Loan advice needed please!

Closing your account will not be a good option. See, if you can qualify for EPP. Contact the payday loan companies and try to arrange a payment plan with them.

Contact with Texas Office of Consumer Credit Commissioner to check the legality of the above mentioned pdl companies. You are liable for both the principal and interest, if they are licensed in your state. In this case try to negotiate with your lenders and set up a payment arrangement with them. As far as the illegal lenders are concerned, you are required to pay only the principal. Don???t pay back them any interest or fees.

Vista B is your only unlicensed lender. The rest are licensed and legal in TX.
You will have to close your account to protect yourself from Vista B but you should call the TX OCCC office before doing so. They can advise you the best way to handle the legal lenders.

Thank you for the responses. I have found a ton of great information here so far just in the last few days. I guess my next question would be regarding the EPP issue. I was under the impression that I would have had to request the EPP prior to the payments being due? Besides, even if I were given the opportunity to divide the balances of these loand over four pay periods, its still too much to be able to pay.
What kind of success do people usually have in making payment arrangements? Is it unreasonable to ask for three or four months to pay off? figured I would need about nine pay periods to pay all of them off, maybe ten depending on the accrued interest.
Should I contact the storefront PDL's directly, or write letters to their offices? I wasn't sure if the storefront employees had the autoorization to make payoff arrangements.
I've also contacted the Texas OCCC regarding Vista B, we'll see what they have to say.
II realize that I have gotten myself into a HUGE hole, but I am committed to breaking the cycle once and for all.

You should default on the legal loans.

When I went through this I had a mix of legal and illegal lenders.

CashNetUSA, in particular, allowed to me to make biweekly payments for 6 months to pay off my account.

They WILL work with you as long as you are not hiding from them and you set up a payment and STICK to that payment.

I am in a similar situation as the orginal poster. The difference being most of my loans a from online lending sites. I had been able to keep up with payment for a while but it has got the point of paying my actual living expenses or paying these loan companines. Many of them I have paid more in payments then their original loan amounts, but it only is their finance fees

Fast E Funds borrowed $500 paid back over 800

Loan Shop Online borrwoed $700 paid back 630 thus far

Hydra Fund 2 $ 300 paid back 360

Cash Central 500 paid back $325

CP Investors (2 accts, unsure how) $ 300 paid back 500

Cash Net USA $ 700

I live in Rhode Island so I understand that if the company is legal in any state I guess I have to abide by their laws. So I guess I have two questions 1) are these legal lenders and 2) who do I determine if they are even abiding by their state laws.

At this point I was planning on closing my bank acct, sending out letters letting them know the are no long authorized to take payments, stopping my direct deposit. And than either calling the companies for payment arragements or dealing with a pay day loan consolidation company if anyone knows of a legit one.

Personally I feel with some of these loans they have already received there money back and that should be enough but Im guessing they won't see it that way.

Internet lenders must have a physical presence in the state of RI to be legal.

Fast E Funds - offshore, illegal - you've overpaid.

Loan Shop Online - offshore, illegal - you owe $70.

Hydra Fund 2 - illegal, you overpaid $60

Cash Central - legal, you will need to pay as agreed or ask for an extended payment plan.

CP Investors - illegal, you overpaid $200

Cash Net USA $ 700 - legal, you will need to pay as agreed or ask for an extended payment plan.

Ohio Girl,

If you do go into default with a legal lender do you have to pay the terms agreed to say 300 plus the reoccuring interest. Or will the work with you on just paying back the actual amount they gave you?

Also does anyone know anything about cashcall/ Western Sky? Are there loans legal? I have a freind who took out a loan with them 2,600 so its like 300 a month for six years which is insane. But I question how or if this is legal.

First, yes, you are legally obligated to repay the principal plus interest/fees to legal lenders, as long as they're abiding by state laws.

However, many of them will work out a settlement with you. You have to call them and talk to them however. If they think you're ignoring them, they will bombard you and your references.

WesternSky is a tribal lender, therefore, unless you are a member of their tribe, you are not subject to their laws. Pretty much the same as an offshore lender. If the loan was originally via WS and transferred to CC, it's illegal. If you do a search on this site you will find hundreds, if not thousands, of posts regarding this.

So I'm approaching the two week mark since my last payments did not clear the bank. The phone is ringing off the hook, but I wasn't sure about how long I should wait until I talk to them about making payment arrangements. It may be two more weeks before I can make a payment in some cases. Do I wait until I can give them something to call them? Do the customer service people at places like the Cash Store, SpeedyCash and Advance America have the authority to make payment arrangements other than simply rolling over the loan? I think from what I have read that Ace and CashNet will be the easiest to work with? Thanks for all of the input!

So a few of these loans are only asking for the past due amount to be paid so I'm guessing that they are not really in default yet. Should I wait until they are in default to attempt to make payment arrangements?
The phone calls are getting to be annoying, although i have not yet answered any of them.

Email them that you are only going to communicate in writing via email.