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PDL decision to make?

Date: Wed, 02/04/2009 - 12:45

Submitted by timothy.ly
on Wed, 02/04/2009 - 12:45

Posts: 59 Credits: [Donate]

Total Replies: 8


Ok.. For anyone who isn't familiar with my situation.. I live in Texas.. I have 11 payday loans. They are all internet loans not store front.. Out of the 11 payday loans.. 6 of them are illegal.. I have figured out that I owe next to nothing to them because of the fees that I've paid. The other 5 are all legal companies.. (Paydayone, Check n go, Ace cash express, First cash ltd and Cashnetusa.)

My question is.. can I handle the illegal ones myself sending them letters to revoke ach and then consolidate the other 5 with a debt company? Or should I try and do them all on my own. I see no point in consolidating the illegal ones when I can handle them on my own because I've basically paid them what I owe them anyway. I am a little fearful of handling the legal companies on my own. Thanks in advance.


I am no expert on this subject but I do know there are legal licensed pdl companies that will tell you they will not work with a debt consolidtion company but I believe there are members here who have been successful. They may still threaten you but they also want to get paid. Do your research on the company you choose to represent you with this as some are better than others.


lrhall41

Submitted by kfstaff24 on Wed, 02/04/2009 - 15:12

( Posts: 1448 | Credits: )


Yes, you can do it on your own, or at least try first.

Send the form letter found on here to the illegal ones. Then contact the legal ones and work something out with them. I have personally dealt with Check n Go, CashNetUSA and they were great to work with.

I do believe that PaydayOne is ILLEGAL, do a search and find out from other posts

I would NOT recommend the PDL consolidators, they are just as much of bottom feeders as the actual PDL loans.

Also, make sure you follow the instructions on what to do before you close your account. My recommendation is to close the account 1st, then fax, email the ach revocation letters.

I've had luck with all 11 of my illegal loans.


lrhall41

Submitted by on Wed, 02/04/2009 - 15:24

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I know that.. I already worked out payment plans with Payday one. They are one of the ones listed on my "legal" loans list. I am doing on my own. I decided it was best and it's working out. All of the Legal companies are willing to work with me.. and I'm writing up my ACH revoke letters to send to the rest. Thanks again!


lrhall41

Submitted by timothy.ly on Thu, 02/05/2009 - 01:47

( Posts: 59 | Credits: )