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Pdl trouble in texas

Date: Tue, 08/31/2010 - 09:59

Submitted by anonymous
on Tue, 08/31/2010 - 09:59

Posts: 202330 Credits: [Donate]

Total Replies: 12


Hello all,

My name is Jerrod. My wife and I have gotten ourselves into this payday loan mess, and we
have had a bit of a rough time getting out of this mess. We live in Dallas, Texas.

the loans are as follows:

EZ Money: 785
Check into Cash: 480
Ace: 480
Payday America: 480

what are our options? Is there a attorney that helps with these types of loans?

Is closing our BOA account an option?

I have no idea what to do, so all info will be appreciated.

Thanks in advance,
Jerrod


It looks these are all storefront CSO's, which means they are legal in Texas. I wouldn't close the account until you either speak to a private lawyer or someone at the [COLOR=#1E1E1E]Texas Office of Consumer Credit Commissioner's office. I looked up Texas on the Consumer Federation's site and it says "not specified" as far as criminal action on a bad check.[/COLOR]


lrhall41

Submitted by on Tue, 08/31/2010 - 15:20

( Posts: | Credits: )


Since I had been reading the posts on this website, I have begun to research everything I could about payday loans in Texas, including the lending codes. From the code about payday loans it says that if a borrower defaults on a loan by having a returned check, closed account, or a stop payment order, the licensee can pursue any civil means to collect the debt. Hopefully this would apply to the CSOs as well.


lrhall41

Submitted by Gregory Lee on Tue, 08/31/2010 - 20:06

( Posts: 26 | Credits: )


[QUOTE=Anonymous;742740]It looks these are all storefront CSO's, which means they are legal in Texas. I wouldn't close the account until you either speak to a private lawyer or someone at the [COLOR=#1E1E1E]Texas Office of Consumer Credit Commissioner's office. I looked up Texas on the Consumer Federation's site and it says "not specified" as far as criminal action on a bad check.[/COLOR][/QUOTE]
This is incorrect information, they are NOT all CSO's.


lrhall41

Submitted by Shazzers on Tue, 08/31/2010 - 20:18

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Anonymous
Shazzers,
It's Ace cash express, all of them are store fronts, and all were giving a post dated check.
Thanks,
Jerrod

Good, I am glad they haven't been defaulted on yet because that means you are still eligible for an extended payment plan, which is a good thing because once you sign up for the EPP the interest stops and you can pay them off in four separate payments! The reason behind this is the lenders below are members of the CFSA (Community Financial Services Association of America)

Ace Cash Express
Payday America
Check into Cash

EZ Money might also be a member but they aren't listed in the member roster so call and ask them. Anyway, click the link below to read about the EPP. These lenders will not tell you about the EPP because they would lose money, that's why you have to ask for it, they MUST provide the EPP for you as a member of the CFSA so do not let them tell you otherwise.
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html


lrhall41

Submitted by Shazzers on Wed, 09/01/2010 - 06:40

( Posts: 17344 | Credits: )


Quote:

What about PDL that are aquired over the internet with companies not in the State of Texas? Yes, loans have been defaulted. Also, can they have you arrested for non-payment.
Payday lenders are required to be licensed by the state of TX, you can check at the links below, if they aren't listed, they aren't legal unless they are registered as a CSO.
http://occc01.occc.state.tx.us/default.asp
https://direct.sos.state.tx.us/cso/csosearch.asp


lrhall41

Submitted by Shazzers on Thu, 12/02/2010 - 13:10

( Posts: 17344 | Credits: )