PDLs costing me over $1300 mo in interest!!!

Cocoon, First thing you need to do is close your account or have a hard debit block placed on your account. You need to make sure the pdls have no more access to your $$. I can tell you that CAN, Pay Check Today, BIG, GFS and Payco are not going to be licensed/legal. The calls are going to be relentless...you either need to tell them you no longer work there or just send them to voice mail. Here is some information about closing your account.....

http://www.debtconsolidationcare.com/paydayloan/close-account.html

You may also want to read this in case your bank does not cooperate with you...

http://www.debtconsolidationcare.com/paydayloan/ach-processors.html

The first most important thing is to take control of your money.

Texas laws are tricky...I will post them for you however, I do not think your pdls will be licensed in texas...

Here are the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks for our help Roxy....couple of questions though, when you say they are illegal, why is that? Does that mean they are not licensed to do biz in Tx or because they don't abide by Tx laws? If the latter, or they bound by Tx laws or the laws where they are based out of? I ask this because I remember one or two recording me when they made several statements about the loan and procedures and they asked me to say my name and the date if I understood. One of the statements was that I understood and agreed the terms of the loan would be governed by their jurisidiction and their laws, something to that affect anyway.
Also on the illegal ones, does that mean I don't owe CAN, Paycheck Today or B.I.G. any more money since I have paid back more than I have borrowed? And does that mean I only have to pay back GFS and Payco the principal I borrowed? What about Arrowhead and Impact? I have already paid Arrowhead $90 more than the loan amt. Are they legal/licensed in Tx?

You are on the right track...they are not operating illegally because they will not be licensed in Texas. They pdl will tell you that you requred to follow the laws of the state or country they are out of and that you knew that and you agreed to that and they will insist on that...but that is crap. Your state laws prevail. The ones that are not licensed in Texas, you are only responsible for paying back what you borrowed. I am thinking neither of thse will be licensed either but will have to check.

I could not find either in the Texas database. and I do not think any of your pdls function in CSO's in Texas...I am sure someone will correct me if needed. In Texas many times a pdl will register as a CSO (Credit Service Organization) in order to bypass the pdl laws. CSO laws are very lax.

Impact is illegal too; I am also in Texas and that's is what I was told...not sure about Arrowhead as I didn't have one with them.

Good luck, close your account and protect your money...I am an executive too and just told my place of employment that my identity was compromised and that some fraud was going on....my office was wonderful...they were put in my voicemail and if i answered i just said that i was no longer employed...

good luck and post anytime you need something...i do and this community is wonderful

Thanks for the advice...I have now closed my bank acct at Chase and they said ACH will not force it back open.
If I understad correctly from my research in this awesome community, my next step is to send C & D, ACH revocation letters, and reovocation of Wage Assignment letters to all the PDLs, right? Are there templates availale for these letters and notifications or sample letters somewhere?
Is there a data base in the community where I can find the addresses, phones, and/or email addresses for my PDL companies?
I can't wait to get the ball rolling on this.

Do I still need to send an ACH revocation to the PDLs even though I have already closed my bank acct? Is there a form to do this on?
I need guidance please.
Thanks

i can tell you that it is best to do that.pdl's will attempt to debit anyway,but if you revoke there ACH debit rights they can be penalized for it.someone should be along with an example letter shortly.

Thanks Paul, do you know if there is a place in the community that lists the addresses,phones, faxes of the PDLs all in one place?

if you enter each company in the search bar.you should get the info you need.

We also have great copies of all the letters you need to send... someone will be along with those links soon. just click, copy and send it certifed with a return reciept asap.

Luke

Thanks Paul and Luke, I will be watching for the liks for the letters. I am so glad I found this site. I almost signed up with Langhorne but now I know I can do it myself.
One question, when I send the letters do I also send along my prosed pmt plan to them or wait for the loans to go into default and into collection?

once a payment is returned most pdl's go into default.it is up to you,but that is what i did with the pdl's i owed.i also sent a copy of my state laws,haven't heard from them since.

cocoon, if you can't find what you're looking for by doing a search on this site, go to the bbb site (www.bbb.org) and type in the name of the pdl. You can get some info. from there. However, some of the pdls move around so much, you may want to check with us on the addresses you have found. We might have some that are more up to date. Also, if you need a letter to get started, just say the word. We can post one for you if needed. It would be something fairly "generic"; however, you can change it to fit your needs. You are only MORALLY obligated to pay back the principle amount of the loan. MORALLY obligated. If you have overpaid one penny, you have every right to ask for a refund (might not get it, but ask). It looks like you've overpaid some and also still owe some. It's all good. We can help you with whatever you need. Do you need any addresses? Do you need a letter? If you have a letter, you can email, fax, mail certified. Send it every way you can think of. Do you need anyone to go over your loans and tell you where you stand, such as how much overpaid, how much owed, etc? Just post and we're here! :D

Still looking for the sample letters for C & D and ACH Revocation and Wage Assignment Revocation. Anyone have the links referred to by Luke for those? I am in limbo waiting on those. Please help and thanks to everyone for all their help so far.

cannr, hi. I do not know how to post a link....but our guest really needs a good C & D and a Validation letter and maybe more. I know you are a wizard at this you glouris puppy.

Luke