Payday Loans

TG - Someone will be along to help. In the mean time, read some of the other threads and you will start to get an idea of how the process works. As for experience, there is a ton of it here. You name it and it has happened to somebody.

Sorry to hear about your job; I hope that you can find another soon..

First off you will need to close your account first...don't let them take any more money from you...Here is some info on closing your accounts..

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

make sure that they block the account not just close it as some banks allow for ach's to re-open the account.

Also we need to know what state you are in and also need a list of all your pdl's, how much you borrowed (principle only) and how much you have paid back so far.

also someone else will be around soon to help out...

If you are dealing with store fronts , you can not close your account. They usually are operating legally and it could cause problems for you.
Please list what state you are in, who your lenders are, how much borrowed , and how much paid back to each. Are they store front or internet.

I live in Texas. . . they are all internet loans:
Payday one $1000 paid $700
AeroAdvance $500 paid $100
Ambassador $400 paid $140
United $500 paid $600
Cash4U $200 paid $350
Eastside $500 paid $600
PayCheck Now $500 paid $600
ameriloan $400 paid $540
FSM Processing $350 paid $630
CA Net $500 paid $750

You will find the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

OK, can someone interpret those laws for me? I have no clud what that means.

TG, There is another member from texas we are working with right now as well.. All of yours are internet? We would need to check to see if any of them are licensed in Texas. In the mean time...I am going to post the other members thread so you can read what has been posted to them so far.

http://www.debtconsolidationcare.com/paydayloan/cash-borrowed.html

So, can't I just call them and let them know that I lost my job and need to make some sort of payment arrangements? I don't have to close my account, do I?

If you do not close your account they are going to debit it anyway. If there is no money in it, the bank is going to rack up NSF charges. It will happen over and over until you have a huge negative balance, are registered in telecheck and can't get an account anywhere. Avoid this now while you can.

She will be placed in chex system, and not be able to get an account. It does not matter if she is in telcheck. That is only for pay day loans and rent a center type stuff.It will prevent her from getting any other pdls.Thats a good thing.
If you are reported to chex system you remain for 5 years.

Right. I always get telecheck and chex system confused. Sorry about that.

TG, I just checked Texas licensee database for your internet loans. I'm not showing any as licensed in Texas. However, the one I am concerned with is Pay Day One. They are usually licensed. They may be using a license from another state as a 'blanket' license to lend to other states. The others are not coming up at all. You've overpaid them all except Pay Day One, Aero Advance, and Ambassador. As you can tell just from looking at your figures, they will continue to debit your account FOREVER. You've already paid the principle amount PLUS more and they will continue to debit. So, you would need to close your account. Unless you want this to continue for years. If you attempt to call them, they will hit your account for all they possibly can. You need to get your bank account closed/blocked so they can not debit you any longer. You really have no other choice because they will not stop. And, like I said, if they catch wind that you're "not going to be able to pay", they will hit that account with a vengence and try to get every dollar they can.

In Texas, PayDay One Express, LLC is a Credit Service Organization (CSO) registered with the Texas Secretary of State. We are not a lender, and cannot promise that the lender will extend credit to you. The lender makes loans at 10% per annum simple interest. We are obtaining an extension of consumer credit for you from the lender. For this service, PayDay One charges a fee of $22.50 per $100 of the Amount Financed.


paydayone.com/modules/state/states.aspx

Thank you, volley, for verifying the information regarding Pay Day One for TG. :D

Ok, I am going to close my account. I want to be sure I do this in the correct order. 1. Close Account 2. Email or fax letters 3. Set up payment arrangement for those legal companies. Is this everything? They will start calling, right?

TG, Good work..and yes that order will work. Yes, they will start calling. Two suggestions, try not to talk to them, try to communicate in writing only so you have documentation. When they do call, keep notes..who called, what time, what was said and then respond in writing. If you need anything at all, please post.

But if I don't talk to them, are they more likely to start calling my references (I REALLY don't want them contacted). . . Also, this is gonna go against me in Chex Systems, right? I will have difficulty getting another checking account in the future, right? Any other repercussions (Like credit rating, etc,.)???

TG, Mine never called my references and I NEVER spoke to any of them as me. This does not go to chex systems, rather it goes to Teletrac which is entirely different, you may not be able to get another pdl or rent furniture. If you did have issues with your bank, it may go on chex..that is the system banks use. As for your credit report...you need to check it occasionally, this should not go on your credit report. If it does, you can dispute and it will be removed. Now if any of yours are licensed and you are not paying them (I do not remember your exact situation) then it can go on your credit report.

Ok, what about:
1. Sonic payday
2. Cash Net USA
I forgot about those - licensed in Texas?

And how will I be listed on telecheck? Social Security number, checking account number??? I was just thinking that I have had to rent on a short term basis before for a washer or something. . . so this would prevent that? Would it affect my husband doing it? Nothing is in his name.

TG...Cash net will be licensed as a CSO (Credit Service Organization) they operate as these to get around the pdl laws. I will have to check sonic. telecheck is different than Teletrac...Telecheck is the company that bounced checks are reported to....Teletrac is who the pdls report to. I am not sure how you would be listed in there. Your husband should not be on there if he is not on the pdls with you.

