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renzosmom · Posted: Mon Mar 19, 2007 9:53 am Subject: clarifying on "rollovers"

So in Texas there are no rollovers allowed according to what I have read. If this is true then why am I still paying finance fees only on loans that I took out in January? Does this mean that I could actually be closer to paying these debts off then I think? How do I go about correcting this?

Posted: Mon Mar 19, 2007 9:58 am Subject:

That is correct...If there are no rollovers in your state then you should have paid the balance off the next time you got paid not just the finance fee...If you go to www.paydayloaninfo.org and click on your state it will tell you all the laws...then you need to calculate what you should have paid on what you borrowed...then the fun begins where you get to try and convince these IPDL's that you have paid them in full according to your laws...

Posted: Mon Mar 19, 2007 10:17 am Subject:

But if the company is making you pay the whole amount off, then allowing you to immediatly reloan, that isn't considered a rollover.

Posted: Mon Mar 19, 2007 10:18 am Subject:

Right thanks Goudah I didnt think to mention that because that never happened in my situation.. Smile

Posted: Mon Mar 19, 2007 10:24 am Subject:

It's a way you can "get away" with paying only the finance fees, but the company can't get into trouble unless there is a "cooling off" period specified in the law.

renzosmom · Posted: Mon Mar 19, 2007 11:17 am Subject:

No - I have only been paying the $90 finance fee on the $300 that I borrowed. What are my steps in getting this fixed?

Posted: Mon Mar 19, 2007 12:41 pm Subject:

Are these internet or storefront loans?

Posted: Mon Mar 19, 2007 1:19 pm Subject:

They are internet loans

Posted: Mon Mar 19, 2007 1:28 pm Subject:

I would first contact your attorney general's office and file complaints about these companies. They may give you some good advice on how to handle them.

Also, you may want to consider closing your bank account. This will allow you to regain control of your finances. You need to be careful when closing the account because some banks have policies that if any ach transactions go through within 30 or so days they will force open the account. Make sure you explain the situation to the bank, in person, and take letters with you (that you need to send out to the pdl's) that revoke authorization to debit your account. Tell you bank you've been doing research into these companies and that they have a habit of still trying to debit accounts after authorization is revoked. Ask them to block anything to do with your account.

You need to figure out how much you legally owe according to Texas law, and how much you've paid so far. Then you need to write letters to the pdl's telling them that according to Texas law, you only owe $XX. If you still owe them money offer payment arrangements that you can afford. If you've already paid them back in interest and fees, then request that your account be marked paid in full.

Your attorney general's office or dept of banking may have some Texas specific suggestions. I really suggest you call them and file complaints.

ssgnewtonjw · Posted: Tue Mar 20, 2007 5:26 am Subject:

stick to your guns i did and got a PIF letter

Posted: Tue Mar 20, 2007 9:44 am Subject:

Definitely file a complaint with your state's Attorney General, and get them blocked from your bank account, even if it means closing that account and opening another.

These companies will debit you to death unless you stop them - which you have every right to do, since they are breaking the law in your state. Repay the principal plus the interest allowed by your state law (assuming you haven't already), and request they mark you paid in full.

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