Payday Loan HELL!!!!
Date: Mon, 10/22/2007 - 12:38
In case our guest comes back I will post the laws for texas.
In case our guest comes back I will post the laws for texas.
You will find the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I found this in a post for info on Texas...I hope this helps to
I found this in a post for info on Texas...I hope this helps to clarify things:
Quote:
Texas payday loan laws were first enacted in June of 2000. As with other states, Texas payday loan laws state that a lender must obtain a license before they operate. Under Texas state law, a company that engages in the business of payday loans is defined as any person(s) making cash advances in exchange for a consumer????????s personal check, or in exchange fore the consumer????????s authorization to debit the consumer????????s deposit account. The licensing laws for payday loan lenders in Texas are the same as stated under the Texas Finance Code Ann. 342. Texas payday loan laws have different requirements on fees than other states. Under Texas law a lender is allowed to charge no more than $1 per $5 that????????s borrowed for loans under $30. For loans over $30 but no more than $100, a service fee of one-tenth the amount can be applied. And for cash advances over $100, a fee of no more than $10 can be charged. Texas payday loan laws also permit handling charges in addition to service or interest fees. Under Texas law, a $3.50 handling charge can be added each month to the total amount as long as the amount of the loan doesn????????t exceed $35. If the cash advance is over $35 but no more than $70, monthly handling charge of $4 can be applied. For loans over that amount, a $4 fee can be added each month for every $100 that????????s borrowed. Payday loan lenders in Texas must post a notice with a fee schedule along with a written agreement. The agreement must contain the name of the lender, the transaction date, the amount of the check, an itemization of fees, the earliest date the check must be deposited, and a total amount expressed in U.S. dollars and as an annual percentage rate. The agreement form should have the name, address, and phone number of the Consumer Credit Commissioner. Texas payday loan laws also require that the agreement form provide a notice that sates payday loans are intended for short-term cash needs. Texas payday loan laws prohibit lenders from dividing one loan into two loans for the sole purpose of collecting higher interest fees. The maximum term limit for payday loans in Texas is 31 days. The minimal term limit for payday loans is 7 days. Under Texas law, a lender cannot pursue criminal charges to collect on a debt. Also, a payday loan lender is limited as to how many times a loan can be renewed. Currently under Texas law, lenders are allowed to renew a payday loan one time each month. |
paydayloanlaws.com/south/texas-cash-advance.html
Also, keep in mind that most storefronts (to avoid the laws post
Also, keep in mind that most storefronts (to avoid the laws posted above) have registered as CSO's. This effectively allows them to skirt those laws legally.
PAY DAY LOAN COLLECTION
I had a PayDay loan with one of the most recognized payday lenders in Texas. I was not able to pay the loan off. I have paid some on the loan. In the last week they ran through a direct debit to my account and it was returned to them. It was not the amount of the original check I wrote, since I have paid some on it. Now I am getting calls from their corporate office telling me that I have 48 hours to pay the amount of the check they ran on my account or they will call my employer and have them council me on how to obtain an attorney. I have told them I could pay the entire amount on 11/15, but they have already called to get my direct supervisors name and will be calling her on Friday. Is this legal?
What company is doing this? I would not think it was legal
What company is doing this?
I would not think it was legal for them to contact your employer to tell them the details of your loan.
PAY DAY LOAN HELL
I HAVE SEVERAL PAY DAYS LOAN INTERNET / 2 STORE FRONTS I LIVE IN MARYLAND I work in WDC the store front pdl are in WDC i will be defaulting on them this week im cant afford it any more im in trouble one i have defaulted on already and they have threaten me with bad check writting can you help
reply
cam, you reside in Maryland and have internet pdls, correct? You work in D.C. and have two storefronts in D.C., correct? Make sure I am correct, because we're going to have to look at the state pdl law for both states, if that's the case. :wink:
Cannr, cameron started a new thread....(I am sure you caught th
Cannr, cameron started a new thread....(I am sure you caught this already) :wink:
Texas payday law
I have a few payday loans and I am not going to have the money in my account to cover them when they come due. I know because of bank charges everything is going to start piling up on me. Are these loans treated like a bad check if not paid? I live in Texas. Can I make arrangments with them to pay them over time. All of them were done through the web. I have been paying on them. And one is due to be paid off. I get paid monthly but 2 of them are charging me twice a month. One of the biggest mistakes I've ever made doing this. Can I be arrested over these like bad checks in the state of Texas? Worried!
r
rheidec, you reside in Texas and have only internet loans, correct? If you could, please list the names of the pdls that you have, how much you borrowed (principle only) and the amount you have paid them so far (total). Once we have this information, we can help you further. Do not worry. These are internet loans, so they don't have a "check" from you, okay? But list out your loans and the amounts from us and we'll be able to help you. :D
I have some
I have loans with quick cash, dollar advance, cash store, what can i do i can not pay these anymore I live in texas
r
vicky, you reside in Texas, correct? I can post Texas pdl law for you. However, I do need to know if these are storefront loans. The names sound like storefronts; however, I need to be sure. In Texas, a lot of storefronts are operating as CSO's. If they are operating as a CSO, they do not have to follow Texas pdl law. I'm posting it anyway just in case they are not CSO's. Please verify if these are storefronts. And if they are, please check your loan documents and see if anywhere on there it states they are operating as a CSO. Okay? Let me know. I'll post the pdl law in the meantime.
July of 2009. Everything I've read so far regarding payday loan
July of 2009. Everything I've read so far regarding payday loan laws is sort of outdated. I've recently (2 weeks ago) defaulted on 7 payday loans. What are the civil or criminal laws regarding returned checks? I wrote 6 post-dated and 1 check with the current date.
July of 2009. Everything I've read so far regarding payday loan
July of 2009. Everything I've read so far regarding payday loan laws is sort of outdated. I've recently (2 weeks ago) defaulted on 7 payday loans. What are the civil or criminal laws regarding returned checks? I wrote 6 post-dated and 1 check with the current date.
Contact Your Payday Lender Directly Asking For A Settlement. Be
Contact Your Payday Lender Directly Asking For A Settlement. Be honest advise them that you want to settle with them and 95% of the time they will ask that you just pay the principal balance. If this does not work then advise them that you are contacting the State AG.
Quote:July of 2009. Everything I've read so far regarding payday
Quote:
July of 2009. Everything I've read so far regarding payday loan laws is sort of outdated. I've recently (2 weeks ago) defaulted on 7 payday loans. What are the civil or criminal laws regarding returned checks? I wrote 6 post-dated and 1 check with the current date. |
We need more info before we can answer. What state are you in and what are the names of the pdl's you defaulted on, amount borrowed and paid back so far, Internet or store front loans?
