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Payday Loan Store and DSI Lending Resources

Date: Wed, 07/27/2011 - 15:34
Submitted by Cookie1 on Wed, 07/27/2011 - 15:34
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I paid over $2,000 in finance charges on a $500 loan and slowly got the principal down to $300, then STUPIDLY let them talk me into increasing the loan to $1,500. My finance charges are $380.75 twice a month and I've paid that twice. Now, I've had an unexpected financial shortage and can't pay the finance charge due in two days. The loan was made at the Payday Loan Store in Texas and the lendor is DSI Lending Resources in Arlington, Tx. I looked DSI up and it is a husband-wife team and they are licensed as a mortgage lendor. Unfortunately, Payday Loan Store is the CSI. Also, they told me last time the lendor is changing the loans to installment loans and my twice-monthly payments will go up to nearly $600, payable for five months! I haven't signed the papers to change it to an installment loan. Am I stuck with paying the high finance charges and do I have to sign the installment aggreement?


As far as I know, payday lending is legal in Texas. You should contact Texas Office of Consumer Credit Commissioner in order to find out whether or not they are licensed in your state. If not, then you don't have to pay the high finance charges. You should be liable for paying off only the principal amount. However, if they are licensed to operate in your state, then you will be liable for paying the finance charges. In such a situation, you may take the help of local debt relief companies and try to consolidate the debts so that it becomes easier for you to pay off the debt.


Submitted by Anna Sweeting on Wed, 07/27/2011 - 19:29

Anna Sweeting

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I totally agree with Anna. If you are in a financial hardship, then you can contact with your lenders and explain them about your financial situation. You may try to settle the debts with them on your own. If it seems difficult to negotiate yourself, then you may enroll in a payday loan debt settlement program. This will help you to repay your debts in an affordable manner. The following link may help you in this regard:
http://www.debtconsolidationcare.com/paydayloan-settlement.html


Submitted by sally.nachelle on Thu, 07/28/2011 - 00:22

sally.nachelle

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If I am reading your post correct'y, you can reduce your payment from $380 twice/month to $600/month and be done with it in 6 months? Sounds like a pretty good deal to me!

It is early and the coffe has not kicked in, but am I missing something?


Submitted by PDLOwner on Thu, 07/28/2011 - 05:26

PDLOwner

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I'm sorry; I don't what OPP is? Also, I wanted to know if DSI Lending Resources is registered as a mortgage lending service and not a payday loan service, does that help in any way with my appeal? Or, since the Payday Loan Store is listed on my contract as the CSI, am I plain out of luck and will have to keep paying the huge interest rate? Also, the installment loan would increase my twice a month payments from $380 to $600 each. Since I didn't originally enter into the installment agreement, they can't force me to do so, right? I'm not trying to get out of paying the principal; I just can't afford the high interest payments. It's totally my fault for getting into this but I'm in real trouble here. Thanks for any advice.


Submitted by Cookie1 on Thu, 07/28/2011 - 21:17

Cookie1

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OP=original poster.now i think they are giving you the heads up here so before your next due date see the store manager and requst the EPP.BTW pdl's will have a parent company so that is what that means,but request the EPP as they can't change trems without notifying you,but they must give you a window to pay that.the EPP will solve this.


Submitted by paulmergel on Fri, 07/29/2011 - 05:20

paulmergel

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