Original creditor illegal in Texas but has sold the collection
Date: Thu, 07/08/2010 - 11:31
Hello all,
I live in Texas and am having some trouble with an old payday loan.
The original loan was taken out from MyCashNow (who is not legal to lend in Texas).
The debt has now been sold to a third party collector and I was wondering what my rights/obligations are?
I originally borrowed $1000 and have paid almost $800 in fees and interest.
I live in Texas and am having some trouble with an old payday loan.
The original loan was taken out from MyCashNow (who is not legal to lend in Texas).
The debt has now been sold to a third party collector and I was wondering what my rights/obligations are?
I originally borrowed $1000 and have paid almost $800 in fees and interest.
You owe the same obligations to the collector as you did to the
You owe the same obligations to the collector as you did to the original lender and the collector has the same rights as the original lender. This means that if the original lender could not collect more than the principal, the collector cannot collect more than the principal.
