Payday Loan Struggle in TEXAS

You do not need to use a consolidation company - some of your lenders may not even be legal... Who are your loans with and how much borrowed and how much paid - what state are you in.. You can start reading the link in my signature below how to deal with unlicensed lenders.. Let us help you determine the status of yours and we can help you go from there. 

I have struggled with payday loans foabout 2 years now and want to consolidate them but I want a company that has a good rating with the BBB. Is Pay Day Loan Debt Assistance legal.

Check in Go is legal as well as Cashnet USA.

I know Kingston is illegal and located in the UK.

I will have to look into the others. Hang in there.

Thanks for any help or advice you can offer. I am going to work something out with these companies. Do you suggest a payloan consolidation for these amounts. I just looked over my bank account and I have paid PAYCHECK TODAY $1850 for a $600 loan. This is ridiculous and I want the harrassing calls to stop. Thanks again

I did not find, Paycheck Today, Pack, DRJ, or Loan Shop in the TX database or the CSO database.

You have the right to revoke the ACH of any company three days before it is due to post.

For unlicensed illegal lenders you only owe what you borrowed. Any fees or rollover charges you have made apply to that amount. It sounds like you have way over paid on many of them.

Hanna,
Thanks for your help. Where do I go from here?

I have paid Loanshop $360 towards $300 also. This loan is paid.

You need to send them all letters stating they are illegal and revoking the ACH and wage assigment.

You can find an example letter here. Scroll to the 13th post to locate it. You need to change it to refect your information and state laws.

What I would do is create the letters and take them to your bank and tell them you have sent the letters out to the companies but they are still debiting money you do not owe and they are disregarding the federal law.

Get that other bank account shut down. It is federal law that you have the right to revoke the ACH of any company and you do not need a reason.

Once it is shut done then send the letters to the companies.

Thanks Hanna. You're quite knowledgeable. Should I try to make an arrangement with Checkngo and Cashnet USA? or should I do a payday loan consolidation to allow them to handle it?

Check n go is a member of CSFA so you can request an EPP with them. It is an extended payment program. They can spread the loan over four paydays. You must request the EPP one day before the loan is due.

You can send just the ACH revocation statement to CashNet USA. You have to send that at least three business days before the ACH is due to post. Then you can make payment arrangments.

If you don't have the three days just close the account. Once the ACH is denied you can contact them to make payment arrangments. They do much like an EPP spreading the payments over three to four paydays.

I LIVE IN FLORIDA, I HAVE OVER EXTENDED WITH PAYDAY LOANS, WHICH ARE LEGAL, LOAN USA, PACK, KINGSTON, LOAN CNTR, ADVANCE, THE LOAN SHOP. MAGNUM, BLM,500 CASH, ONECLICK CASH, CREDITPROTECTION DEPOT, ACE LOANS, PARAGON FUNDING, I WAS CONTACTED BY PDL ASSISTANCE WHICH IS SUPPOSED TO SETTLE WITH THESE COMPANIES, IS THAT A LEGAL COMPANY AND DOES IT WORK.

Some of the loans are not legal. Kingston is not licensed in the US they are located in the UK.

Magnum is illegal, they only have a license in DE.

I am sure many others are illegal as well.

PDL Assistance is legal but you can handle these on your own.

Many of the illegal PDLs will not work with consolidation companies or if they do they settle for much more than you legally owe.

With illegal lenders you only owe what you borrowed.

I took out payday loans with CashNet and PaydayOne and it has been a never ending cycle mainly having to retake out after it is paid off to be able to afford rent or buy the kids food. This is after extending the loans the max. amount of times.
What are my options?? I am being nickle and dimed to death and about ready to lose my mind.

My advice would be to put stop paying on the ACH. Once they can not get the money then contact them and make payment arrangments. Both companies are very good about it and will stretch the loan over three to four paydays.

Okay and do I send them a letter telling them to stop the ACH? If so where do I send them? I dont want to get nailed for more money next Friday.

Sorry to sound dumb but I am completely lost and confused as where to turn next.

