I need help!!! Please advice!!!! :(

The first thing you need to do is close out your bank account and forward ACH revocations to all your payday loans. Ace Cash Express is legal in Texas but they are regulated and that seems like by calling it an installment loan they got around Texas regulations regarding rollovers. I think what Ohiogal would ask you to do is list out all of your PDLs with company, amount borrowed and amount paid so that people can help. This is a great community and no judging here - we have all been there or are there so take a deep breath -- it will be okay!

By the sounds of things, the OC took out an installment loan to cover the payday loan...,would be nothing illegal about that.,

Unfortunately, payday laws in Texas aren't consumer friendly as they can operate as a CSO and use that loophole....hope this helps

Texas laws:

Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:


It has been my experience that they won't entertain a settlement until you actually default but once you default the interest/fees stop so you don't have to keep paying the renewal fee every two weeks and get nowhere on paying any toward principal. (This was my experience on a legal PDL in Texas.) I did have to pay the original amount of $500 plus the renewal fee that was due at the time of default of $157 (even though I had already paid over $600 in renewals), but I was able to work it out into monthly payments that I could afford and there were no extra fees/interest on top of it.

Defaulting is scarry, but you can't be arrested for debt. Being able to buy groceries and pay your rent is definitely more important in the big scheme of things.

Hi!! Thank you so much for your feedback and nice words. Somehow I still dont feel the ease of "it will be okay"... I wish I did though. Due dates are around the corner and I dont know what steps to take. Can you explain what ACH revocations are? And how I can do that?

On a side note, I am so embarrassed to list what I did. Its ridiculous! I am so angry at myself for getting myself into what I did!

Can I ask you another question, I have another PDL loan with BestChoice123 for $700 and I seem to Continue to pay over$200 dollars biweekly and I don't think my balance is going down. Apparently, a small amount goes to the principle and the rest goes to fees? Please advise.

Thank you,

Alicia

No need to be embarassed.....

In all honesty, Soaplady or Ohiogal is more knowledeable about the leagilty of the various companies, especially if they are internet based. Once you close your bank account so they can't debt anything further, you need to send a letter (there is a link in Ohiogal's signature line) to each of your PDLs that revokes the ACH authorization and is also a cease & desist (asking for everything to be in writing). In most cases you can email this to them. Once you do this they will most likely still try to ACH your account so make sure your new account isn't linked in anyway.

I will let the more experienced members take it from here.

Bestchoice 123 is an illegal lender... looks to me like a front for plain green loans. Add up what you have paid biweekly and we will determine if you owe any more or if they owe YOU money.

Hi waffles,

Thank you for your response. I am so lost I do not even know what to do. BestChoice 123 is illegal in Texas?

Thank you

Alicia

Yes they are illegal. Follow the guide in my signature for how to deal with illegal loans.

Hi Everyone,

I posted a comment earlier today and about my ACE payday loan into installment loan. I also emailed ACE and explained what they are trying to do. They send me a response and this is what they answered. Can you guys PLEASE let me know if I should agree with this.

" Regarding your recent payday loan conversion to an installment loan, it is important to review the documents that you are agreeing to before agreeing to them. To assist you In this particular instance, we can close the installment loan today, but doing so will result in a request in the amount of $1,796.68 being sent to your bank for payment tomorrow. If your loan returns for non-payment, it will be placed into collections status and you can work out payment arrangements with them.

If this is the action you would like for us to make, please reply to this email with your consent and I will set this up for you."

Obviously, I do not have this kind of money and that is why I am asking for guidance. It will cost me the NSF fee and the uncertainty that if they cant split the payments into smaller manageable payments, I will be back in the same situation. However, that seems more hopeful than the $2700+ that they want to charge me.

I have a deadline of today. Can anyone give me advice and thank you so much!!!

Alicia

Revoke ACH rights with them and force it automatically to collections. It's either that or they send the full amount through costing you an overdraft fee and then some.

You guys gave me great advice yesterday, THANK YOU SO MUCH!!

I have two other questions and I really need your guidance. Can you please reply and help?

I have another PDL with TLCFASTCASH, the first question is it illegal in Texas?
Secondly my original loan was from 5/11 for the amount of $200, since then I have made 30 payments of $79 and two payments of $158, totaling $2686 dollars!!!!!

This is crazy, I didnt even see that coming :confused:!!!!!!!!

When I went in to check online it doesn't really tell me much, but that I am in collections and that I owe $437. What do I do next???!!! :(:(:(:(

I also have another PDL from Paydayaccelerated, is it illegal in Texas?
I took this loan out on 4/2012 for the amount of $800 and have made 6 payments for the amounts of $240, $240, $290, $275, $260, $245, totaling $1550.

I emailed them to send me payment dates and amount and how much from my payments had gone to my principle and this is what they responded:

"Hi Miriam, we have sent you a copy of your original loan agreement. We don???t have a payment history report so you should be able to see this on your bank statements."

Is that fishy? :confused:

If you guys can please respond, with what to do I will be so grateful!! I really need to get my life together again.

Alicia

You sent me the Texas Laws yesterday, thank you very much!!

However, I really do not understand what it means.