Sonic address is in Ireland. I would be really suprised if they were licensed in Texas :lol:

Roxy I really appreciate your help. . . so will this affect my check writing? OR is it just pdls and furniture rentals? Thanks for your help.

TG, CHeck writing should be ok...I found this posted by SueBee another member...hopefully it will explain Teletrac, telecheck and Chexsystem better than I have....

All these companies need to be checked for licenses and for CSO registrations in Texas.

Most payday loan companies are now CSO's in Texas so they can charge more money. CSO's are not required to be licensed, only registered with the Sec of State.

Sonic will NOT be licensed anywhere! :shock:

So a CSO is operating legally. . . it won't be any different for them as long as I make payment arrangements, right? I intend to pay back legitimate balances, just in a more affordable manner. That will work, right?

How much should I pay these guys every month? Has anyone got any experience with what they will accept? I was thinking like $50 per month for each one???? Will that work? Help

So, we've established (thank you volley and roxy) that Pay Day One is operating as a CSO in Texas and CashNetUSA is operating as a CSO in Texas. If they are operating legally, honestly, you have to pay what they tell you to pay. Hate to say that; however, they are operating legally.

Goudah, you posted that all the companies need to be checked for licenses in Texas. I did that part. They did not show as licensed in Texas (with the exception of the two mentioned above as CSO's). Can you tell me how to check to see if they are operating as CSO's? Is there somewhere to actually check these companies out as being CSO's? Or is it just to be found on the paperwork of the loan documents?

I am positive that Cash Today 4 U is not licensed/legal. ameriloan is not licensed/legal. Sonic is not licensed/legal.

And if "United" is United Cash Loans, they will not be licensed/legal. But we need to know if it is indeed United Cash Loans.

It is United Cash Loans

Thanks, TG! If it's United Cash Loans, they are not licensed/legal to lend in any state in the US. So consider them not legal.

It looks as though the only legal ones you have will be PayDayOne and CashNetUSA. With these two, you will have to contact them and make alternative payment arrangments. Deny having a bank account. Tell them you need to pay via money order and have them give you a mailing address to send the payments to. The others are not licensed to lend. Have you done anything with your bank account yet?

sorry, guys, my husband has been in the hospital so I havent been able to respond. He is doing much better now. I havent been able to do anything yet! I am considering using help because I can't be inundated at work with phone calls. I also don't want my references to be contacted. . . what do you think?????

you need to do what is best for you, but with only 2 legal ones to deal with, it should be easy enough to do it yourself, and quite a bit cheaper.

Do you know what Langhorne charges? IF I handle it myself, will I be inundated with phone calls, letters in the mail, the chance of my references being contacted, etc. I will gladly handle everything by e-mail but with my husband's illness I really don't want our mailbox to be filled with collection letters daily!!!! If you have gone thru this, please help, and let me know what to expect.

Can anybody help??? I don't know what to do!!! I have been mulling this over for two weeks now and am still quite unsure. Will I go home to letters for Payday Loan services everyday? Are these marked envelopes (return address says "Payday Loans"??

Tg I cant answer your message, because you have not yet registered . Please do so. It is free, and then you can recieve messages.
You will be bothered with phine calls no matter what you do. I have no idea what Langhorn charges, as i dealt with my 7 loans myself.

Hi Tg....got your message on my homepage. Give me a few mins to look over the rest of the thread here and I will do my best to help :D

Ok, guys, I am now registered as utlonghornfan. . . I am not sure how to change the thread to reflect my registered name and not just "guest"

Glad you registered. You cant change the thread, but from now on you will come up as your registered name.

I answered your message. Let me know if you got it on your homepage

Hi there...glad you registered! :D

Volleyball Mom, can you help me understand what is gonna happen? I am so afraid to do this.

Is anybody still there?

Hey there...I hope your husband is doing better.

In terms of getting lots of letters, I honestly got 1 letter that I can remember ( I had 6 pay day loans). However, I did get emails and some calls even afer I sent my cease and desist letters.

If you only have 2 legal PDl's out of the bunch, I wouldnt spend the money on Langhorne. I had a loan with CashnetUSA,after about 3 months, they sent me a letter to settle for 50%.

Where are you at right now? You account closed? have you sent any letters to your illegal PDL's?

Volleyball Mom, I havent done anything yet. . . I just wanted to know what would happen. I am seriously thinking about closing my account (I already opened a new one). I read somewhere that in Texas you could be criminally charged with fraud for closing your account. . . does anyone know about this? I am not sure I can handle a rash on phone calls and that is why I was considering Langhorne. Even tho I only have 2 legal ones, I have like 12 illegal ones and they will call too, right??? And my references, they will simply not understand. (sorry, but for some reason in won't let me reply under my username "utlonghornfan")

Is anybody still out there? I need help! I am so afraid to do this!

HI...hope you're doing well. What can we help with?

somewhere that in Texas you could be criminally charged with fraud for closing your account

They have to prove it was fraud.

does anyone have experience with references getting phone calls cuz my sister will go ballistic if she gets a rash of phone calls. Also, at work? will it be like 20 per day?