Help with PDLs in TX
Date: Mon, 04/15/2013 - 21:29
Abcwages.com- $200. They withdraw $59 every week and I've paid $531
Sonic Cash-$250. They withdraw $75 every 2 weeks and I've paid $150
CWB services-$200. They withdraw $60 every 2 weeks and I've paid $180 (I never even authorized this company to put money in my acct but didn't notice that they did until the next week and it was past the 3-day cancellation time. They claim when I filled out a generic application online that it authorized them to do the loan.)
I haven't defaulted on any of these loans but I am barely scraping by and can't pay anything over the interest so the loans never get any smaller. I'm fairly certain these loans are illegal in Texas because they roll over automatically but I don't know how to get rid of them.
Since the loans are illegal
Since the loans are illegal in your state, so you owe nothing more than the principal. Close down your old bank account and open a new one to stop unauthorized withdrawal. Don’t pay them any interest or fees. Don’t worry, they can’t do anything.
Here is some more information
Here is some more information for you - there is a little more to it than stated above... :
Licensing Requirements:
Online lenders must be licensed in Texas.
Texas Payday Loan Laws:
State Legal Status Lending of payday loan is legal in the State of Texas.
Loan Specifications:
Term of Loan - 7 to 31 days
Maximum Rate of Finance and Fees- $10 per loan plus 48% rate of interest (annually)
Finance Charge on $100 loan for a 14 day period - $12
APR for $100 loan for a 14 day period - 309%
Debt Limits:
Maximum Number of outstanding loans permitted at a time - Not Specified (Aggregate outstanding loans of $500 to all licensees)
Permissible number of Rollovers - None (if charge of renewal is less than the permissible rate of interest; otherwise can be converted to declining balance installment note)
Limits of Collection:
Collection Fees - Not Specified
Criminal Action - Not Specified
Here is where you can check to see if licensed to lend in TX -
Regulator - Texas Office of Consumer Credit Commissioner -http://www.occc.state.tx.us/
Address - 2601 N. Lamar Blvd. Austin TX 78705
Phone - (512) 936-7600
If you find that they are all unlicensed to lend in TX - follow the instructions in this link on how to deal with:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
