Help stop the madness before it starts.

I realized you need more info so here it is:
Borrowed/Paid

Payday Loan Yes 400/240
ThinkCash 250/204.82
EZ Payday Cash 250/75
Fast-Cash Advance 350/105
OSL/SSM Marketing 200/0 (first pymt was scheduled when purse lost)
Sandpoint 300/320
Geneva Roth 300/180
AIP 200/89
Authorized payday 400/397.50
M1Y 300/90
MyQuickLoan 400/240

I know that there are 3 here who paid or right at paid. How should I handle? I noticed another debit attempt as of yesterday so first thing in the morning I'm going to the bank to totally close out the account.

Again thanks for the help.

Hello TXPDLHELL, what state do you live in so I can post your laws. I am assuming Texas from your chosen screen name?

You said that your bank was closing your account because you are so over drawn? Have you ever talked to anyone at the bank and explained what happened? Some banks will reverse the charges on some or all of the over draft fees if there are extenuating circumstances, you might consider going into the bank to speak with the branch manager, explain the situation, and asked that they reverse the over draft fees. This has worked for me before, which brought my account out of the negative. It's just a suggestion. Either way, you need to tell the bank you want a hard debit block placed on that account if they haven't closed it already and ask them if it can be forced back opened, for any reason without your knowledge.

Meanwhile I will post Texas laws, then we can work on figuring out which PLD is legal or not and go to the next step of getting you out of the mess! Believe me, there is a way, you will get through this nightmare. The people here are very knowledgeable and willing to help and see you through this!

I forgot to ask, have you defaulted on any of these loans yet?

Assuming you are in the state of Texas,the Payday loan laws for Texas (just select your state), If I am wrong about where you reside, please correct me.
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I should add, if you're in the negative, I'm not sure the bank will allow you to completely close out your account, this is why you should ask them to place a hard debit block on your account, also ask them if the account can be forced back open. I hope I'm not repeating myself here. lol Make sure you read the sticky regarding closing accounts at the top of this forum. I am going to have to be leaving soon to go to work, but there are people here who will step in and help you!

Shazzers, I am going to jump in here a minute and hope I am not stepping on your toes..... while you are checking the pdls for TXPDL, assuming Texas is the state of residence, make sure none of them are CSO's and that will not show when checking licensing, you need to see if they are registered with the state as CSO's. Remember TX is one of the states where companies register as CSO's rather then pdls. Most of them look like they will not be CSO, but there are some I am not familiar with.

Here is where you need to search...

https://direct.sos.state.tx.us/cso/csosearch.asp

It is usually better to look through all the licensed in case one is licensed under a different name. You are doing an excellent job with this. :D

follow roxy's suggstion,if you have any storeronts list those as well.you did good listing all the ipdl's.there are a lot of knowledgable people here and can help with those too. 8)

Yeah, Roxy is correct. In Texas a lot of pdl's are actually CSO's, and the laws posted above wouldn't really apply to them. So there are 2 places to look to see if the company is legal, for a CSO registration with the Sec of State, or a pdl license with the Dept of Financial.

Of your loans I know this:

Payday Loan Yes - Not licensed or registered
ThinkCash Not a payday loan, see note ** below
EZ Payday Cash - Not licensed in Texas
Fast-Cash Advance - ?
OSL/SSM Marketing - Pretty sure not licensed or registered
Sandpoint - ?
Geneva Roth - Not licensed or registered
AIP - Not licensed or registered
Authorized payday
M1Y - Not licensed or registered
MyQuickLoan - ?


***Think Cash is not a payday loan, it's an installment loan backed by the First Bank of Deleware. Federal law allows FDIC insured banks to operate in other state's using it's homestate's laws ans license.

Also, read this thread before you go back to the bank:

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

It has some important info to know to really stop these places from getting in your bank account.

Just so everyone knows, EZ Payday Cash is licensed in Utah . . . . And thinks that is sufficent for the other states.

Also, and not to complicate things, you should ask the companies about any licensing . . . . If you have a copy of your contract still that would work. See what the company name is on it. Sometimes the companies are licensed or registered under a corporate name, and that can make it hard to find.

Hi, all.

I am in Texas and I have not defaulted on any of the loans just yet.

I will check for licensure for the others now and I will go to the bank during lunch today.