I contacted my bank to find out about stopping these ACH thingys and they told me it would be 30.00 each and I needed to know the exact amount they would be taking out each time and the block would last 6 months but the lady at the bank told me it wont help my situation if they change the amount. So she basically told me that I would be better off closing the account and opening a new one which will totally throw off by paycheck and my child support but thats better than the other.
Now I can only assume what to expect next after they cant access that account they will start contacting all those ppl you had to list and my employer. Is there a way to stop that from happening??

Yes you send them a letter.

You can send them via email.

You must send them at least three business days before the ACH is due to post so get them out ASAP.

You may also want to have the ACH blocked at the bank. There may be a fee for the stop payment.

Thank you for your help!!
I am going on Friday to close my bank account and open another one. I am also going to send them a email and postal mail telling them to stop the ACH.
Should I send them something like that example given that you had a link to??

talk to the bank manager about putting your account on deposits only.you are getting a stop payment which doesn't work.these places will change amounts,and even put a paper check through.the manager should have no problem doing this.remember,deposits only status.

Bank of America said that couldn't stop the ACH for my account. They are racking up on overdraft fees on my account. I have changed banks since. I'm considering a payday loan consolidation but some are pricing on their initial fees.

Oh GAWD BoA :x

Try this...

BoA can be hard to work with. Even if you close the account when the ACH hit they will open it back up.

You have to be clear that it is to close and not reopen.

Many posters here have had major problems with them. The only way that some were able to get help was to file a complaint. My best advice to you is to speak directly to a bank manager. Do not take no for an answer.

You have the legal right to revoke any ACH three days before it is due to post. Write up your letters to the illegal PDLs. You can find an example here. Scroll to the 13th post to find it. Change the information on the letter to reflect your information and state laws. The letter includes the ACH revocation and wage assignement revocation statements.

Take them to the bank with the federal law that states you can revoke the ACH. You can find that here under 3(c).

Tell the bank manager that you have been dealing with these illegal lenders and although you have sent them those letters they are still debiting your account illegally and you want it closed down to stop them. You want it frozen solid. No ACH withdrawls what so ever from any company.

Do not take no for an answer. Demand they close it. It is your right and if they don't you are going to report them. Be ready for them to deny your request and give you the run around. Stand your ground.

BoA are horrible when it comes to these things.

If you want to open a new account with them then that is your right but I suggest you find a new bank.

Also read the link in this thread

I have six payday loans in Texas. Some of these companies I have use on and off and paid off for the past six years. I have never defaulted on any of these loans, but I l have paid alot in fees. I am at the point where it has taken a toll myself and family. Each pay period I pay about $1200.00. I have read alot help information on this site. I would like to resolve this finical blunder I create for myself and my family. I am plan on closing our bank account and sent a letter to each of my intent to default. Can they file criminal charges on the check or ach that are return nsf or account closed.

Advance America:
Loans Amount: $1000.00
Finance Charge: $204.55
Total Pay off: $1204.55
4 X???s to pay finance, one more time left.
Due on 12/1/09

Cash America Payday Advance:
Loans Amount: $800.00
Finance Charge: $163.66
Total Pay off: $963.66
4 X???s to pay finance, three more time left.
Due on 11/20/09

Ace Cash Express:
Loans Amount: $1080.00
Installment arrangement: $270.00 @ 4
Due on 11/20/09 will be paid off.

EZ Money Loan Service:
Loans Amount: $700.00
Finance Charge: $142.68
Total Pay off: $842.68
6 X???s to pay finance, four more time left.
Due on 11/20/09

First Cash Advance:
Loans Amount: $650.00
Finance Charge: $1186.27
Total Pay off: $1836.27
Installment: $153.03 for six months. About $98.85 goes to finance and the rest goes to pay loan down. 11 more to go.
Due on 11/20/09

Cash Store:
Loans Amount: $1200.00
Total Pay off: $3269.98
Installment: $326.98 for five months. About $180.00 CSO and 146.98 goes to the loan. 7 more to go.
Due on 11/20/09

The best way to prevent the ACH withdrawal by the payday lender is to close your checking account. Do not trust that by sending a letter they will honor your request. After you close your account (re-open another checking account that they don't access to) then contact the lenders to make alternate payment arrangements using a pre-paid debit card or moneygram.

