Need Advice on PDL

I will post something for you to read before closing your account. Also I wil post the laws for your state please let us know who you have loans with, how much you have borrowed, how much you have repaid to each , and which are store front and which are internet

your state info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

They do use Teletrac which will affect your ability to get other PDLs', rent to own furniture and certain types of very subprime financial transactions.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Please forward the needed info , then we can start to help you

Apple Payday - Paid 80, owe 500
EZ cash - Paid 120, owe 300
Magnum - Paid 0, owe 650
Check n Go - paid 120, owe 300
BIG - paid 160, owe 300
Advance Cash America - paid 200, owe 250

I'm not as worried about my account as I am my credit score when I default on these loans. I read the laws for my state but don't really understand them. It appears that the interest rates are higher than allowed, but I'm not sure.

What was the amount that you borrowed from each.

Apple - 500
EZ - 300
Magnum - 650
Check n Go - 300
BIG - 300
Advance - 400

A lot of the pdl's in Texas operate as CSO's . . . Credit Service Organizations. This allows them to bypass any consumer protection laws put in place to limit pdl's.

I'm not sure what that means. I just want to ensure my credit won't be badly hurt if I default. I've worked hard for my above average score and would rather suffer another several months to pay these lenders back if my other option is to default and have a terrible credit rating for several years.

Macastee/guest-as a matter of common practice, PDL's do not report to the credit bureau....

However, if they send it to a collection agency, it can be reported and you can dispute the living daylights out of it!

I am on your coat tails again Volley.

and I am behind you volley...LOL...

Macastee...check your loan application or the terms note ..that should tell you if they are working as a cso...then they would be legal and the chances higher that they would report you.

It seems I may be better off paying them one at a time. I can't risk my credit rating. Late fees are better than defaulting, I guess. I did try to get Apple to give me a few more days to make a payment and they said it was impossible. I know better than that, but when they have your account info, what can you do?

I can certainly understand your concerns with that...honestly, I thought about that too, as I have decent credit, but I couldnt handle them taking any more of my $$. I will handle any illegal PDL collection agencies when the time comes....

I also, like most of us here, closed my checking account.

If a collection agency for an IPDL reports you to the credit agencies, cant you have it dispued and deleted, being that the original creditor was illegal in the first place

I'm not sure. Is there a web site that lists who is legal and who isn't?

No there isn't. It's not quite as simple as that in most states. Since you are in Texas, first you need to see who is operating as a CSO. It will say in your contract Credit Service Organization.

If any of them are CSO's, then they need to be registered with the Sec of State. That is it, no license is needed.

If they are operating as a pdl, then they would need a Texas license and to be following the laws of Texas.

I wonder what would happen if I called the illegal pdls and told them that I won't turn them in to the AG if they stop taking my money. Do any of you think that would be effective?

Ummmm..probably not. :( The for sure way to keep them from your money is to close the account. Even if you send them a debit revokation letter, they will clean you out dry if they get a sense that you are up to something.

these people are pond scum....they are relentless and will stop at nothing.

I may just have to pay each of them one by one. But it's bleeding me dry. I keep thinking there's got to be a better solution out there.

well, I certainly would not pay them without first finding out if they are legal CSOs or illegal pay day loans.

I know Check n Go is legal and I've read thru other posts here that Apple and BIG are illegal. Not sure about Magnum Cash Advance, but I must say, for a pdl, they have been easiest to work with.
So do you suggest I stop paying the illegal pdls and focus on the legal ones? I just don't know what to do about it all. I can't sleep at night.