Payday Loan INfo-Need Help
I believe the first thing you should do since these are all stor
I believe the first thing you should do since these are all storefronts is go in and ask for an extended payment option BEFORE you default. I am sure Shazzers or Goudah will be along to help.
Chin up, we all are getting through it!
[quote]What is a CSO Credit Services Organization In essence, a
[quote]What is a CSO Credit Services Organization
In essence, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services:
Improving a consumer's credit history or rating
Obtaining an extension of consumer credit for the consumer
Providing advice or assistance to a consumer regarding the previous two services
An important aspect of the CSO or Credit Services Organization model is that there IS NO LICENSING required by the state! CSO's are required to "REGISTER" with the Secretary of State, they are NOT licensed, AND THEIR FEES ARE NOT REGULATED.
How does the CSO Credit Services Organization work with payday loans?
The CSO Credit Services Organization operates as a broker, much as they did when partnering with the banks (payday loan bank model). The Texas Credit Services Organization Act (CSOA) allows the payday loan lender to register as a CSO and act as a loan broker. Thus, the CSO, previously a payday loan company, can make loans via consumer lending companies that are UNREGISTERED and UNLICENSED. The CSO Credit Services Organization acts as a broker for the consumer in need of funds by issuing a "letter-of-credit" on behalf of the consumer to a lender. This third-party unregistered lender funds the "loan" brokered by the CSO "broker".
Typically the CSO Credit Services Organization collects 3 fees:
A referral fee for referring the consumer to the unregistered, unregulated lender that actually funds the "loan". This is not stipulated by any law but is currently $20 to $30 per $100
An application fee for filling out the CSO documents; typically $10 per $100
The interest on the "loan"; Texas state law caps this at $10 per $100.
The CSO Credit Services Organization model arises from a U.S. Fifth Circuit Court of Appeals opinion, in Lovick vs. Rite Money, which held that payments to a registered CSO loan broker could not be treated as interest[/quote]
There is no EPP available in this situation. Your going to ha
There is no EPP available in this situation.
Your going to have to take the leap and default. It's the only way for you to take back control of this situation.
I might have found help??
This site has been very helpful and I want to thank everyone who has ever posted on this site. I gained a huge amount of information.
I contacted T & C aka Town & Country and they were fast and very helpful. Not only are the willing to help me with these payday loans but also my school loans and all other outstanding debt I have. They approved me and faxed the contract all within 30 minutes. My payments are very affordable and they have flexible payment options, weekly, bi-weekly or monthly.
Anyone who is dealing with payday loans and can't see a way out should give these people a call. I'm not sure how they are yet but from what I've read on this site and talking to them on the phone I have my fingers crossed.
I'll update my progess with them for other people looking for a way out.
I don't think I can list the numbers on here from what I've read but if you do a search in the upper right side of the screen, you will find the numbers on this site.