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Need Advice on PDL

Date: Mon, 10/15/2007 - 08:51

Submitted by macastee
on Mon, 10/15/2007 - 08:51

Posts: 20 Credits: [Donate]

Total Replies: 22


I have several pdls in Texas. Most online and a few in store. What would happen if I were to close my account and not pay these lenders back? Will this affect my credit? I know they don't do a credit check prior to giving the money but don't they use Teletrak?


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.


lrhall41

Submitted by macastee on Mon, 10/15/2007 - 09:07

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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.


lrhall41

Submitted by on Mon, 10/15/2007 - 09:29

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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?


lrhall41

Submitted by on Mon, 10/15/2007 - 10:00

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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.


lrhall41

Submitted by goudah2424 on Mon, 10/15/2007 - 12:27

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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.


lrhall41

Submitted by macastee on Mon, 10/15/2007 - 13:31

( Posts: 20 | Credits: )