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Payday loans in Texas

Date: Fri, 03/12/2010 - 12:01

Submitted by anonymous
on Fri, 03/12/2010 - 12:01

Posts: 202330 Credits: [Donate]

Total Replies: 7


I have several payday loans and cannot meet all of these payments.

Fast Money 911 ($350) have paid probably $1800
Blackcard Loan ($500) have paid &875
CashNet, USA ($900 and $350)
MyCashNow ($500) have paid probably $675
First Bank of Delaware ($600 and $550)
CheckNGo ($900 and $350)

Can I revoke ACH debits form some of these? I was thinking of sending letters to the ones that I have already paid so much on and telling them that I had revoked ACH debit rights for them and that I had paid them enough. Please help me to know what to do. Thanks.


Yes, you can send these companies a notice of revocation to initiate electronic funds transaction. This notice basically says that your payday lenders no longer have your authorization to debit your bank account. But you have to be REALLY careful, almost all of online payday lenders will NOT honor these notices and try to debit your bank account anyway. My suggestion for you is to close your bank account completely. Do not put a stop payment on them, because most online payday loan companies do business as other companies as well, meaning they can just use another company name to try to debit you. Once again, remember to CLOSE your bank account.

 On cases like these that you have already paid more than what you borrowed, we are able to settle your debt with your lenders for a very small price, as low as $50 to close the account. If you are having trouble trying to close your account or if you are unsure of what to do, you can send me a message with your contact information and I'll help you out.


lrhall41

Submitted by DebtPay1_Iris on Fri, 03/12/2010 - 14:50

( Posts: 7 | Credits: )


Yeah, do not respond to DebtPay1 Iris......I wouldn't pay him a dime to help you out as it is a scam.

He is right that if you want to stop paying them, close your account.......You should also look to see if these are legal payday loans in your state.....I am sure someone here might know such as PaulMergel.


lrhall41

Submitted by pokertramp on Fri, 03/12/2010 - 16:47

( Posts: 512 | Credits: )


Also all lenders in the state of Texas MUST be licensed. If they do not hold a Texas license, then the contract is totally void as they have acted illegally. You definitely should close your account and open a new one, then check to see if these guys are licensed and if they are not, send them each a letter stating you will pay back the initial loan amount (add up how much you have already paid back and subtract from the loan amount). Inform them that if they contact you AT ALL over this loan, or if they report it to the CRA or send it to collections that you will not pay ANY of it and you will report them for illegally lending money in your state...I think it is a criminal offense but I am not sure..but regardless they were not supposed to lend to you in the first place.


lrhall41

Submitted by goldenbast on Fri, 03/12/2010 - 17:05

( Posts: 2884 | Credits: )


I have payday loans with DJAT for 200 and have paid over 600 dollars, I also have one with mesa for the same amount and the same amount paid. Are these places legal in texas. Please help. I also have one with payday 1 which I know is legal here and one with cashnet which is also legal in texas. Just not sure with the other two and would love to stop paying them. Thanks


lrhall41

Submitted by on Tue, 03/23/2010 - 08:32

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Cashnet has a closed bond with Texas so they are illegal as a CSO and I couldn't find any listing of DJAT at either. Please use these links to check:

Texas CSO bonding: https://direct.sos.state.tx.us/cso/CSOSearch.asp
Texas Lending License: http://winsrv_01.occc.state.tx.us/default.asp

You will have to use a % in the search fields at the end of the name or part of the name as it is picky.


lrhall41

Submitted by goldenbast on Tue, 03/23/2010 - 12:07

( Posts: 2884 | Credits: )


Quote:

Originally Posted by Anonymous
I have several payday loans and cannot meet all of these payments.
Fast Money 911 ($350) have paid probably $1800
Blackcard Loan ($500) have paid &875
CashNet, USA ($900 and $350)
MyCashNow ($500) have paid probably $675
First Bank of Delaware ($600 and $550)
CheckNGo ($900 and $350)
Can I revoke ACH debits form some of these? I was thinking of sending letters to the ones that I have already paid so much on and telling them that I had revoked ACH debit rights for them and that I had paid them enough. Please help me to know what to do. Thanks.

Hi there, payday lenders need to be licensed in your state, check the link below, if they are licensed (and some aren't) they aren't legal:
http://168.39.159.59/default.asp
A CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code), please bear in mind the CSO or Credit Services Organization model (unfortunately) 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.

If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Tue, 03/23/2010 - 12:58

( Posts: 17344 | Credits: )