logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Is there anything I can do?

Date: Thu, 09/16/2010 - 20:25

Submitted by anonymous
on Thu, 09/16/2010 - 20:25

Posts: 202330 Credits: [Donate]

Total Replies: 4


Hello,

I am in Texas, and due to medical and college expenses, had to resort to taking out several payday loans. I now have 6, and am drowning in debt. At least half of these are paying back part of the principal each payment though, so I am not sure if there is anything I can do. Can anyone tell me if these are all legal in the state of Texas?

Thinkcash (I'm almost positive this one is legal, and will need to keep making the bi-weekly payments until my loan is paid in full)

First America Credit - portion of payment goes towards principal

Elastic - pays 10% of principal each payment

Responsible Loan - broken down into 8 payments, and will only pay about $150 more than the $400 loan I received.

Discount Advances (nothing goes towards principal unless I request the amount - after 3rd extention will have to pay $100 towards principal each time until paid off)

Check n Go (nothing goes towards principal unless I request the amount - payment due in full after 3 extensions)

I did also have to to PayDayOne back earlier this year, but in May I asked them to work something out with me, and they did, freezing my account where it was at and dividing that amount by 7 monthly payments. I have 2 more left and they will be done.

And advice would be helpful. I do not want to not pay these off, I just want to find out if they are all legal, which I am pretty sure at least half of them are, and if you have any advice if any of them aren't.

Thank you so much.


ThinkCash and Elastic are installment loans. You have to pay them back based on the terms of your loan contract. The only option you have with them is to call and try to negotiate lower payments/interest.

Check 'n Go and PayDayOne are CSOs. It sounds like PDO already gave you an extended payment plan. CnG will do the same. You just need to call and ask for it.

I'm not finding the other 2 as licensed lenders. Were they storefront or internet loans?


lrhall41

Submitted by OhioGal1 on Fri, 09/17/2010 - 06:29

( Posts: 5253 | Credits: )


Thank you for the replies.

Responsible Loan, First America Credit, and Discount Advances are all internet loans.

I had assumed ThinkCash and Elastic were installment loans, therefore would need to continue with the payments as they are. If I can get the other higher ones down, I can pay them off quicker.

I asked Check n Go about an EPP (like PayDayOne worked out with me), but they told me they do not do that in Texas. ??


lrhall41

Submitted by on Sun, 09/19/2010 - 16:57

( Posts: | Credits: )