Quote:

I have been trying to close my account with chase to prevent more payday loans
going through and chase will not. They get $34.00 for every overdraft. Stay away from
chase. You are filling their pocket. I got a payday to help me with my cancer treatments. What a terrible mistake.

I too have gotten myself in a bind with these dang loans, taking one out to help with bills and then thus making a new bill having to take another and another and oh I am in so deep its not funny. My bank was suppose to close the account but decided to do the following email I send to my private banker:
I need to close the sole owner account and the quicker the better. Under Brian???s advice (which should have worked by the way) I contacted the claims department due to 3 different payday loans I got messed up in that will NOT stop debiting my account and keep taking my money or causing OD fees. Brian told me to file a claim on them and dispute the charges which when I called April 13th about 7:30 am and spoke to a young man who said stop payments would be too costly to just put a hard freeze on the account which would not let anything debit against the account. Reference number A210427724 claim ACA 389317 then My paycheck went in, it cleared the account up online, I transferred my paycheck and was coming in to close the account with a 0 balance and it was OD AGAIN! Those charges came thru and were paid and cost me $35 a pop.

I call the claims number 877-548-9230 again and tell them my situation they say he didn???t do it correctly a hard freeze only keeps me from charging??? so they file another claim ACJ782633 with Erin extension 8619 in Phoenix AZ. She was very nice and talked to the senior banker and he agreed that the first banker didn???t give me correct information and they would clear it up and I would get notification in the mail or a call. Fast forward a week I get mail notification of stop payments on two of the three items and a call asking me when I was going to make a transfer to clear up the $450 OD, I explained some of that was supposed to be kicked back and fees relieved as a banker messed up my claims and allowed this to happen. They say ok, notate the account and take my claim numbers. I get another call today and she says the claim has been denied unless I can get a letter from the creditors stating the account is paid in full??? I explain if I could do that I would not have needed them in the first place, they are blood sucking payday loan people and plan to continue to debit my account. She said pretty much you are out of luck and to pursue this outside the bank! I asked for a supervisors she tells me I can???t talk to one. I get a call on my way to lunch and thinking it???s a super, no it???s them wanting to know when I am going to deposit money. I explain to her my saga she says I need to get my bankers (you guys) to close this account to keep it from accruing anymore charges from these people and she was nice enough to put me thru to the managers cue where I left a message and hope to hear something.

Long story I know but I am at my wits end! Can you two close the account now let me know and I will come sign papers and then as soon as they relieve some of these fees and hopefully kick back those charges I will pay the $ left owing and just work with my other accounts?

I need help and quick. Can anyone give advice - I was thinking of a PDL help place but honestly I am ready to hang up the white towel.

Thanks in advance

What's your bank?

Wells Fargo

Try calling this number. 1-800-869-3557

Tell them that you have revoked ACH authorization as per your rights under Regulation E and your branch is not honoring that revocation.

I tried that but they are not honoring this either... I have been going back and forth for 2 weeks with them and now tomorrow these dang places are going to try and debit once again and make my account even more overdrawn :(

Tell your bank to put your account into a deposit only status. Tell them you don't want any debits or checks going through your account. Then tell them that you are going to report them to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank (FRB) and the TX OCCC (Office of Consumer Credit Commission) for not honoring your ACH revocation.

Your bank is breaking the law to make a profit off of you.

[QUOTE] Electronic Fund Transfers

Electronic fund transfers (EFTs) instruct a financial institution to either credit or debit your account electronically. ATM transactions, direct payroll deposits, and online banking are examples of EFTs. To protect your rights in these transactions, the Electronic Funds Transfer Act (EFTA)

• Restricts unsolicited issuance of ATM cards,
  
• Requires institutions to inform you about EFT service terms and conditions,
  
• Requires institutions to document EFTs with receipts and/or account statements,
  
• Limits your liability for unauthorized transfers, and
  
• Establishes procedures to resolve errors.
  

Agreed^ do not use a scamming PDL consolidator.