Help with TX PDLs
Date: Fri, 05/13/2011 - 12:28
Here's the situation that I'm in and would love some guidance:
-Names of each pdl company.
Magnum Cash Advance
Advance America
Check n Go
First Cash Direct
PayDay One
ACE Cash Express
-Whether they are store front or Internet.
All were taken through the internet
-How much you borrowed.
Magnum Cash Advance -- $500
Advance America -- $900
Check n Go -- $600
First Cash Direct -- $400
PayDay One -- $700
ACE Cash Express -- $750
(All amounts listed is the principal owed)
-How much you paid so far.
(Here's the tricky part... some of these loans I've had since Sept 2010. After reaching the max refinance, they were paid off, but I immediately requested the same borrowed amount in order to 'reset' the refinance counter. Below, I've included the amount paid so far since the last 'reset')
Magnum Cash Advance -- $150.00
Advance America -- $0.00 (last reset was on 4/29/11)
Check n Go -- $0.00 (requested higher amount on 5/2, this caused refi to 'reset')
First Cash Direct -- $1,142.96
PayDay One -- $368.76 (requested higher amount on 3/28. Original loan was on 11/30/10)
ACE Cash Express -- $443.69
-The state in which you reside.
Texas
Wow, I knew that I was in a horrible state, but when you see it all in writing, it sends chills up my neck. I've learned my lesson enough to last a million lifetimes. Knowing that people have been able to get out of this abyss is comforting.
Thanks guys.
As far as I know, Magnum Cash Advance, Advance America as well a
As far as I know, Magnum Cash Advance, Advance America as well as First Cash Direct are illegal whereas ChecknGo, Payday One and Ace Cash Express are legal. You'll be liable for paying only the principal amount to the lender in case of those who are illegal. However, you'll be liable for paying the principal amount as well as the fees and other charges to those payday lenders who are legal in your state. You can negotiate with the legal payday lenders in order to get a payday loan consolidation and get rid of your debts.
Advance America is legal in Texas, as they are operating as a CS
Advance America is legal in Texas, as they are operating as a CSO and are registered with the Texas Secretary of State.
Thanks all! Anna, is there any way to confirm that First Cash D
Thanks all!
Anna, is there any way to confirm that First Cash Direct is not legal in Texas? I know their HQ is here in Texas and even though their FAQ explains what a CSO is and does not state that they are a CSO, I would like to be sure before I direct any thing to them.
This is what their FAQ states:
Q: What is a Credit Service Organization (CSO)? A: A Credit Service Organization, or CSO, helps people just like you obtain a consumer loan from a responsible lender. A CSO is not a lender and does not make loans, but it helps you obtain and prepare an application for a loan with an independent lender.
If this is true, than I have over paid FCD by over $800 as they do not have a 'refi' limit and I have been paying $160 monthly for a while now. If I could have them refund that money, that could and would help me knock out at least one more PDL.
Again, I appreciate everyone's help and I know that a lot our requests are repeats, which makes me even more appreciative.
You can go the the Texas Office of Consumer Credit Commissioner
You can go the the Texas Office of Consumer Credit Commissioner website and verify it, but if they are based in TX and have information about CSO's you can pretty much bet they are registered as a CSO, and with that are basically allowed to charge whatever they want. You can contact your state reps and ask them to support the pending legislation before the texas house right now to close the CSO loophole and help ensure they are unable to continue these practices. Otherwise, legally theres not much else to do. You can contact them and try and work out an extended payment. ACE in particular is great with working with people (I hope the sarcasim shows through, I've got multiple complaints against them currently with the AG, BBB, FTC). Or you can default on the loans, and then they are pretty much forced to work with a payment plan.
I did a search for First Cash Direct with the Texas Office of Co
I did a search for First Cash Direct with the Texas Office of Consumer Credit. The search did not return any hits under First Cash Direct so I searched their website and according to it, they should be under First Cash, LTD.
After enter the search, I received over 50 (if not 100) Master Licensee's along with their DBA's. All of the DBA's direct to First Cash Advance, which doesn't appear to be affiliated with First Cash Direct at all.
Could this be a good sign?
P.S. Thank you StopPDLs for the search!