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Payday Loan Steps to get out

Date: Wed, 01/10/2018 07:44
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I live in Texas and currently have 5 pay day loans and 1 loan in collections.

Cash Central- 1288.00

CashnetUSA - 2152.00

Big Picture Loans - 780.00

Cash Factory - 280.00

SpeedyCash - 1905.00

Collections:

Rise Credit - 2104.00

I have been just paying the refinance fees

What are the first steps I need to take to resolve this?
From reading it seems as though I should revoke ACH authorization and contact the lenders themselves and ask to settle the debt. I have paid thousands of dollars to these people and would like to stop the cycle.




Big Picture Loans is not a legal lender. Cash Factory USA is a CSO in Texas. Find out if they offer Extended Payment Plan.

Sub: #1 posted on Thu, 01/11/2018 - 02:07

SC SC
Moderators
(Posts: 3937 | Credits: )

Pay only the principal amount to the illegal payday lenders. Talk to the legal leaders for an extended payment plan (EPP)

Sub: #2 posted on Thu, 01/11/2018 - 04:55

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

Cash Central and Speedycash both are legal in Texas. Cash Factory USA is also licensed as a Credit Access Business (CAB) in the State of Texas.

Sub: #3 posted on Sun, 01/14/2018 - 22:17

tiarajoseph11 tiarajoseph11

(Posts: 467 | Credits: )

Well I sent the emails and letters. I will post what happened.

Sub: #4 posted on Mon, 01/15/2018 - 15:27

Mike Mike

(Posts: 3 | Credits: )

Okay. Keep us updated.

Sub: #5 posted on Tue, 01/16/2018 - 03:10

SC SC
Moderators
(Posts: 3937 | Credits: )

That's better,

Sub: #6 posted on Tue, 01/16/2018 - 03:17

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

All but CashnetUSA have honored the ach revocation. CashnetUSA says they cannot release the ach agreement without another form of payment. I believe this is illegal according to the thread about ach revocation?

Sub: #7 posted on Wed, 01/17/2018 - 21:08

Mike Mike

(Posts: 3 | Credits: )

(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.


You need to go to the bank for ACH revocation. Did you go to the bank?

Sub: #8 posted on Thu, 01/18/2018 - 03:20

SC SC
Moderators
(Posts: 3937 | Credits: )

Hi Mike,
Please check this - https://forums.debtcc.com/paydayloan/trieddoing-achrevocation.html , I think this may solve your query. :)

Thanks

Sub: #9 posted on Thu, 01/18/2018 - 22:51

tiarajoseph11 tiarajoseph11

(Posts: 467 | Credits: )

Talk with the bank manager for this problem.

Sub: #10 posted on Fri, 01/19/2018 - 04:56

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )


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