Very Confused
Date: Wed, 03/17/2010 - 07:23
Hello:
After speaking with the TX Office of Consumer Credit in Austin, I am more confused as to my rights than ever. I was told that I will not find a license verification on their website for online payday loans. She did explain about the CSO concept, etc... That I understand. Here are my questions:
a. Just how do I truly determine whether each of my online payday loans are legal?
b. If the account is sold to a third party collection agency, then what are my rights pertaining to repayment?
c. Since TX does NOT allow garnishment, and my place of employment does NOT do wage assignments without a garnishment court order, what measures can a PDL take to collect?
Below are my 10 PDL--online--loan companies. I am proud to say that I have been paying these off and have begun saving money. I am not proud to say that I got myself into this mess to begin with. I knew better, and my stupidity is embarrassing. I am so sorry for making such foolish decisions.
Sonic Cash--almost paid off
My Cash Time
Zip 19---will not respond in writing, wanted 200.00 a month, owe 2,400/
Magnum Cash Advance--I am pretty sure that they violated TX law when they split my original loan into 2 loans--I paid 750.00, then owed another 750.00 the next month.
CashNetUSA---I know they are a CSO
First Cash
Cash Central
EZ Cash
PaydayLoan-Yes
Cash Pronto Now
I need someone to check on the legality of these companies. I have read the TX laws and statutes, but they really seem vague and ambiguous.
Please help me, as I have paid and paid. I want to end this without investing more money than I absolutely need to, but I do NOT want to be sued and have someone show up where I work to embarrass me with papers. That would be devastating.
Please respond and I will be forever thankful.
After speaking with the TX Office of Consumer Credit in Austin, I am more confused as to my rights than ever. I was told that I will not find a license verification on their website for online payday loans. She did explain about the CSO concept, etc... That I understand. Here are my questions:
a. Just how do I truly determine whether each of my online payday loans are legal?
b. If the account is sold to a third party collection agency, then what are my rights pertaining to repayment?
c. Since TX does NOT allow garnishment, and my place of employment does NOT do wage assignments without a garnishment court order, what measures can a PDL take to collect?
Below are my 10 PDL--online--loan companies. I am proud to say that I have been paying these off and have begun saving money. I am not proud to say that I got myself into this mess to begin with. I knew better, and my stupidity is embarrassing. I am so sorry for making such foolish decisions.
Sonic Cash--almost paid off
My Cash Time
Zip 19---will not respond in writing, wanted 200.00 a month, owe 2,400/
Magnum Cash Advance--I am pretty sure that they violated TX law when they split my original loan into 2 loans--I paid 750.00, then owed another 750.00 the next month.
CashNetUSA---I know they are a CSO
First Cash
Cash Central
EZ Cash
PaydayLoan-Yes
Cash Pronto Now
I need someone to check on the legality of these companies. I have read the TX laws and statutes, but they really seem vague and ambiguous.
Please help me, as I have paid and paid. I want to end this without investing more money than I absolutely need to, but I do NOT want to be sued and have someone show up where I work to embarrass me with papers. That would be devastating.
Please respond and I will be forever thankful.
Quote:After speaking with the TX Office of Consumer Credit in Au
Quote:
After speaking with the TX Office of Consumer Credit in Austin, I am more confused as to my rights than ever. I was told that I will not find a license verification on their website for online payday loans. |
I wonder if the person you spoke with was a new employee lol, it's funny because I have called several DFI office's around the U.S. and depending on who I speak with I have received different answers to the same questions. lol Anyway, you can check for licenses at the link below, for TX, and I found this on their website. lol
http://168.39.159.59/default.asp
You can check to see if a CSO is registered at the link below:
https://direct.sos.state.tx.us/cso/csosearch.asp
