Are Internet PD Loans Legal in TX?
Date: Tue, 10/11/2011 - 18:00
Submitted by completely drained
on
Tue, 10/11/2011 - 18:00
Total Replies: 7
We are just getting on our feet and we honestly do not have the money to pay them right now. Are the loans legal here? If so, does anyone know a good consolidation company to go through? If not, how do we stop all of these calls?
Hi, The Texas Office of Consumer Credit Commissioner will be a
Hi,
The Texas Office of Consumer Credit Commissioner will be able to let you know whether or not your payday lenders are licensed to operate in your state. However, it is a fact that payday lending is legal in the State of Texas. If you find that your payday lender is licensed to operate in your state, then you can contact the local debt relief companies and take their assistance in consolidating the payday loan. You can find a list of debt relief companies in the given page: http://www.debtconsolidationcare.com/companies/usa-listing/ . You can take a look at it and you may choose a debt relief company from this list.
Take care.
before wasting money on debt consolidation companies, who did yo
before wasting money on debt consolidation companies, who did you borrow from?? Are they even legal????
Please tell us the name of the pdl companies from whom you have
Please tell us the name of the pdl companies from whom you have taken out the loans. Then, we can tell you whether or not these companies are legal in your state. If these companies are illegal, then you only have to pay the principal amount. You won't have to pay the interest or fees. The legal companies can take legal action against you for non-repayment of debt. They will call you time and again till you repay the loans.
I agree with my previous posters. If you find that the lenders a
I agree with my previous posters. If you find that the lenders are licensed, then you will be accountable for both the principal and interest. If you are in a financial hardship to repay your debts in full, then you may try to arrange a better repayment plan with them. Otherwise, you can get rid of the debts by paying only the principal amount, if they are not licensed in your state. Illegal lenders won???t be able to take any legal action against you.
List of Loans
Here is a list of the loans I took out..
Western Sky (online)
EZ Payday Loan
Check N Go
Ace
Purpose Cash (online)
My Next Payday (online)
Namakan Capital (online)
Archway (online)
SLRRidge (online)
JHS Marketing (online)
SSM (online)
I have listed the loan companies.. Do anyone know if they are le
I have listed the loan companies.. Do anyone know if they are legal or not?
EZ Payday Loan, Check N Go and Ace are legal. The rest are not.
EZ Payday Loan, Check N Go and Ace are legal. The rest are not.
[FONT=Arial]First you need to close your checking account and get a new one.
If you're having difficulty paying the legal lenders, ask them to put you on an extended payment plan. They should break up your current balance into 4 equal payments, due over your next 4 pay dates. No further interest or fees will be charged.
For the unlicensed/illegal lenders, you should only repay the principal amount of the loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. Follow the advice [COLOR=blue]in this thread[/COLOR] to learn how to deal with illegal lenders. You will find sample letters and other useful information, shared experiences, etc. If you???ve overpaid, ask for a refund. Be sure to include ACH debit and Wage Assignment revocation language when you send your letter.
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You can also contact Ann Harrington of the TX OCCC regulatory agency below for further assistance:
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Direct contact:
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Ph: 512-936-7619
[FONT=Arial]Email: [EMAIL="ann.harrington@occc.state.tx.us"]ann.harrington@occc.state.tx.us[/EMAIL][/FONT]