Texas - PayDay Loan Problems...

Not sure what happened to my original post but here is my concerns and question:

My wife has the following payday loans: I have called the corporate offices of each company to ask for EPP, and not one of them would allow it. The ones that said they could make arrangements said that the loans have to go to collections first, and then the will make arrangements. My wife's loans are due this coming week, and we do not have the money. She has not defaulted any of the loans... is closing the checking account an option, if we act swift on the arrangements after accounts are closed, will she face any criminal charges?
I was up all night trying to figure out our finances to see if we could press on like this, but with everything, there is no way she can pay the extending fee's, and allow us to have money for actual necessities. All info is appreciated.


I know all of them are legal, and are apart of the csfa, but they do not seem to want to allow a payment plan, other than saying show up on the due date, and pay an amount that's more than the extending fee's. I was told by check into cash, that they are apart of the csfa, but they operate as a CSO in Texas.



Speedy cash----------------960.00
Check into cash----------340.00
Ace Cash Express--------480.00
Ez money ---------------- 750.00
Payday Advance/cash america-----------1250.00
Advance America --------750.00




Thanks in advance.
Jeremy Richardson

Your original post is here :), I am reviewing your post and will reply shortly.

The TX payday loan law does not specify if the payday loan lender can initiate a criminal action if a borrower is unable to pay the loan, therefore I wouldn't close my account, if I were you. If you have already spoken with someone at the corporate offices then it may be necessary for you to default before they will actually set up a payment plan.

I'm researching your CSO's, will return shortly.

Unfortunately, CSO's are only required to register with the secretary of state, and their fees and interest are not regulated! The only option you have is to default on your loans, which I think is ridiculous but it's just another way for these companies to leech money out of their customers. I wish I had better news for you. :(

Shazzers, Thanks for response.

If my wife defaults the loans, couldn't they still deny a payment arrangement? And come after her for the check as a bad check.

yes! in my case I had loans with all of them too and they told me I had to default first in order for them to help me, America Advance allowed me to skip a payday and go and pay on the next one, then i payed the interest and then on i defaulted once and they allowed me a payment plan :) Good luck with Ace Cash Express, they will not work with you that easy and harrass you! I recomend writing to the corporate office as soon as they refuse to take a payment plan!!!! make everything in writing, no phone whatsoever!!

Shazzers,

If we closed the original bank account, and then promptly contacted all the companies to set up the arrangements, could they still seek criminal action? The fear I have is, them sending all the checks through, and causing further chaos with our finances. Or am I looking at this the wrong way?

Thanks Paulie, funny thing is Ace is the only one that seem to be willing to work this out right now.

When you went through this process did you close your banking account?

Quote: