What happens if I default on the Payday loans

You are going to have to provide more information Vick. What state do you live in? What is the actual name of the companies and how much did you borrow and how much have they taken out already....

I live in Texas. i have cash store, cash advance, payday loans and also an internet one

So those 3 are store fronts? Then you need to make arrangements with them... They will have to make arrangements if they are part of CFCS (is that the right acronym?), as long as you do it before you default!

But again how much did you borrow from each of those and how much have you paid them back in total?

i borrowed a total of 3000. and have only paid interest

how would i know if they are part of the cfcs and waht about the internet one

POKO, How are you? I think you meant cfsa. But in texas they are usually cso i think.

So they are store front.

I wish someone with more experience with this would jump in!

I don't know how to tell if they are, other than going and asking them... As long as you do it before you default, otherwise they aren't obligated to help you.

And I need specifics for the amount borrowed, list each company how much you borrowed from that company and how much you have paid them total.... Especially the internet one. If they are operating illegally and you have overpaid your balance then we can give advice on how to take care of them. As for the storefronts, the information is not as useful but gives us an idea on how bad it is.

Provide it like this
company name/amount borrowed/amount paid (fees/interest/principal doesn't matter, just total amount)
and do that for each company please....

what is it that i can do. they have to make payment arrangements and how does that work.

so in Texas if they are CSO they aren't cfsa and they don't have to help?

I will check now to see if they are members of cfsa. I would doubt it though

DOES THAT MEAN THEY WILL NOT MAKE PAYMENT ARRANGEMENTS WHAT IF I DEFAULT CAN THEY PROSECUTE.
to dollar advance 1000 is the loan interest 300 every 2 weeks have renewed 3 times never paid on principle 900 paid on interest
1000 with cash store also every 2 weeks 200 interes and have renewed for 3 mths paid 800 on interest.
pay day loan 650 130 interest have renewed 3 mths
also 780 in interest alone the internet is payday one and it is 500 dollars.

So Vick, we are kind of at a stand still... as to what to do... Either way, the store fronts are probably operating legally and thus can do legal things to get their money... That means you will want to go and try to make a deal with them... Hopefully they are willing to work with you.

As for the internet one, what is the name of the company how much did you borrow and how much have you paid them?

Must have posted at the same time.

so Payday One is your internet and you borrowed 500 and paid back 780 total?

Internet payday one borrowed 500 and have paid 300 and this includes 100 towards principle

I can not find them as members of cfsa. Vick, you need to look at your loan documents to see if you can find anything that says they are operationg as a cso. Usually store fronts are legal, and can collect in any manner they chose.Please look at your documents

Vick,I just saw where you posted that your loans were cso. A lot of texas loans are now operationg as cso's to get around the pdl laws. I would certainly go into the store fronts and try to make some kind of payment arrangements. They are operationg legally so you need to be careful.

As for the internet one, because you are in Texas, the internet one (whether operating legally or not) also can get around the rules in Texas, if you borrowed 500, paid 300 (which 100 went to the principal) you still owe them 400+ fees (if operating legally) or only 200 for moral obligations (if operating illegally)....

Not sure where to check on that one.... Any suggestions Kash?

Pay day one is licensed in WI.Let me do some checking

Found this that Goudah possted else where
Payday One, Payday OK, and Cash Net USA are confirmed CSO's in Texas. This means they are acting as a Credit Service Organization and not a payday loan company. They do not have to follow the payday loan laws, and can charge pretty much what they want

Okay Vic, there you have it.... You need to get these guys paid, and your best defence is to get a hold of them first and try to work out a deal. I don't know if they'll try to be sneaky and try to clear out your account as soon as you mention you can't pay them....

I'm not sure if it is a good idea to close your account or not. You will have to pay them though....

I would not mention that you are thinking of closing your account. Poko is correct , they will go in and clean you out.

But will they try and clean it out even if you don't mention closing your account, but merely mentioning that you can't afford to pay them and ask them to not take anything out of your account for the time being? I don't know how sneaky CSO's are, I only suspect they might since they've figured out how to get past the laws....

I am checking with someone else. If possible she will have to close her account. Not sure if she can though

what should i do in order to make payment attempt. what if they say no could i close my bank account default and they have to take my payments. what can i do i am slowly drowning. please
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Ok vick, this is the answer I got from one of our most respected members. Cso's are legal in texas. They can take you to court if you close your account and the check gets returned. You need to try to make payment arangements with them. Texas law is crazy, but unfortunately these companies are legal.

so my best bet is to make payment arangements what if they will not. how long does it usually take before hey take me to court

It can take a while, filing all the paperwork and such. I'm not sure exactly, but it won't be right away, they will probably call and harass you for the money first.

But if you go in and talk to them and explain your situation hopefully they will be willing to help, because taking people to court is costly and annoying. Good luck with them, and keep us updated please! Let us know which ones are working with you and which ones aren't, so others in your situation someday can know what to expect....

i will thanks

I don't know if this helps but I am in texas and have defaulted on loan with the cash store. I think they are going to let me make pay arrangements. I am waiting for manager to talk to her supervisor about options to help me repay the loan. She was much nicer than I expected. I explained my situation and told her it is my intention to pay what I owe but I need help working out plan to acheive this.

msgreen, good for you. Sometimes it takes a little persistance with the storefronts. They aren't willing to "jump" on a payment plan. They like their money right now and in full! I am hoping for the best with you regarding this particular storefront. :D

Thanks, I appreciate your encouragement. I feel much better after talking to the Cash Store today.
Quik Cash didn't give me any problems about pay arrangements. They said all I have to pay is the
principle. I make my first payment to them next week.

That is wonderful! Soon, msgreen, you'll have these paid off (just thinking about it is exciting!) and you won't owe them another penny! You won't have that "worry" hanging over your head every week. Oh, it'll be so nice! You can ride by these places and just shake your head. You're doing great! The hard part is confronting the storefronts. Ugh. You've already done that, so you're on your way! :D

Thanks,before I found this website I didn't have a clue how to handle this. You have helped me more than you will ever know. I finally can sleep at night.

Thanks for posting that! We all know the feeling of staring at the ceiling with your heart beating 100 miles an hour. Any help you need, just post! :wink:

The manager from the cash store called and told me that she talked to supervisor and they can't do anything at their level. Manager said it will go to corp after 12/13 and they will call me and I should tell them the same thing that we discussed. Manager said off the record they will try to get me to refinance but I should tell them no.Interest stops when I defaulted and I will probably be able to make payment arrangements with corp.

msgreen, at least the manager told you the "little secret". Yes, they will try to pressure you into paying and re-loaning. Say whatever you have to say to get it through their head that you can NOT do this. They will set up payment arrangments with you. Instead of paying the storefront payments, you will be sending your payments to corporate. I personally have found that the corporate people are nicer to deal with. Honestly. I'm hoping for the best for you. Please keep us posted as to what they say and how it's going.

I have payday loans, and if they take me to court, can they garnish my wages.

Thanks

Celinda

Celinda, in order to answer that question, we need more information. We need to know what state you live in, if they are store front or internet and who the loans are with. We can help you through this. There are many members here who are experienced in working through the pdl mess. If you also want to list how much you borrowed from each and the total of how much you have paid back to each company, it would help us advise you further. If you can, when you answer this post, start your own thread so it is easier for you and the members to find you again. Then all your information will be on your own thread and not mixed in with someone elses.