Online Payday Loan Advice Texas
Date: Sat, 08/08/2009 - 14:31
At this time I have the following loans, all were applied for online, and I reside in Texas:
paydayone - My original amount owed was $969.65
I paid the interest a few times and then let the entire amount go through my bank account (knowing the bank wouldn't overdraft me that much). I then set up a payment plan with them -- paid $333.22 on July 24, with two more payments in the same amount to come out on Aug. 10 and Aug. 25.
checkngo - My original amount owed was $1254.10. I paid the interest a few times, let the whole amount go through so it would be rejected, and then set up a plan with them. They were difficult to deal with. I did one payment of $300 on July 24, and they have me scheduled for a $492.05 payment on Aug. 10 and the same amount on Aug. 25.
cashnetusa - I owe a total of $971.61. I just last week let it go through and get returned to them and was going to set up a payment plan, but they are not being helpful. They have tried to collect the full amount and it was returned, split it into two ach withdrawals once and it was returned and are now going to send through two ach drafts AGAIN without my authorization. I have lost over $400 in overdraft and return fees because of them.
My questions is -- I am not able to afford these huge payments. If I stop paying and send in what I can, will they call my work if I do the cease and desist letters to them? That's really all I am worried about. I can deal with a collection agency, and I have heard that Texas laws might be in my favor.
Any advice you can give would be greatly appreciated.
Jenn
well they all 3 are legal and will have to be paid. If they are'
well they all 3 are legal and will have to be paid. If they are'nt paid they can and probably will sue you with those large amounts. PayDayOne and Check-n-go would probably honor and ach revoke but CashNetUSA probably won't so the only way to stop them from debiting your account is to close it. Then you can set up alternative ways to pay.
The only one of those I have dealt with is PayDayOne. I did like you and made arrangements. I knew the payments were to large and I would'nt be able to keep them up and told them that but they would'nt budge. I made a couple payments and then let them know they were too big and I could'nt do it anymore. So I send in what I can-which has'nt been much because I am trying to pay off the storefronts that I took out trying to pay off my internet loans. LOL I hope to get PayDayOne paid off next month. In the mean time they told me that they would still proceed with normal collections. They call several times a week although I never answer. C & D letters are not for original creditors-although if you asked them to not call you at work they might comply.
Quote:My questions is -- I am not able to afford these huge paym
Quote:
My questions is -- I am not able to afford these huge payments. If I stop paying and send in what I can, will they call my work if I do the cease and desist letters to them? That's really all I am worried about. I can deal with a collection agency, and I have heard that Texas laws might be in my favor. |
Probably true, however, make sure you totally understand Texas consumer laws and civil procedure, educate yourself very well if you are considering dealing with a collection agency. My suggestion would be to contact them via email, offer them a payment plan YOU can afford. It will probably be denied however, it will go in your favor if bad comes to worse and you are faced with dealing with a collection agency and especially going to court (If it comes to that). Just keep a copy of each and EVERY written communication you make with all of these companies. You will NEED it. Make offers, stay proactive, but also stay realistic with payment offers.
Thanks so much to both of you for the advice. To either of y
Thanks so much to both of you for the advice.
To either of you, or to anyone else who could help --
I am confused about cease and desist letters. From what I have read on here, even if I send one to checkngo, paydayone, and cashnet, because they are the "original creditor", then a C & D won't work? Am I understanding that correctly?
I have worked so hard to get where I am at my job, and fell into using the payday loans when we incurred major expenses after two hurricanes came through our area last fall. I am started to panic and lose sleep over having to possibly deal with harrassing calls at work since I can't make the large payments on the payment plan I set up with them.
I do want to pay them, but I can't do it their way at the expense of getting two payments behind in my mortgage, facing an electricity cut-off in less than two weeks, etc.
Thanks,
Jenn
Your utilities, rent and food come first, always, what is left o
Your utilities, rent and food come first, always, what is left over is what should go to the creditors. Technically yes, a cease and desist letter is only effective legally for collection agencies and not the original creditor, that's a federal law under the FDCPA (Fair Debt Collection Practices).I) suggest sending them to the original creditor if they are unlicensed/illegal lenders, simply because it sometimes works, and it sometimes doesn't. When you are dealing with unlicensed lenders I would try any measure necessary to keep them from harassing me, therefore I can't think of any good reason not to at least attempt demanding they cease contact with you, the chances are none to slim it will ever go into a court of law because they would be cutting their own throats if they did. However, on the other hand, I wouldn't recommend sending a cease and desist letter to a licensed/legal lender, obviously they are following the law. You can however ask them not to call you at work.
Pay Day Loan from 2004
I have a collector calling saying it was a loan in 2004 however, they won't provide me with any info. They just want me to pay or they say they will take legal action. One attorney said after 2 yrs they can't do anything? True ?