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Getting out of Payday loan hell --help needed!!

Date: Mon, 08/17/2009 - 14:10

Submitted by anonymous
on Mon, 08/17/2009 - 14:10

Posts: 202330 Credits: [Donate]

Total Replies: 4


I live in TX. I have several payday loans:

Paycheck Today - $390
Cash Advance Network - $520
Ace Cash Express - $520
Ace Cash Express - $390
Loan Shop Online - $650
United Cash Loans - $520
First Cash - $612
Cash Net USA - $1750
Ameriloan - $390

They are all internet loans.

I can either pay the mortgage or these loans. The mortgage company is threatening foreclosure and I have to get this under control...

I have talked with someone at Oak View Law Group. They advised me to close my checking account and get the consolidation process started with them.

I am so stressed out I am not sure I can think straight. I don't know what the best thing to do is.

Any advice would be appreciated!


Hi dacutts,

In a situation where I have to decide which accounts need to be kept current, I will always want to stay current on my mortgage payments, because I need a home to live in. Payments to the payday loan places can wait for a while. If you can, stop the debits of the payday loan companies on their due dates or if possible, just close your checking account and open a new one with another bank. You can use that money to pay for your mortgage. I know most of the payday loan companies do unauthorized debits out of the checking account. Closing the account sounds like a good plan. You will have to think which one is the best move in your situation.


lrhall41

Submitted by pdlsucks on Mon, 08/17/2009 - 16:38

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You can click the link below to read your payday loan laws.
http://www.paydayloaninfo.org/state_detail.cfm?id=TX
Some of your lenders are CSO's. 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.

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 Mon, 08/17/2009 - 18:43

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CashNetUSA is definitely a CSO and legal, you will need to make payment arrangements with them. I would take care of the legal lenders first, the others can wait. Ameriloan, Paycheck Today, Loan Shop Online, and Unoted Cash Loans are not licensed to lend to Texas residents, I am not sure about the rest of your lenders but keep checking back for more replies. Meanwhile, CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Mon, 08/17/2009 - 18:46

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