Payday loan debt relief companies
Date: Sat, 04/06/2013 - 18:13
I have closed my bank account and opened a new one. I have also sent this company the intial fee.
What I need to know is - are the debt relief companies legal and can they really help.
I live in TX and these are my loans
Checkngo - 800.00
Eastside lenders - 800.00
Purpose Cash Advance - 440.00
MyCashnow. com - 270.00
Cashcentral - 800.00
Cash Store - 1140.00
Speedy Cash - 860.00
I also have one in my husbands name.
Checkngo - 1000.00
Please help and let me know if I have made the right decision and what else I can do. I will have one paid off this month
Ace Cash - 1035.00
Thanks
East Side Lenders and
East Side Lenders and MyCashNow are both illegal lenders. You will have to go through the instructions in this thread and learn how to deal with them:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
Cash Store, Speedy Cash, Cash Central, Purpose Cash and ChecknGo are all legal lenders and most of them operate as CSOs/CABs in TX. You have a couple of options here: (a) Call the lenders and ask for the EPP. Under the new plan, the interest accrual is going to be frozen and your loan balance is going to be spread over 3-5 pay periods.
(b) Your second option is to revoke ACH in writing with your bank and your lender and force the account(s) into collection after which you will have greater flexibility in negotiating the terms of the loan.
I recommend that you think every option through before you apply any. The reason I say it is this: If you put all the loans on the EPP, it would not do any good to relieve your situation.
STEVE....DO YOU EVEN KNOW WHAT AN EPP IS??? EPP are ONLY a function of legal loans.
because
in the case of an illegal lender.all they are entitled to is the principle,and that should be paid on the OP'S terms and schedule.so that is why guest.
From experience being in
From experience being in Texas with legal CSO lender (Speedy Cash), I revoked ACH and officially defaulted to stop the interest. I was up front and honest with them about this, but I had to do something to break the cycle. Once it went to collections, I was able to negotiate terms I could live with and not risk the chance of entering EPPs that I could not live with. Just my two cents...
