Help! Overwhelmed with PDLs

I believe CashnetUSA and Cash Central are legal licensed lenders. I am unsure of the others. Hopefully someone else will drop by to help.

You might want to consider what is called and extended payment plan with Cashnet and Cash Central as both companies offer it. However, you must call them before you default.

You can do a search in the upper right hand corner to learn more about pdl assistance from other members.

I seriously need some advice. I'm at a point where I'm in danger of defaulting on one or more of these loans. Can anyone tell me if the other three are legal or illegal and what I could do with them?

Hang in there you are not alone, when I get a moment I will research them for you.

I don't mean to be a pain. I've just been in a really bad crunch lately and I'd love to get some of the stress banished before I get really sick.

Your state information here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

http://www.paydayloaninfo.org/state_detail.cfm?id=TX

Check the licensee data base for your lenders.

I found the Legal Status for the state, but it's like gibberish. I saw the clarification stickey, but I didn't see anything on Texas.

Jen
(couldn't get my password for silverfroggie24, so had to reregister)

what next?? read http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html


Edited by Shazzers so the links would show. :)

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. CashNetUSA is a CSO so you will need to make payment arrangements with them.

CLICK HERE for the Texas CSO data base.

I checked the Data Base and I do not see that USFast Cash, 500 Fast Cash or Web Payday is licensed.

Web Payday is not licensed to lend anywhere in the U.S.
WebPayDay
320 West 200 South, Suite 350-B
Salt Lake City, UT 84101
Phone: 1-800-814-5451
Fax: 1-800-814-4960


USFastCash (Not licensed in Texas as a CSO or a payday lender)
Phone: 1-800-640-1295
Fax: 1-888-549-3324
Email: [email]customerservice@usfastcash.com[/email]
US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com

Thanks Shazzers why do the links not show for me?

500fastcash - They are also affiliated with MTE - ILLEGAL
"customerservice@500fastcash.com"
500 fast Cash
515 GSE
Miami Ok 74354
888 339 6669

Kstaff, you need to post that information with the codes.

Just so I'm understanding this correctly, CashNet and CashCentral are the only two that are actually legal? What does this mean for collection/payment/etc. for the illegal ones? I'm more than willing to work out something with Cashnet and CashCentral, but these other ones...especially WebPayday. The woman I spoke to was really snotty and didn't even ask me if I could resubmit the payment that was denied. :(

ETA: Thank you both so much for the research. I've been sitting here trying to research 500, usfastcash, and WebPayday and not getting very far.

Jen
(formerly silverfroggie24)

If you follow the steps for illegal payday lenders on the previous page of this post it will explain how to deal with them. :)

Yes, that is correct. Both companies offer what is called an extended payment plan or more commonly known as EPP. Call them both to make payment arrangements. This plan is available once a year and you must call before you default.

Cash Central will stop all interest and break down your payments into 4 equal payments. When I dealt with Cashnet they broke the payments down into 3 equal payments.

I hope all of this helps to get you started. Your store fronts may also offer EPP's but you must ask for it or read the fine print on your paperwork as it is not something they display openly on a sign.

Sorry. The thread kind of (mini)exploded on me. I actually already closed the account associated with these due to unrelated issues, so I'm good to go on that front. I'll give that section a quick read, but don't be surprised if I still bug you with questions. I get very, very anxious about this stuff and I can't help but feel that I need to be cautious about getting my hopes up for a solution.

Jen

kfstaff and Shazzers, thank you for all of your information. It's...well, it's a lifesaver. I'll see if I can't get these letters emailed out tonight and I don't think my payroll dept. would accept a wage assignment (they contacted me when one of my student loans tried to get garnished), but I'll contact them tomorrow and warn them that it might get tried.

Sorry, one more question. Looking at the illegal ones, it comes out to $590 if I only pay the rest of the principal. Is that right?

Jen

You are only obligated to pay your illegal lenders the principal amount borrowed. For example if you borrowed $300 and have made 3 payments of $90 you would only owe the lender $30. Any dollar amount paid for interest or roll over fees counts as a payment towards the principal.

