payday loans payments

If you use PDL Assistance they are going to charge you a fee, usually a % of the total amount owed to settle your debt. This % comes off the top, meaning you pay them first before any settlement with the PDL Companies begin. They will ask you to open a separate checking account and make deposits until you reach the % owed to PDL Assistance. Then they will withdraw the funds. Then you start making deposits all over again until you have enough funds to pay the PDL companies.

A Cease and Desist letter:

There are ways by which you can stop harassing phone calls from collection agency. One such way is to send a Cease and Desist Letter to the collection agency thereby requesting them to stop contacting you. Given below is a sample Cease and Desist Letter.



Cease and Desist Letter to collection agencyYour Name
Your Address
Your Phone#



Collector's Name
Collector's Address
Date





Dear Collection Manager,

Re: Account Number__________


This letter is a written request asking you to cease and desist in your efforts to collect on the debt account as stated above. It is my personal choice to deal with the original creditor and not the collection agencies.



Thus, I request you to cease collection efforts immediately or face legal actions under the state/federal laws. I hope you would consider giving this letter the attention it deserves.


Yours truly,

Your Signature
Your Name

Texas is a little different as some pdl's operate as CSO's. Do you happen to know if any are cso's? cashNetUSA is going to be legal. LoanPointUSA is up for debate. I have them myself and supposedly legal in certain states but all of thier practices with me have led me to believe they are operating illegally. Thier parent company is GenevaRoth. There is a GR that is licensed but in all of my research I am thinking that it is not the same GR. So I have treated them as if they are illegal. The other 2 I am not familiar with but you can search them in the box on the top right of this page and see ehat others are saying about them.

You can do this yourself it just takes a little time to research it and get a plan of action together. Most of us have done it ourselves. Read the sticky about dealing with illegal pdl in the 13th post down is a sample letter you can send adjusting for your state and situation. The first thing you will need to do is close your bank account so you can get control back over your money. There is also a sticky about that. Feel free to ask any questions along the way!

I've seen CSO mentioned a few times throughout these forums' but what does that mean?

I believe it stands for Credit Service Organization. In some states the pdls can be a cso which is legal. That can't do that in my state so I am not sure on all the ins and outs of it.

This Payday loan system stinks! At least for me. I am going to close my bank (wamu/chase) acct. And try to settle my loans on my own, but my other question is should i first contact the paydayloan companies in advance? I read someone else's post where they had mentioned the payday loan companies can't make any arrangements until it is in default.?? And after reading so many post, i'm pretty sure i came to the right place to ask advice. [/font][color=Red][/color] :cry:

Chris

Relist your loans with the name, amount borrowed and amount paid.

Thx

Cashnet USA-$300, Loan Point USA-$300, Everest $300, L&G $160. These are amount that i had initially borrowed. So it has been about 2-3 months of paying interest only.

Chrismarie1225,

"but my other question is should i first contact the paydayloan companies in advance?"

NO! If your checking account is still open when you contact the PDLs they will try and hit your account before you have the chance to close it.

Secure your funds (close your account) before you give them the heads up you are closing it.

Basically, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services:

*Improving a consumer's credit history or rating
*Obtaining an extension of consumer credit for the consumer
*Providing advice or assistance to a consumer regarding the previous two services

Please bear in mind the CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED.

If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names.

Are CSO's more protected i guess by the law from being unable to collect funds from your checking acct? Do they have more rights as a payday loan company to come after you?

Are CSO's more protected i guess by the law from being unable to collect funds from your checking acct? Do they have more rights as a payday loan company to come after you?