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 Posted: Tue Sep 04, 2007 9:01 am |
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Can anyone please offer some advice on how to handle these accounts. I've been juggling these accounts for a little over a year now and just cannot do it anymore.
Currently have 6 open:
Paydayok balance $350
Paydayone balance $350
Thinkcash balance $950
Cashone balance $500
Mycashnow balance $400
USA Payday balance $450
Thanks in advance for any assistance.
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jendrea
Joined: 04 Sep 2007
Posts: 1
Debtcc Points: 369
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| Posted: Tue Sep 04, 2007 9:05 am |
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| 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
Regulatory Contact: ,
Regulator Website
http://www.occc.state.tx.us/ |
Here are the laws for your state.Please click on the license database to see if your loans are even licensed. Chances are they are not. Read the sticky regarding closing your checking account , so that you will once again have control of your money, and can pay what you need to pay in a more affordable manner.
Please list how much each loan was for , and also how much you have paid back. principle and fees.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Tue Sep 04, 2007 9:22 am |
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Jendrea - you also need to identfy storefront pdl or internet pdl. If they are storefront, more than likely they will be liscensed. my cash now is one I recognize and is not licensed, if I remember correctly, it is not even in this country. Please post the information Kash asked for, there is always someone here ready to help.
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how hard you hit, it matters
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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| Posted: Tue Sep 04, 2007 9:26 am |
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Good point
I forgot about store front or internet
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Tue Sep 04, 2007 9:33 am |
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Pay Day One is usually licensed in every state it lends in.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Tue Sep 04, 2007 9:33 am |
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Gotcha covered..
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
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| Posted: Tue Sep 04, 2007 12:01 pm |
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These were all internet stores.
Paydayok-original amount $500, balance $350, paid
$929.65
Paydayone original amount $500, balance $350, paid $932.98
Thinkcash original amount $1000,balance $950, paid $290.64
Cashone -original amount $500, $500 balance ,paid $235.00
Mycashnow- orinal amount $500 ,balance $400, paid $463.09
USA Payday-original amt $450, balance $450, paid $270
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jendrea1
Guest
Debtcc Points: 100
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| Posted: Tue Sep 04, 2007 12:07 pm |
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I defer to Goudah's superior knowledge.. Pay Day One was the only one that was liscensed. (I had a chance to look them up and if I did it right).
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
Debtcc Points: 11661
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| Posted: Tue Sep 04, 2007 12:10 pm |
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Yeah, Payday One and Cash Net USA are the only 2 internet pdl's that actually get state licenses and follow the laws of that state when lending.
The other issue COULD be that some of these companies are acting as CSO's. Most pdl's in Texas (storefronts) are CSO's, not pdl's. CSO's are loan brokers, and they can get around following the laws meant to restrict them.
But since these are all internet based companies I wouldn't think they are CSO's. Most of the companies you have posted are not legally operating companies in other states, so why would they bother being legal in Texas?
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goudah2424
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Posts: 8007
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| Posted: Tue Sep 04, 2007 12:12 pm |
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PS - I love the cheshire cat Roxy!
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goudah2424
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Posts: 8007
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| Posted: Tue Sep 04, 2007 12:16 pm |
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I only get Payday one to come up when I search as well.
what exactly does this mean?
Should I proceed with the steps to close my bank account?
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jendrea07
Joined: 04 Sep 2007
Posts: 10
Debtcc Points: 234
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| Posted: Tue Sep 04, 2007 12:19 pm |
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Thank You Goudah...
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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| Posted: Tue Sep 04, 2007 12:27 pm |
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Please read this thread about closing your bank account:
http://www.debtconsolidationcare.com/paydayloan/close-account.html
There is some important info you need to talk to the bank about to ensure your account is protected from these places.
What the licensing search means is that the other companies are operating without a legal license in your state. They are illegally operating companies. You need to file complaints with your state AG office, dept of banking, BBB, etc.
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goudah2424
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Posts: 8007
Debtcc Points: 111615
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| Posted: Tue Sep 04, 2007 12:38 pm |
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ok. I've read the info on closing my bank account. I will try to get to the bank tomorrow to discuss this with them.
I also will contact the state AG office about filing a complaint.
As far as my contact with the pdl...should I let them know I will not be able to pay starting wk of 9/16/07?
Should I call them or contact them in writing?
Thank you so much for all your help!
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jendrea07
Joined: 04 Sep 2007
Posts: 10
Debtcc Points: 234
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| Posted: Tue Sep 04, 2007 12:40 pm |
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I would get your bank account fixed and protected first. Then you need to send letters to your ipdl's revoking authorization to debit the account. Sometimes if you let them know ahead of time, they will try to hit your account early.
Also, always do things in writing. Send the letters certified mail. That way you have proof of what you are doing.
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goudah2424
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| Posted: Tue Sep 04, 2007 12:50 pm |
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For the one company that was licensed(payday one), should I try to pay that one off or just give them my new acct info?
Also, is there a template or sample letter of what should go out to the ipdl companies to revoke ach authorization?
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jendrea07
Joined: 04 Sep 2007
Posts: 10
Debtcc Points: 234
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