What should I do?
Date: Mon, 12/11/2006 - 07:37
NO YOU ARE NOT
You need to notify all of the companies and tell them what has happened. They might not all understand, but you need to do what is right. When you have bills you can not pay, you need to pick up the phone. Do not wait on these people to call you. Some will be willing to work out payment plans with you. Others will not be so nice. You just have to prepare for the best and worse. No one can go to jail over a debt. But you want to make all effort you can to do what is right....
Yes, defiantly communicate with them all. I defautled on my fir
Yes, defiantly communicate with them all. I defautled on my first few payday loans with out communicating with them and that was the worst thing I could have done. Also check your state laws and make sure you have not been overcharged by any of your payday lenders.
norman.forster, welcome to
norman.forster, welcome to the boards. Here is what you need to do:
1) Communicate with the companies BUT do not give them your new bank acct information
2) Sit down and take "inventory" of what companies you are dealing with, how much they loaned you and how much they have already been paid.
Here is the law for TX
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 |
With that information it will give you a start to get the IPDL situation under control. Good luck and keep posting
You may always want to talk to a bank representative and tell th
You may always want to talk to a bank representative and tell them what happened. They might be able to reverse some of the NSF charges.
What bank are you with?? Some banks can set you up on a payment
What bank are you with?? Some banks can set you up on a payment plan, and you can still use your acct once it is positive. I would also stop your direct deposit b/c that is just going to go against the negativity.
