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need payday loan advice

Date: Thu, 03/06/2008 - 10:52

Submitted by meloneydp
on Thu, 03/06/2008 - 10:52

Posts: 4 Credits: [Donate]

Total Replies: 4


I am in desperate need of advice. I live in Texas and I have 4 storefront payday loans. Technically, I have had these loans quite awhile and have been rolling them over by paying the interest. I took them out when I was in a legal mess after Hurricane Rita. I have been paying about $800 every payday just in so called interest (interest+fees). Things have finally come to a head now and they are due again tomorrow. I cant pay them, not even the interest this payday. Even if they agree to wait 2 weeks I will just be in the same boat, paying the interest and never getting the balance down. My question is what can I do? I need to know if they can press criminal charges against me if I place my checking account for deposit only or if I close it. I need to know where to start with them and to keep them for taking out the money I have for rent, car payment and such. All my other credit obligations are suffering and I cant keep this up.

These are the companies and the amount of the loans:

The Cash Store $1100
Check N Go $1000
Ace Cash Express $1000
EZ Loan $800[font=Arial][/font]


If these are members of the CFSA and you have not defaulted on the loans, they must make payment arrangements with you. This is called EPP extended payment plan. t allows you to pay off these loans in 4 installments with no ontrest accruing.You must go in person to each store front prior to defaulting to get the epp.


lrhall41

Submitted by kashzan on Thu, 03/06/2008 - 10:55

( Posts: 5401 | Credits: )


Should I close my checking account or place a deposit only on it? If so, what could the legal ramifications be in Texas? I cant afford for the money I have for my other bills taken with the checks. I do want to pay them off and will see about making arrangements but probably can not afford to pay all off in only 4 payments.


lrhall41

Submitted by meloneydp on Thu, 03/06/2008 - 11:24

( Posts: 4 | Credits: )


I'm showing Check n' Go and EZ Loan as being members of the CFSA. You can invoke the EPP with them if you get their at least one business day BEFORE the loan is due. They can have you sign an amendment to your loan documents showing 4 equal payments coinciding with your paydates. You can pay these off and be rid of them forever. I'm not showing the other two as members; however, it never hurts to call and ask if they are. More and more storefronts are becoming members. As far as closing your bank account, Texas law does not specify what could happen (if criminal action can be taken). I'm going to post the Texas law for you so that you can see it doesn't really tell us.


lrhall41

Submitted by cannr on Thu, 03/06/2008 - 12:43

( Posts: 9317 | Credits: )