questions and what to do???
Date: Sun, 11/01/2009 - 14:31
I need help, and have stressed to the point of being sick over the idiotic choices I have made. I have 10 internet p.d. loans. Of the 10, 9 are apparently illegal lenders who claim to have the power to avoid state law and make me answer to their country of operation. Is this true?? Can Malta law, for example, superceed USA and TX law??
Second, I have begun the process of filing disputes against these companies with the BBB, FTC, and state AG--who I might add was of no aid at all here in TX. Just gave me the CCC number to call. THere I was told that they do not regulate these loans in TX, which confused me even more. Does this mean I must just blindly pay these loans and go broke? Or, am I still only truly responsible for the principle amount? I do intend to pay but need EPP plans---which I doubt any of them will give me.
Third, about work--I have informed my employer of a pdl scam which just happened to me---threatening me and even a friend who lives elsewhere with federal charges, jail time, being fired. I plan to call the payroll office tomorrow so no wage assignments will be taken. Letters will be faxedto all pdl companies.
One of my loans is with Magnum Cash Adv. I am placing a dispute with my bank tomorrow, cancelling the upcoming deposit from them, and taking matters into my own hands. Their website says that they operate within the laws of somewhere else--not in USA I am thinking. It also says that default will be registered with Telecheck. Does Telecheck recognize these crooks as legit?Should I call Telecheck? Magnum CA is related to International CA--also illegitimate. They take a 500 loan and turn it into 927.00 taken in two months. They owe me about 1,000 so far since the 2 payment system is illegal in TX. How do I get my money back??
I am so sorry to ramble on, but just do not know where to begin to fix this mess. I am ashamed, have hurt my family, and see there is no way out without being sued or embarrassed at work with papers served by one of these scumbags. How long will I be able to avoid being sued or called out at work after I stop pay and freeze my account?
Thank you forever to whoever can provide answers to these many questions.
You are only bound by the laws of the state you reside in...they
You are only bound by the laws of the state you reside in...they will try to tell you otherwise and give you a lot of legal mumbo jumbo....but bottom line...only your state law is valid.
Just list the following information and we will plan a course of
Just list the following information and we will plan a course of action for you!
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
Magnum Cash Advance--borrowed 500. Have paid back 927.00 still o
Magnum Cash Advance--borrowed 500. Have paid back 927.00 still owe second payment of 927.00
Zip 19--borrowed 900.00 and owe 1199.00
Cash Central---borrowed 350 and owe 401.00---101.00 twice a month to renew
Cashnetusa---I know is legal and will repay all
Sonic cash---borrowed 250---owe 312.50 paying 62.50 twice a month to renew
First Cash---borrowed 500.00 paying 101.00 to renew twice a month
Cashprontonow---500.00 paying 105 to renew
Paydayloanyes---borrowed 400 and owe 575.00--renew at 175.00
EZpaydaycash---borrowed 500 and owe 650.00
Mycashtime---borrowed 400.00 and owe 500.00
I have no idea which ones are legal other than cashnetusa--which will set up an EPP if I default. I am in TX and have looked at the laws but the CCC said they do not regulate internet loans---just storefront.None of mine are store front. I started to go to a consolidation place but was told they are no help and will just cause more trouble.
Here is what I would suggest. Since you have so many loans, cre
Here is what I would suggest. Since you have so many loans, create a folder for each, when you get emails/letters place it in the appropriate folder. I only had four PDLs and after a while it took me some time to search for what I was looking for.
i am also unsure which are legal for you as i do not know your s
i am also unsure which are legal for you as i do not know your state laws but can say that your state's laws over ride any and all laws. can you break it down to how much you actually paid each company? what they say you owe and what you might actually owe may be two different things :)
ok--Magnum Cash---originally borrowed 350.00 and repaid interest
ok--Magnum Cash---originally borrowed 350.00 and repaid interest of 284.63 and would have owed a second payment of the same
Then in Aug. I took out 700.00--inlcluding what I still owed plus new funds
End of August repaid 766.17 and still owed another payment of the same.
Sept--got 300.00 and repaid 760.77
Oct. got 500.00 and had to repay 927.03 and owe another payment of the same. I cancelled the new request for a loan and am going to ask for a refund of what is paid.
I am in TX and am pretty sure Magnum is not licensed here. I know for sure that TX prohibits payday lenders taking 2 payments for the purpose of collecting interest? How do I get some of these funds back without getting harassed? I am sure they will threaten me once they see I cancelled the 927.00 payment with my bank.
Hi there, I am doing some research but will be back shortly with
Hi there, I am doing some research but will be back shortly with some information, hopefully.
Inter net payday lenders are required to be licensed by your sta
Inter net payday lenders are required to be licensed by your state, the link below is the licensee data base, you can check to see if any of yours are licensed:
http://168.39.159.59/default.asp
Texas has lenders who register 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.
If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names.
CLICK HERE to find out how to deal with illegal lenders.
CLICK HERE to find out how to deal with illegal lenders.
Ok--I went to the CSO and Licensing sites and typed in name afte
Ok--I went to the CSO and Licensing sites and typed in name after name and NONE of these companies came up. I know Cashnetusa is legal---and I have a good relationship with them. I just need to know if these others are legal. Is there a list somewhere?? As I type in the names, nothing comes up.