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Legal or not in Texas

Date: Tue, 08/10/2010 - 20:00

Submitted by Karen Adams
on Tue, 08/10/2010 - 20:00

Posts: 7 Credits: [Donate]

Total Replies: 11


How do I find out if my lenders are legal in Texas? They may be operating as CSO's and therefore (according to the AG's office) not subject to any regulation. I'm sooo over my head with the IPDLs. I have to get out of this trap. Please help!


Quote:

Originally Posted by Karen Adams
How do I find out if my lenders are legal in Texas? They may be operating as CSO's and therefore (according to the AG's office) not subject to any regulation. I'm sooo over my head with the IPDLs. I have to get out of this trap. Please help!


can you list the lenders for us.we can help more from there.


lrhall41

Submitted by paulmergel on Wed, 08/11/2010 - 05:28

( Posts: 15514 | Credits: )


East Side Lenders Loan amt. $700, interest/fees $350/month
My Cash Center: Loan amt. $600, interest/fees $150/month
RBT Loans: Loan amt. $500, interest/fees $165/month for 4 months
Star Cash Processing: Loan amt. $350, interest/fees $105/month
The VIP Loan Shop: Loan amt. $400, interst fees $180/month
Extra Funds: Loan amt. $450, interest/fees $125/month
500 Fast Cash: Loan amt. $650, interest/fees $150/month (until forced pay down)

Thanks very much! I can use all the help I can get!


lrhall41

Submitted by Karen Adams on Wed, 08/11/2010 - 16:13

( Posts: 7 | Credits: )


okay,i need you to look and see how much in interest was paid to each up until now.i can tell you that all but CASHNETUSA are illegal.therefore you only owe the principle.if the debited amount on each meets or exceeds the principle you owe nothing further.go to the stickt titled DEALING WITH ILLEGAL LENDERS.it will guide you,and also give template letters to send.you will have to work with CASHNET as they are legal.all others are not.


lrhall41

Submitted by paulmergel on Wed, 08/11/2010 - 20:12

( Posts: 15514 | Credits: )


Quote:

Originally Posted by Karen Adams
Does the law apply even if they are operating as CSO's?

Basically, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code). Please bear in mind the CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED. They are not required to follow the payday loan laws.

If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names.


lrhall41

Submitted by Shazzers on Thu, 08/12/2010 - 04:17

( Posts: 17344 | Credits: )


I'm trying really hard not to be stupid here, but I'm still confused. If a CSO is not regulated, do I still owe all the fees? Even if they are not registered with the SOS? Also, what kind of criminal action can any of these companies take against me if I default? As of right now, I am current and in good standing with all of these companies. I don't really care so much about that, but I cannot have criminal charges!


lrhall41

Submitted by Karen Adams on Thu, 08/12/2010 - 08:36

( Posts: 7 | Credits: )


My Cash Center, if it operates out of Texarkana, Texas, is a CSO, they are one of mine I am working with and are easy to deal with. I had a $300 loan with them and they split it into 3 payments of $100, gave me an address to mail the money order to, and were willing to work with me. They did not charge me any fees or interest.


lrhall41

Submitted by Elease Hill1281384546 on Thu, 08/12/2010 - 14:22

( Posts: 3 | Credits: )