Please Help, I have payday loans and not sure what is the best tactic
Date: Tue, 06/02/2009 - 19:18
Here's the scoop,
Me and my (now wife) got into 4 payday loans in about a 2 month period, but we have no money every 2 weeks (thats how the loans are done) to pay anything on the principle or the interest and on top of that we have a baby (1st) about to be born (I know shame on us for bringing in a child under financial difficulty; but hey everyones not perfect :D ). About a month has passed and im kind of reluctant to look at my bank account which I am sure is negative by now because I had barely +5.00 in my account before these payday loan sharks started trying to bounce those checks. hopefully I started a 2nd job(not sure when I will start b/c I have not talked with the manager on the days I work) at a pizza restaurant and will probably be bringing in about 400 each month. Sorry for the rambling haha, ya'll are the first im getting help from, I think I may go talk to my credit union tomorrow for assistance. here's my info,
I make 900 bi weekly from my job (but all of my normal expenses takes up all of this :( ) but I am probably about to start working that 2nd job at that pizza restaurant so i may be able to pay "some" money to these payday loans.
My Payday loans are:
Advance America-1200
Check-N-Go-850
Ez Money-1300
First Cash Advance-550
We live in Texas
Thanks for the help guys!
*EDIT* The amount listed next to each loans is about a rough estimation of each loan that we owe now because of interest. Thanks
Apo, Welcome to the fourm. Are these storefront or internet? T
Apo, Welcome to the fourm. Are these storefront or internet? The biggest problem in Texas is that many of these "PDL" 's are licensed or operate as Credit Service Organizations in Texas. If you have paperwork from them, you need to check the paperwork to see if it says Credit Service Organization on it. Please take a look at this thread. There is very good information in it on dealing with these companies.
http://www.debtconsolidationcare.com/paydayloan/cso-texas.html
If I'm not wrong, except Advance America, others are not legal P
If I'm not wrong, except Advance America, others are not legal PDLs in Texas and so should call Advance America and work out a repayment plan with them. However, I'm not sure whether the other three are working as CSOs, because most of these companies operate as CSOs in TX.
If they are illegal PDLs, you need to pay only the principle amount and not the interest and other charges. To deal with illegal lenders, you need to first close your account and then contact your creditor. For more details you may visit http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html .
Just looking quickly, they all seem to be storefront and legal.
Just looking quickly, they all seem to be storefront and legal.
