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Payday loan help

Date: Wed, 08/29/2012 - 15:21

Submitted by anonymous
on Wed, 08/29/2012 - 15:21

Posts: 202330 Credits: [Donate]

Total Replies: 17


I have gotten stuck in the payday loan roller cycle. I am not sure how I got here, but i wan out fast. I live in Houston, Texas and have 3 payday loans:

Cashnetusa 1800.00/328.38monthly
Pay Day One 1200/301.56 monthly
Ace Cash 900.00/ 278.32monthly

I only get paid once a month and the fees along are close to 1000.00 monthy. How can I stop this cycle, I don't want to take out another payday loan, but I cannot meet my essenttial bills (gas, water, lights, mortgage) Any advise will help, I have even looked into debt relief programs.


You are required to pay back only the principal if they are illegal. But you will have to bear both the principal and interest, if they are licensed in Texas. In this case you may enroll in a payday loan consolidation program to replace your multiple bills into a single monthly payment.


lrhall41

Submitted by on Thu, 08/30/2012 - 00:04

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Quote:

All licensed lenders have to offer this as they are members of the CFSA an the CFSA mandates this.


Not all licensed lenders are members of the CSFA and, even if they are, state law would prevail. If state law only allows 2 payments for a repayment plan, they have to abide by that, for instance.


lrhall41

Submitted by OhioGal1 on Thu, 08/30/2012 - 07:49

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You need to close your bank account so they can't take anymore fees out and then when they call to tell you your payment didn't go through, tell them you would like to set up paymenst to pay off the initial loan without the fees, they'll do it. So if you borrowed $900.00 they would give you 4 payments of $225.00, probably bi-weekly and then your loan would be paid in full.


lrhall41

Submitted by on Thu, 08/30/2012 - 12:02

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Quote:

You need to close your bank account so they can't take anymore fees out and then when they call to tell you your payment didn't go through, tell them you would like to set up paymenst to pay off the initial loan without the fees, they'll do it. So if you borrowed $900.00 they would give you 4 payments of $225.00, probably bi-weekly and then your loan would be paid in full.


This is BAD advice. Call them before you default and get the payment arrangements set up.

Defaulting is a last resort when you're dealing with legal lenders.


lrhall41

Submitted by OhioGal1 on Thu, 08/30/2012 - 13:00

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[quote]
Not all licensed lenders are members of the CSFA and, even if they are, state law would prevail. If state law only allows 2 payments for a repayment plan, they have to abide by that, for instance.
[quote]

That as should be if :)

What I mean is CSFA requires their members to offer an EPP which in most cases is a 4 equal payment plan.


lrhall41

Submitted by waffles on Thu, 08/30/2012 - 13:49

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I have 5 loans which equal 3,000 dollars. Is there anyone i can talk to about consolidation? i do not have the money to pay all of them back at the same time? Can i go to jail for this?


lrhall41

Submitted by on Sat, 09/01/2012 - 08:36

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i know you only have those 3 I've seen worse w/ + medical bills. Maybe if you use them again. Pull out a loan but pay them all off as soon as you get the payday loan. How much did you get out the first time?

link removed - PDL solicitation


lrhall41

Submitted by on Thu, 09/06/2012 - 18:21

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