencies that you have satisfactorily resolved this matter with me.

Sincerely,

Let me know what you think. Thanks again for all of your help! I am so excited that I am finally going to get out of this mess!!

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CAN YOU SAVE ME?!? Pay Day Loan Relief in Texas!! HELP!!

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