| Message |
Author |
 Posted: Thu Sep 21, 2006 6:16 pm Subject: Rio Resources/No-Faxing-Payday-Loan.com |
|
|
I have been looking at this sight for a while now and have decided to take the plunge and try to stop all of these ACH transactions from hitting my account every month. I have some questions, because I'm afraid of what these places will do to me. This is what I have done so far....
I went to the bank and asked if I could put a block on the ACH's every month. I can, they might charge me a fee, but I can still do it. I have loans with Paydayok, Paydayselect, zip cash, and Rio Resources. Paydayok and Paydayselect are licensed in Texas (that's where I live). I called the Federal Trade Commission and they told me to call the Texas Office of Consumer Credit Commissioner. I called them and they said that like with Rio Resources, they probably go thru a national bank??? and so nothing can be done. And what happens with the two companies that ARE licensed in Texas? Should I just try to pay those off? I just need to know the first steps to get this started. My next payday is the end of the month so I don't have much time. Any suggestions will be greatly appreciated. Also, the Consumer Credit Commissioner told me that if these companies word the "interest charge" a certain way, they can get by with it.
|
|
scotch
Debt Samaritan
Joined: 21 Sep 2006
Posts: 171
Debtcc Points: 3328
|
|
|
| Posted: Fri Sep 22, 2006 2:17 pm Subject: |
|
|
Loan companies licensed in your state can get a legal stand against you if you default on their accounts. So, you need to give them the priority first. You will have to pay them the principal amount along with the legal charges allowed by your state. Here is the Texas law on payday loans
| Quote: | 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/
|
|
|
Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
|
|
|
|
|
|
All times are GMT - 7 Hours
|
| Page 1 of 1 |
|