Wow. Does anyone know what PDL Assistance does with illegal loans? If I only need to pay the rest of the principal (WebPayday is the only one I hadn't paid anything on), is that what they settle for? Or do they settle for part of what the lenders would ask for (ie, principal + interest + legal fees?) I guess what I'm asking is if it would be cheaper to just duck the collection calls and send what I truly owe by money order or prepaid debit. PDL Assistance suggested $115 for 12 months.

PDL assistance negotiates a settlement, you can do this yourself for much less.

When I spoke to pdl assistance and advised them that all of my companies were illegal and several were overpaid, they didn't really seem to care. They would settle the pdl regardless of how much you had already paid them. I ended up not going with them & was able to save myself about $1200 in fee's alone...

I contacted Cash Central and they say they don't offer EPP in my state (Texas). What should I do in this case?

Jen

How do I get a Prepaid Visa? Are they those giftcards or is that a completely different animal? Also, is there a fee to get one, or is it just whatever amount you place on it and can you use the same one for each company or would it be better to get separate cards so they don't try to take more than I authorize (or can they even do that? The only debit card I've ever used is the one to my bank and Paypal.)

Jen

I'm speaking with a rep in their chat and they say that they DON'T offer any payment plans. Am I being given the run around?

Jen

Dont laugh but most store front pdl lenders offer prepaid visa cards. I think the cost is $9.95 to activate, thats in AZ though. I believe they are also offered online. They are a great way to pay your loans, safe and secure.

Can you use the same card for everything though? It would be easier, but I worry about ending up in a situation where they try to debit the card endlessly like they would a checking account. Any idea if that's even possible?

You can load as much money on the card as you want then re-load with more. Only put enough money on the card to pay your first lender then re-load your card for the next one. The card is very simple to use.

So say, CashNet can't turn around and try to use the card number to get another payment out of me? That's what I'm worried about. CashNet stealing CashCentral's payment or vice versa.

They are both legal licensed lenders that are CFSA members, I dont think it will be a problem. I had no issues with either one.

Sorry, bad example. I really meant like WebPayday or 500FastCash hitting the card again. I'm trying to figure out if it works the same as say, Netflix charging the same card twice for some reason. Once they have the debit card number, what's to stop them from using it again before I want them to?

Once you pay the first lender just keep reloading until you are finished. They can hit an empty card all they want. Pay them a couple of days apart if that will make you feel more confident. Load, then pay then wait. Reload, pay then wait.

Technically they could try and debit it again after you have loaded more money on it but they most likely won't as the prepaid Visa has a consumer protection on it. If they were to debit it again without your permission they can be held liable for it just like with a regular credit card.

You can read more about it here.

If they did you can report an unauthorized use and get the money back.

Thanks for the info. I was worrying I'd have to keep track of three different cards. That would really suck. While I'm thinking about it, I do have another question. Once you activate it, can you load the card as many times as you want without paying another fee? Having a debit card that isn't connected to my bank account or Paypal could come in handy for other things.

Depends, silver. Some of the cards charge you each time you load it. (Crazy, isn't it?) For example, that Greendot is horrible! They charge you for looking at the thing! If you do this, ask 100 questions - like is there a charge to load money on, is there a charge to use it to pay, etc.... They are actually supposed to give you a paper explaining everything (including the charges) when you get the card. But as stated in the above posts, if you decide to do this, just put the EXACT amount of the payment on it and give the idiots the number. They can't take out more than what's on there.

I was looking at the VISA one actually. I think because it was on the link that was posted up there. I'll have to look at it again and see what it says about fees and such. I don't have transportation of my own, and according to the site, there's a few places near work that carry them, so it seems like the best bet at the moment.

Jen

Check it out and see. Make sure there aren't any outrageous fees for using/loading the card. Hell, some of them even charge you for checking the balance on it! It's insane!

Checked out the site. It looks like it's more of a program-that-Visa-lets-use-their-name-and-logo thing than an actual Visa. But I'll still check the ones out at two places I have access to. As I don't have my check card yet, I need to get one to pay my other bills with regardless.

Jen