Need help....Payday loan hell in TX....
Date: Sun, 06/19/2011 - 18:54
I live in Texas.
The payday lenders are:
Discount Advances
Plain Green Loans
First America Credit
Responsible Loan
Ace Cash Express
Check n Go
Integrity Advance
Plain Green Loans ($1600 principal) is a monthly payment for 24 months. Part of the payment goes to principal and part to interest.
Responsible Loan ($500 principal) is an 8 payment plan to pay the loan off.
First America Credit is a line of credit ($1100), and the payment each pay period goes partially to principal, and partially to interest.
Discount Advances ($700 original principal), I paid interest only for 4 paychecks and have paid interest + $100 for the last 2 paychecks.
Check n Go ($1100 principal), I have made 2 interest only payments.
Ace Cash Express ($500 principal), I had my first payment on 6/17. Paid interest + $50 towards principal.
Integrity Advance I just got on 6/15 ($300 principal). First payment will be due on 7/1.
I do not know what to do, and I know it's my own fault, but these payments are now about 2/3 of my paycheck and I can not afford this. I do not want to declare bankruptcy, and I can not close my checking account. I have way to many other things linked to this. I want to do this myself, and have read many of the threads on advice for this.
My question is, if I send a Letter to revoke ACH authorization, will these lenders honor that? Or will they turn around and try to debit my account for the full amount? Also, are all of these lenders legal in Texas? I know Check n Go, Plain Green, and Integrity Advance are, but looking at Texas's payday law, it says $12 for a 14 day $100 loan, and my loan from Integrity Advance is $300 with $72 interest due. Check n Go is a CSO, so I don't think I have any recourse with them on the interest. I fully intend to pay these back, but I need to get some money opened up by stopping these outrageous interest payments. Please, any advice would be greatly appreciated on how to handle this.:confused:
Check out the following page to know about the legal and illegal
Check out the following page to know about the legal and illegal companies in Texas:
http://www.debtconsolidationcare.com/paydayloan/firstcapitalmoneycenter.html
You can also know whether or not these companies are legal in your state from the department of Financial Institution. If they are legal, then you'll be requited to pay the principal amount and interest rates. You are only required to pay the principal amount on the illegal loans. You may send a letter to revoke ACH authorization, but I really doubt as to whether they will accept that. You can put a hard debit check on your account. Negotiate an affordable payment arrangement with your lenders.
OK I have a quick question or comment I guess if the contract is
OK I have a quick question or comment I guess if the contract is still legit with think cash after they sold my loan to plain green then why did they state on my credit report the loan was paid in full satisfactorily and account was closed it noted that also it was sold to another party who plain green has not reported anything to my credit report.