How do I stop pdl companies from adding the fees?

Welcome to the forum! They are all screwing with you, because that is what the internet payday lenders do. Unless you make a payment of the whole amount you borrowed plus the finance charge/fee, you are never going to pay the loan off in most cases. They will just take out the finance charge each time you get paid, and will carry on doing so indefinitely until you tell them to take the principal loan amount and the finance charge out to pay off the loan.

You need to consider closing your bank account and opening a new one, so these companies cannot get further access to your account. Then, you need to contact each one of them in writing via certified mail/return receipt requested and advise them that due to your current financial situation, you have been forced to close your bank account, and you are hereby revoking your ACH authorization for them to debit funds from your account.

Next, tell them that since taking out a loan with their company, you have been made aware that they have violated your state's payday lending laws by charging an illegal interest rate. Work out how much you legally owe the companies per your state's payday loan interest rate, and then include in your letter the amount that you have calculated you legally owe them, and the payment amounts you will send them to pay off your loan. Advise that you will be sending these payments via money order through the Certified Mail/Return Receipt so you will have proof of delivery.

These companies may try and tell you that they cannot accept money orders, payments must be made via ACH debit, debit/credit card or MoneyGram/Western Union. Do not fall for that line. They are not going to send your money order back, they will cash it.

You may get some harassing calls at first, but stick it out and don't be intimidated. You can also advise these companies that you are going to file complaints with the BBB against them, as well as with the Texas Attorney General's Office, so they can further look into the matter. The more complaints these companies get against them the better.

Here are the payday loan laws/regulations for Texas(just select your state), to help you calculate how much you legally owe these companies...
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Think Cash is not a pdl. Think Cash is an installment loan.

Cashnet operates as a CSO in Texas so not illegal.

Thanks, pyb! :D So, Think Cash is not a pdl - it's an installment loan and can't be handled like a pdl. And CashNet operates as a CSO, so I'm assuming they are following the law they have to abide by. The others are most likely illegal.

Thanks for all the help! I am so glad to have found this site! So, just to clarify. ThinkCash is legit (although not a payday loan) and I should just keep paying the installments? CashNetUsa is correct in the way they are charging then?

Also, Tiffany can you help me figure out how much to pay? All of that is a little confusing!

Again, Thanks for all the help!!!

So you will definitely have to make arrangements with the CSO and the installment loan before closing your account. But then once you have control of your money again that should give you a little more leverage to work on dealing with the ipdls.

Just a piece of advice. Cashnet will try and tell you that they can't accept any other payment except for ACH, but they are lying. Here is part of one of their emails to me saying what forms of payment they take:

* ACH: call us at 888.801.9078
* Money Gram: Code=3855, Account # = SSN
* Credit Card: call us at 888.801.9078
* Western Union: Code City = SG Investor, State = IL
* Money Order or Certified Check

Also, lost, if these other pdls are not licensed/legal, you only owe the principle amount of the loan. That's if they are not licensed/legal. And by looking, I can see Loan Shop probably won't be licensed/legal. I'm not sure of the other ones.

It's legal what Cash Net USA is charging you because Federal Law says that fees charged by a CSO cannot be considered interest. So they are charging you a very low interest rate, but a huge fee.

Apart from CashNetUSA and Think Cash, being legit, you would just need to pay back the principal amount you borrowed. I did a search and could not find The Loan Shop, my cash now, USAPayDayLoan or PayDay One as being licensed lenders in Texas.

Of these lenders that do not show as being licensed in Texas, apply what you have already paid in extension/finance charges towards the principals of the loans, and make affordable payments to clear the remainder. Do the same with the ones you haven't paid on yet until the principal is paid off.

As for the bank account situation. I can understand having to leave the account open to deal with the legit loans you have, but you then run the risk of the illegal pdls continuing to hit your account.

You could close the existing account, open a new one, and then provide the details of the new account to the 2 lenders that you have loans with if they will not allow money order/check payments on the loans.

If you give out your new account to the legit loans you run the risk of the illegit ones getting your new information. They do share information with each other.

I would second Pyb's comment and concerns....DO NOT give your new account info to ANY PDL, legal or not. Do not send them a check from your new account either....they will not turn down your money order, believe me.

The account should be closed. Period end of story. The legit companies should be paid with money orders. No one should have access to the new checking account. Legal or not. As PYb said these companies all share info. The illegal ones will bleed the account dry.If indeed they are legal companies then they will let you pay with money orders. It is so dangerous to give any lenders your new account info.Please do not do it.,

Payday One is a CSO in Texas - You have to be careful with Texas because of the CSO thing. The companies do not have to be licensed, only registered with the Sectretary of State.

Payday One is 100% legal.

Pretty much, before you can determine if the company is illegal, you must check to see if they are a CSO (Credit Service Organization).

And I have to add that the CSO thing is wrong, and you need to write to your state reps to tell them that the laws need to be changed to stop payday lenders from masquarading as CSO's.

Goudah, Please clarify. We know that the company is legal, but does that mean she must give them access to her checking account? They will not accept a money order? How do you deal with a situation if you have both legal and illegal loans. Can you not close your account?I must be living under a rock today. Very confused

No they will accept a money order. They will try to say that they don't, but they will.

Yes, just because they are legal doesn't mean you have to provide checking account information.

The Electronic Funds Transfer Act specifically prohibits companies from requiring a consumer to set up automatic payments.