Payday Loan Help Texas
Date: Wed, 11/26/2008 - 19:52
I currently have seven storefront payday loans out. They are with Check N Go, EZ Money, ACE, Advanced America, Fast Cash, Cash Store, and Cash Advantage. When I got the loans a few of the companies had me sign a paper that said I would not seek legal advice or file bankruptcy. No longer able to pay the finance fees I went ahead and hired a bankrupcy attorney anyway. I told him about the papers I had signed and he told me that it was illigal for them to have had me sign them and adviced me to close my bank account. My mother who is also having trouble with payday loans went to the same lawyer with the papers and he told her that they could prosecute and she could go to jail. I have already defaulted on all seven loans and most of them have gone to collections. I am confused and afraid that I am going to be arrested. Any advice would be welcome
Brian
I haven't heard anyone going to jail due to non payment of payda
I haven't heard anyone going to jail due to non payment of payday loans. So chill.
In Texas, you've to follow the following pdl laws: -
Quote:
Loan Terms: Maximum Loan Amount: Loan Term: 7-31 days Maximum Finance Rate and Fees: $10 per loan + 48% annual interest Finance Charge for 14-day $100 loan: $12 apr for 14-day $100 loan: 309% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees) Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: Not Specified Criminal Action: Not Specified |
In case of store front pdls you're obligated to pay in accordance with the Texas PDL laws.
Texas is known to have payday loan companies acting as CSO's (C
Texas is known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge.
repayment plans
my mom lives in texas & currently has several payday loans out. she needs to know, if she can enter into a repayment plan, instead of doing a "rollover" which i understand is the interest. if she keeps paying the interest, her loan is never going to get paid. i live in nevada & i work for a payday loan company & we give the customers the opportunity to enter into a repayment plan, for example the princable loan amount is $200 the interest is $30, so the total due is $230. instead of them paying the interest all the time, we give them the chance of paying the balance in 5 payments. is that possible with loans in texas?
