Help for SIL in TX with Ace and Quick Cash
Date: Mon, 10/17/2011 - 11:12
I've spent the last few hours online learning all I can about payday loans.
I'll spare all the emotional details and lay out the facts.
She is in Texas
She obtained 2 payday loans in March of 2011
one at Ace Express a storefront and legal CSO in Texas for $1200
and one at Quick Cash- also a legal storefront in Texas for $1800
she didn't realize that they don't accept partial payments. All or nothing with them so each week she has been paying a "fee" to renew the loans so essentially she gets a new loan each week and can never get ahead enough to save enough to pay them off entirely.
She came to me as she doesn' t have enough overtime to cover the renew of $334 on the $1800 loan.
I don't have $3000 cash to give her but I could give her enough to pay the fee to renew for a week but I know she won't pay me back and I refuse to perpetuate this cycle.
She has not defaulted on the loans...she was trying to keep her husband from knowing. She came clean with him today as well. However, if she doesn't renew today they will deposit that $1800 check and of course it won't clear.
I did the math and she has paid over $7000 in "FEES" on a principal of $3000....however, I read through all of her contracts and this does look like a legal loophole that means she's out of luck as far as options.
Any advice out there for her. Should she close her account today and let it default and then go through the nightmare of trying to work out payment? She has no where to get the 3K from to pay them off in full, I've already looked at all her stuff. 401K is empty, no credit cards, no credit
Thanks, and fast replies appreciated as next renewal is 5:30 CT today.
Thanks!
My advice is that she first contact the corporate offices of eac
My advice is that she first contact the corporate offices of each of these PDLs. Tell her to explain the situation and ask for the following from each (in order):
If the first doesn't work, go to the next option:
First - see if they will mark it PIF considering the amount of money she's already paid.
Second - see if they will settle the accoutn for less than the balance due, considering how much she's already paid and let her make monthly payments to pay off the settlement amount.
Third - see if they will set her up on an extended payment plan where she can pay monthly to get this paid off. She should alternate the monthly payments so that she's paying on one ever other week (instead of all at once).
If none of these work for her, I suggest she default and work with collections to work out a payoff arrangement. If this is the option she has to go with, I suggest she go to the bank and first put a stop payment on the checks and second, get her account set up on deposit only until she can switch over direct deposits and autopays, etc. They will continue to hit the account after that check bounces, if she's not set up a payoff arrangement with them.
The TX OCCC can also help her. Tell her to call them right away.
[EMAIL="info@occc.state.tx.us"]info@occc.state.tx.us[/EMAIL].
Helpline number is 800.538.1579
Thank you for your response. I did call a lady at the hotline a
Thank you for your response.
I did call a lady at the hotline and she wasn't helpful at all (downright rude!)
but hey! I gave it a shot
Ace was actually quite pleasent when I called the coporate office. They were willing to offer a very reasonable settlement but can only do so once it reaches collections (seems backwards to me but whatever)
Now she (sister in law) needs to decide what to do on that one.
Where I'm running into some problems was trying to contact the lender at this QuickCash place. Some guy named Ron Riley with a little LLC and a po box and no number. The guy at the storefront got nervous when I started asking questions about how to contact the lender.
I assumed that because a place has a store front they are legal...is this a correct assumption?? Turns out this place is just a two shop local organization
CashNOw Financial services LLC, dba QuickCash loans
can't seem to find any information on them. Any suggestions??
They didn't seem to want to do a payoff, just kept asking "what can you pay today?" and renew the loan. They didn't seem to understand that we don't want to renew the loan
so frustrated with her and these payday things.
are all storefronts legal?
Hi all,
I posted a few back about helping my sister in law in Texas with her payday loans.
We have the Ace Cash Express figured out.
However, I am going to talk to her other place in person tomorrow to talk the these yahoos and I want to sound as educated as possible
I tried to contact the lender
a Ronnie Riley business with nothing but a PO box in krum texas
I looked up on the OCCC in texas for the storefront
CashNOW financial services llc, dba Quickcash loans
and found nothing, with several searches, for a license.
My husband pointed me to the state comptrollers website and the business is in good standing but it was traced to an individual living in a residential apartment a city over.
I'd like to go in and negotiate with these people given that she has already overpaid her principal and not pay an additional $1800 to pay in full nor renew her payday loan. Her bank account has already been closed.
When I tried talking to an employee of the store they just wanted to know"what can you pay today" to extend the loan. They didn't seem to get that I want to settle.
my question for you all is, just because it is a storefront, does that make it legal in my state of texas?
Can I request to see their CSO license before forking over any money to help her?
Thanks!
You should contact with the Texas Office of Consumer Credit Comm
You should contact with the Texas Office of Consumer Credit Commissioner to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:
# Address - 2601 N. Lamar Blvd. Austin TX 78705
# Phone - (512) 936-7600
# Fax - (512) 936-7610
You will be accountable for both the principal and interest if the lenders are licensed to operate in your state. You may get help from a professional debt relief company, if it seems difficult for you to payback the debts in full. You can get rid of the debts by paying only the principal amount, if they are not licensed in your state. Since you have paid them more than the principal, then ask them for the refund. Illegal lenders can???t take any legal action against you.
CSO licenses are on the TX Secretary of State's website, which i
CSO licenses are on the TX Secretary of State's website, which is why you couldn't find it on the OCCC site. They are licensed as a CSO in TX. The OCCC can probably still help you with this. I would contact them and ask for assistance in how to settle the account.
License info is as follows:
Name: CashNow Financial Services LLC dba Quick Cash Loans # 1
Contact:Hai Hoang
Location:8820 E Main St, Ste 100, Frisco, TX 75034
Mailing Address:8820 E Main St Ste 100 Frisco, TX 75034
File Number:20100079
Status:Renewal
Expires:7/28/2012
Account Bond:93BR U5867
Surety Company:STATE FARM FIRE & CASUALTY CO
Additional Locations:[URL="http://javascript:showAdditionalLocation(20100079)"]2[/URL]
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