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are any of theses companies illegal

Date: Mon, 04/26/2010 - 12:06

Submitted by shanna chapman
on Mon, 04/26/2010 - 12:06

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Total Replies: 13


I have 6 payday loans ez loan $875.00, cash america 375.00, cash store 1240.00, cash box 400.00, check and go 875.00, ace 350.00 I have already closed my checking account. What do I do now?:confused:


Quote:

Originally Posted by OVLG Attorney
Whether any of those lenders are illegal depends on whether they are licensed in your state. Most states have an online database of payday lenders who are licensed.




I live in texas. I closed my account last week and they are already hounding me at work. What steps do I take next. I will have to pay in monthly payments that I can afford. Please help.


lrhall41

Submitted by shanna chapman on Tue, 04/27/2010 - 14:20

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EZ loan, Cash America, Cash Box are legal. The Licensee search on the Office of Consumer Credit Commissioner's website didn't pull up anything on the others.

Part of the reason they are hounding you is because you have stopped paying them, and in doing so, breached your contract. I recommend doing what you can to pay your late payments, at least to the ones you are sure are legal, and confirm that the others are illegal. I know you need payments you can afford, but stopping payments is not a good way to get your lenders to settle. It puts you in breach of the loan contract, and makes it more likely the lenders will take you to court. And if they take you to court you could wind up paying penalties in the form of the other party's court costs and legal fees.


lrhall41

Submitted by OVLG Attorney on Tue, 04/27/2010 - 15:22

( Posts: 511 | Credits: )


Quote:

Originally Posted by OVLG Attorney
EZ loan, Cash America, Cash Box are legal. The Licensee search on the Office of Consumer Credit Commissioner's website didn't pull up anything on the others.

Part of the reason they are hounding you is because you have stopped paying them, and in doing so, breached your contract. I recommend doing what you can to pay your late payments, at least to the ones you are sure are legal, and confirm that the others are illegal. I know you need payments you can afford, but stopping payments is not a good way to get your lenders to settle. It puts you in breach of the loan contract, and makes it more likely the lenders will take you to court. And if they take you to court you could wind up paying penalties in the form of the other party's court costs and legal fees.

Would you please post a link where you obtained your information stating these are all legal lenders in the state of Texas, the licensee data base is not operating today.


lrhall41

Submitted by Shazzers on Tue, 04/27/2010 - 18:50

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Shazzers
To the original poster, which "Ace" are you talking about? Ace Cash Express, or Ace Cash Services?


You can go through these links which might help you.

[COLOR=#000000][FONT=Times New Roman][LEFT][COLOR=#333333]paydayloaninfo.org/stateinfo.asp [/COLOR][/LEFT]
[/FONT][/COLOR]

[COLOR=#000000][FONT=Times New Roman][LEFT][COLOR=#333333]paydayloaninfo.org/legal.asp [/COLOR][/LEFT]
[/FONT][/COLOR]


lrhall41

Submitted by Peter Simon on Wed, 04/28/2010 - 08:39

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