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 Posted: Tue Nov 07, 2006 4:25 pm Subject: Payday loan nightmare! |
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Ok a few months ago I was in need of some quick cash so I applied for payday loans at several sites, the problem was I thought they would come back to me and verify information before processing my application, I ended up with 6 payday loans going thru the next day into my account. Instead of saving that extra I ended up using it on other bills. From that point it has gotten worse, I am spending now $900 everytwo weeks just in finance charges. Now my credit cards are delinquent, my credit is goign to crap because I can't pay bills, and no one will give me a loan to pay off the bills cause my credit is poor. Im getting to a point where Im about to start losing things. Does anyone have any kind of advice?
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msk7777
Joined: 07 Nov 2006
Posts: 57
Debtcc Points: 1866
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| Posted: Tue Nov 07, 2006 4:27 pm Subject: |
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What state do you live in? are the storefront or Internet PDL's?
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:28 pm Subject: |
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Texas, they are internet companies
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msk7777
Joined: 07 Nov 2006
Posts: 57
Debtcc Points: 1866
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| Posted: Tue Nov 07, 2006 4:29 pm Subject: |
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how much were the principle? I will send you the website to go to for the state laws.
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:31 pm Subject: |
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I have serveral at different amounts, but most were $300
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msk7777
Joined: 07 Nov 2006
Posts: 57
Debtcc Points: 1866
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| Posted: Tue Nov 07, 2006 4:32 pm Subject: |
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www.paydayloaninfo.org
this is very helpful..PM me if you need anything else.
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:33 pm Subject: |
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you need to figure out the amount for each one and how much you have paid already..
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:39 pm Subject: |
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I did and its a lot, I've paid off a couple but the problem is I don't know how to get out from underneath them, the finance charges are too high and I can't afford to do this anymore. Im so stressed I don't sleep, I can't go out anymore, can't date anymore, I'm almost to a point where I won't be able to pay bills. Sorry to ramble.
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msk7777
Joined: 07 Nov 2006
Posts: 57
Debtcc Points: 1866
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| Posted: Tue Nov 07, 2006 4:40 pm Subject: |
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it's o.k. this forum is really good and everyone on here is very helpful. I pm'd you, we need to know who the companies are and how much and how much you have paid them all. The website I sent you is very helpful too..
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:43 pm Subject: |
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| 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
Regulatory Contact: ,
Regulator Website : http://www.occc.state.tx.us/
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:45 pm Subject: |
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give me alist of them and also we will see if they are licensed in Texas.
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Tue Nov 07, 2006 4:47 pm Subject: |
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thank you so much! Im about to head home but will get online as soon as I'm home, i pm'd the list of their names, I will give the amounts when I get home and can pull my bank account. I have to figure something out before the 15th.
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msk7777
Joined: 07 Nov 2006
Posts: 57
Debtcc Points: 1866
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| Posted: Tue Nov 07, 2006 4:49 pm Subject: |
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o.k.
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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