I posted earlier that I have a PDL with Paydayaccelerated: I took this loan out on 4/2012 for the amount of $800 and have made 6 payments for the amounts of $240, $240, $290, $275, $260, $245, totaling $1550.

When I asked me to send me records of the payments I've made they said that they do not have history of it.

Well it makes sense now, I have copied and paste information found on my loan agreement. I think they are out of the country. :(

Can you or anyone out there take a look and tell me what should I do? I am desperate!

Read Below:
ANNUAL PERCENTAGE RATE
The cost of your credit as a yearly
rate.
995.455%
FINANCE CHARGE
The dollar amount the credit will cost
you.
$240.00
AMOUNT FINANCED
The amount of credit provided to you
or on your behalf.
$800.00
TOTAL OF PAYMENTS
The amount you will have paid after
you have made all payments as
scheduled.
$1,040.00
Payment Schedule: Prior to your loan being due on May 4, 2012, you will have three payment options:
1. Renew the loan. In this case, we would just collect the service fee of $240.00 on the due date.
2. Pay back the loan of $800.00 plus the service fee of $240.00 on the due date.
3. Pay back a portion of your loan and your service fee of $240.00. This is a convenient way to pay back your loan over a longer period
of time and reduce your fees.
Security: You are giving a security interest in the ACH Authorization.
Late Charge: If your payment is late for a period of 15 days or more, you will be charged $25.00
Prepayment: If You pay off early, You will not have to pay a penalty.

Also:

SECURITY.Pursuant to Comment 2(a)(25) of the Federal Reserve Board Official Staff Commentary to Regulation Z ??? 226.2, we have disclosed to you
that our interest in the ACH Authorization is a security interest for Truth???in???Lending purposes only, because the United States and its State's laws do
not clearly address whether our interest in the ACH Authorization is a "security interest".;

And:

DEFAULT, GOVERNING LAW, ASSIGNMENT and EXECUTION. You will be in default if you do not pay us the total amount due, plus any applicable late
charges under this Loan Agreement. This Loan Agreement is governed by the laws of Belize, except that the Waiver of Jury Trial and Arbitration Provision is governed
by the Federal Arbitration Act ("FAA"). We may assign or transfer this Loan Agreement or any of our rights or obligations hereunder. If this Loan Agreement is
consummated, then you agree that the electronically signed Loan Agreement we receive from you will be considered the original executed Loan Agreement, which is
binding and enforceable as to both parties

Thank you All in advance!! I really could use the guidance. Due dates are around the corner.:(:(:(

The above loan is illegal. It is in violation of Texas laws. Follow the link in my signature line like we have told you before. Do ACH revocation, email it to the PDL and then give a copy to your bank. Close the bank account account and open up a new one.

THANK YOU! THANK YOU! THANK YOU!

Were you able to read the one about TLCFASTCASH? Will I be able to do the same and ask for a refund?

Original Loan: $200
Payments Made: 30 payments of $79 and two payments of $158
Total paid: $2686 dollars
Status of my loan: Collections for $437

Please advise. Thank you again.

I am taking care of everything tomorrow because I can't today.

Again, THANK YOU!

YOu can demand a refund... they may or may not apply.

HI Everyone,

After reading some of your responses, I have done my research on some of the PDLs I have. I have two questions though.

1) I am so embarrassed to contact payroll to let them know of the wage garnishments, do I really have to? What if I get in serious trouble at work for that?

2) If I submit this letters, will I be getting calls at work? I do not want to be contacted at work since I work in a small place, many cubicles around and the reception area is right there. People will know my business. :(

3) Can I send an email to any of them attempting to negotiate by telling them I have already made enough payments and to call it paid in full and that I know that they are illegal. With out having to send ACH revocation letter or having to close my account?



I also have the following question:

The one that makes me the most angry is the one from TLCFASTCASH!!!

Original loan: $200
Payments Made: 30 for $79 and 2 for $158
Total Paid: $2686

Their website contains no email to send ACH revokation email. There is a link to submit a customer service ticket and I have submitted two requesting loan details and payments made and I still have not received responses.

Anyone know the email address or address?

Any feedback you can give me will be greatly appreciated!!!

Hi there!

First of all THANK YOU SO MUCH for your feedback and patience and words of encouragement. I emailed two of my 4 PDLs and received a response from one of them.

I logged into my account and there was a response that said to refer to my loan agreement and that even though I was in TX the contract was not from there. They denied a refund and said:

"As a goodwill gesture we will be closing the loan, however, no refund is due nor will any be considered"

YAY! When I checked my account status it said SUSPENDED.

Am I on the clear, or should I still be worried??????

I sent a secure message to my bank letting them know about the ACH revokation and waiting on a response from them.

THANK YOU!! One down (I hope) and three to go!

Sounds like you're in the clear on that one. You really should CLOSE your checking account or at least have them assign you a new account number.

I was in the same position and i got help at relief1debt.com. They helped me consolidate all of my bills and instead of me paying $700.00/month i now pay $275.00/month. They also helped me with my mortgage as well. You should contact them for help. It's really worth it. I will be completely debt free in another 2 years.:d