MyQuickLoan is based out of Canada and the deposit was made under the name All-American Lending!

I believe Sandpoint is listed under Bay Area Marketing

Authorized Payday is Del Prado Holdings

PayDayloanYes is starting to bug me.

Any thoughts?

lol - i forgot I'm not registered yet.

So if I'm not mistaken you guys are NOT recommending I go the Lanhorne route right?

It's really your call - There are pro's and con's with both choices.

If you do it yourself, you save money and have more control over the process. But you also have to put in time and effort. There are a lot of headaches involved, and you need to have a thick skin and the fighting spirit.

If you go with a company, it will cost more. But you won't have to deal with the companies yourself, and sometimes for some people that is well worth the money spent.

so what do I do next, knowing the registration/licensure information?

What do I do about the PDLs that are or near paid?

how do i prevent the phone calls from escalating? right now all is relatively calm.

i may attempt a Company advance so I can consolidate into one debt and get my bank account situated - hopefully after they reversed some of these charges (wont find out until lunch) because I love my bank and want to stay with them. Aside from that I have my regular bills to pay.

I will NEVER EVER touch a PDL again so long as I live! One little mishap and it all goes to pieces. NOT TO MENTION I had too damn many to begin with! A hard lesson learned for sure!

I thank you all for your help.

bump

If the company is legal, you will need to make payment arrangements with them to pay down the balance.

If the company is illegal/unlicensed you will need to look at what you've already paid them. If it's more then you borrowed originally, you need to request they mark your loan paid in full. If you still owe on the principle, make arrangements to pay that and only that. Not a cent of interest.

One way to prevent the phone calls from getting out of hand is telling your coworkers that someone stole your id. That way you can tell them that if anyone calls, it's not really for you and to hang up. It also helps to ease the embarrasment these places can cause when they call your employer.

Well I got the phone call part figured, my coworker said she will just tell folks I no longer work here rofl. For the most part all is calm, I guess maybe because they all know they're illegal and don't wanna push too hard?

I have another question. I have the letter regarding only paying the principal and the no phone calls blah. But am I correct when it says that they are to send me written confirmation of the principal balance BEFORE I make the payment?

Thanks for your help Goudah!

Problem is you will be waiting forever for written confirmation . . . .

I would just pay them the amount borrowed, minus any payments for fees you have made (for the illegal companies) and for the legal ones, since they are legal, it's what they say you owe . . . .

So if they are not rptg on my CRs and I send this letter, could they still report or are they prohibited from doing so at that point?

Hi I am too in paydayloan hell! OMG I never thought it would come to this, seriously. It all started when my husband lost his job and then I got 1 out, then another and another and well you know the rest...I have 6 PDL's now! 1 storefront and 5 internet ones. Here they are:

Cashnetusa-borrowed 600 owe 739

CheckNGo- refinanced for 275 now owe 340

EZ Pawn Cash-borrowed 650 now owe 969!

MyPaycheck.com-borrowed 200-owe 240

mycashtime-borrowed 300-now owe 400.39

Are any of these illegal in texas? I am going to close my bank account this week but what then after that? Who should I concentrate on paying first and if they are illegal then how do I approach them? I want to pay these off and never EVER have to go through this again!!! I have a very well paying job and I can't even afford to pay my other bills because of this mess? Should I consolidate them? HELP!!!!

oh yeah I forgot EZpaydaycash.com-borrowed 500 and now owe 650! You see this is becoming a lot for me that I am forgetting who I owe. Again help! Any advise would help me right now.

CashNetUSA and Check n Go are legal. You will need to contact them and make payment arrangments.

I did find a EZ Pawn on the TX database but not an EZ Pawn Cash.

I did not find MyPaycheck.com or mycashtime so I think they are not unlicensed.

Deal with the legal ones first. Then for the illegals you need to send them a letter after your account is closed. You can find an example of the letter here. Scroll to the 13th post to locate it.

For the illegal lenders you only owe them what you borrowed.

Thanks Hanna for your help! I will surely do that and keep you updated. Thanks again!

I just recieved a call from ezpaydaycash stating that I had a lawsuit filed against me and would pursue check deception fraud and so on if I did not pay 850 dollars upfront today. Is this legal and for real and what can I do. I told them I can pay the amount every week until paid if they would give me that option but they said that was not possible.