PLEASE help with PayDay Loan nightmare!!

I checked the license database for Texas "http://168.39.159.59/default.asp" and found only Arrowhead funding to be licensed. So you need to pay the principle amount borrowed along with interest and other charges only to Arrowhead and not to others, because the rest are not legal. To know how to deal with illegal payday lenders, you may visit http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html .
What I think is that, you should first pay off Arrowhead and then the illegal ones, because even if you pay the illegal ones later, there would be no interest charges and you need to pay only the principle amount.

I had put a stop payment on 2 of my loans for any and all future debits. the bank charged me $20 each but it was better than getting charged the finance fee plus the additional 50 towards principal for each loan. ask your bank about this "stop payment" and how it works. Because I did this, those 2 loan companies got their money on my terms, when I had the money to give them. I had also provided the bank copies of e-mails I sent to show that I revoked ACH transactions in advance. 2 other loans I had, I just called up and made payment arrangements using a pre-paid card. and yet another 2 other loans I had, i more than doubled the amount I borrowed so I e-mailed them saying I was in financial distress and demanded that they mark my account as paid in full and they did. I'm not allowed to borrow from them again which is fine by me. I have seen many times about people on this site have put a hard debit block on their accounts and also closed their accounts. in my case, i had household bills and a bank loan that came out of my account so I couldn't close my account but just sitting down with the bank and talking with them about my situation was what helped me. they were totally on my side. I reduced 7 payday loans to 1 because i gave them money when i had it, not because they threatened me.

SC the OP lives in Texas where storefront PDLs are registered as CSOs. You will not find them in the PDL database because they are not regulated by PDL laws. Please be careful when posting information.

Check N Go - Legal Licensed lender

Payday One - Legal Licensed lender

Speedy Cash - Legal Licensed lender



PayDayMax - Illegal lender

Zip19 - Illegal lender

Cashnet - Illegal if not Cashnet USA

Arrowhead - If Arrowhead Investment Illegal lender

MyCash Center and Cash Diect Express are these internet or sotrefront loans?

You need to be very careful of putting stop payments on these. If after a whlke the pdl can not get in due to a stop pay, they will simply use one of their other trade names to go in and get the money. Or they will just change the amount by a cent or two. The only way to be safe is to either close your account, or put a hard debit block on it. Stop payments will never really work.

Quote:

Correction to my above post. Arrowhead Investment is licensed in KS I believe. The state of Texas still requires a lender to be licensed in their state. So Arrohead would still be considered Illegal.

Thanks everyone!
Cool Abyss, sorry I should have been more clear...it is CashNetUSA!

So I am making arrangments to stop my employers direct deposit for Thursday (same day all of these will hit). Once I have done that should I just close my account. Should I send letters to all of the illegal companies before or after Thursday?? Should I call the legal ones and try to set up a payment plan??

Sorry i was not logged in.

Thanks everyone!
Cool Abyss, sorry I should have been more clear...it is CashNetUSA!

So I am making arrangments to stop my employers direct deposit for Thursday (same day all of these will hit). Once I have done that should I just close my account. Should I send letters to all of the illegal companies before or after Thursday?? Should I call the legal ones and try to set up a payment plan??

Thanks for all of the help!

Quote:

I have not been contacted regarding my debt consolidation, could someone please contact me.

[email]heatherm46@hotmail.com[/email]

Payday One is not a CFSA member, but they have been known to set up payment arrangments with customers. Call them explain your situation.

Cashnet USA and Speedy Cash are members. They will offer the EPP as I posted in the above link.

Thank you sooo much!!

Your welcome!

Update:
I closed my account and shot out emails to all of the illegal pdls using the altered template. I called all of the legal ones (CSOs) and basically they all said the same thing: call them back on Monday (once the ach has been kicked back to them) and they would be happy to work out a payment plan. That was a pleasant suprise....we'll see. So far I have had no calls from the illegal ones, but I did get an email from Dennis at arrowhead investments in which he argued that they were legal, Deleware law supercedes, I sought them out, etc......and then said that if I did not pursue complaints against them, they would leave me alone, converse over email, and be fine with a payment plan by money order! Yeah. The only one that concerns me is PayDayMax because they have no email so I had to fax to what I hope is their fax number. I will update again when I hear more! Thanks again for the help.