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This is my second post. I didnt know what info to list until I read some other post.

I live in Texas, all loans are store front loans only. From other info gathered and given these are CSO's not payday loans. I don't fully understand what the difference is??

I have five loans, they are:

Ace
Original Loan Amount: $1000
Principle Due: $800
Finance Charges: $163
Total Pay Off: $963
Total paid in interest and priniple: $568
I've had this loan for several months, more like closer to a year, renewing when time expired.

Advance America
Original Loan Amount: $700
Prinicple Due: $700
Finance Charge: $143
Total Pay off: $843
I just renewed this loan so no interest has bee paid. My original loan with them was $1000, interest paid on the first loan was $958

First Cash Advance or Fast Cash
Original Loan Amount: $700
Finance Charges: $165 ( they add $50 to principle each payment)
Ace,Advance America,Fast Cash This amount is new loan, my first loan was $900, they do not have a set time frame on when the loan is due so when I've paid the principle down I've borrowed up each time.
I've paid them several thousand, around $8000, in finance charges over the past year.


Check-n-Go
Original Loan Amount: $645
Finance Charge: $131
Total Pay Off: $391
Total Paid in Interest & Principle: $653
This loan is due for pay off on the 29th, I'll have to renew it to make my rent??


EZ LoanOriginal Loan Amount: $740
Finance Charge: $152
Total Pay Off: $265
Total Paid towards principle & interst: well over $1000

I can no longer keep the payments up on these loans. I'm drained. None have defaulted YET, but three are due tomorrow and I will have to choose between rent, lights, and food vs. payday loans. Guess whats going to win?? Rent!!

My questions are:
All these loans where secured with a check, not post dated. Can I be charged with anything, I do intend to stay in contact with them and pay the off.

It is wise to close my account? I'm going today to talk to my bank. I caould leave the accout open, let them put the checks through then take out a take charge loan throuhg my bank and just pay them back??

I've had to create a spreadsheet just to keep up with my current bills and these loans but if I do not let them go I'm screwed! I've figured out I've paid almost $14,000 in interest, fees, and payoffs in the past 12 months.

I'm so confused and scared not to mention horrified with embarrasment.




I believe the first thing you should do since these are all storefronts is go in and ask for an extended payment option BEFORE you default. I am sure Shazzers or Goudah will be along to help.

Chin up, we all are getting through it!

Sub: #1 posted on Thu, 08/21/2008 - 07:09

julie_1972 julie_1972

(Posts: 42 | Credits: 7.64)

[quote]What is a CSO Credit Services Organization
In essence, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services:

Improving a consumer's credit history or rating
Obtaining an extension of consumer credit for the consumer
Providing advice or assistance to a consumer regarding the previous two services

An important aspect of the CSO or Credit Services Organization model is that there IS NO LICENSING required by the state! CSO's are required to "REGISTER" with the Secretary of State, they are NOT licensed, AND THEIR FEES ARE NOT REGULATED.

How does the CSO Credit Services Organization work with payday loans?

The CSO Credit Services Organization operates as a broker, much as they did when partnering with the banks (payday loan bank model). The Texas Credit Services Organization Act (CSOA) allows the payday loan lender to register as a CSO and act as a loan broker. Thus, the CSO, previously a payday loan company, can make loans via consumer lending companies that are UNREGISTERED and UNLICENSED. The CSO Credit Services Organization acts as a broker for the consumer in need of funds by issuing a "letter-of-credit" on behalf of the consumer to a lender. This third-party unregistered lender funds the "loan" brokered by the CSO "broker".

Typically the CSO Credit Services Organization collects 3 fees:

A referral fee for referring the consumer to the unregistered, unregulated lender that actually funds the "loan". This is not stipulated by any law but is currently $20 to $30 per $100

An application fee for filling out the CSO documents; typically $10 per $100

The interest on the "loan"; Texas state law caps this at $10 per $100.

The CSO Credit Services Organization model arises from a U.S. Fifth Circuit Court of Appeals opinion, in Lovick vs. Rite Money, which held that payments to a registered CSO loan broker could not be treated as interest[/quote]

Sub: #2 posted on Thu, 08/21/2008 - 07:36

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.94)

There is no EPP available in this situation.

Your going to have to take the leap and default. It's the only way for you to take back control of this situation.

Sub: #3 posted on Thu, 08/21/2008 - 07:38

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.94)

This site has been very helpful and I want to thank everyone who has ever posted on this site. I gained a huge amount of information.

I contacted T & C aka Town & Country and they were fast and very helpful. Not only are the willing to help me with these payday loans but also my school loans and all other outstanding debt I have. They approved me and faxed the contract all within 30 minutes. My payments are very affordable and they have flexible payment options, weekly, bi-weekly or monthly.

Anyone who is dealing with payday loans and can't see a way out should give these people a call. I'm not sure how they are yet but from what I've read on this site and talking to them on the phone I have my fingers crossed.

I'll update my progess with them for other people looking for a way out.

I don't think I can list the numbers on here from what I've read but if you do a search in the upper right side of the screen, you will find the numbers on this site.

Sub: #4 posted on Fri, 08/22/2008 - 12:18

Unregistered


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