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Payday Loan Steps to get out

Date: Wed, 01/10/2018 - 07:44
Submitted by Mike on Wed, 01/10/2018 - 07:44
Posts: 3
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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.


Submitted by SC on Thu, 01/11/2018 - 02:07

SC

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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?


Submitted by Mike on Wed, 01/17/2018 - 21:08

Mike

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(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?


Submitted by SC on Thu, 01/18/2018 - 03:20

SC

( Posts: 3937 | Credits: )


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

Thanks


Submitted by tiarajoseph11 on Thu, 01/18/2018 - 22:51

tiarajoseph11

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