Defaulted Payday loans

Which of these were store front and which were Internet loans? Ameriloan is not a legal lender in your state.

Quote:

Ace Cash Express or Ace Cash Services?

The following lenders are NOT legal in your state, nor are they CSO's,
Speedycash
Ameriloan
Ace Cash Services (If that is who the lender is) Ace Cash Express IS legal.
CLICK HERE to find out how to deal with illegal lenders.

If you do decide to go with a consolidation company, don't add the illegal lenders because they are not entitled to interest or fees, they are only entitled to the principal amount owed.

Quote:

Is Cash Banc legal lender in Texas?

No, Cashbanc is illegal in Texas.

So what do i do, if they are illegal in Texas?

I have just been thru the garbage with illegal internet PDL's. I live in Ky & they are ALL illegal (internet) here. Advice from one who has been there-- CLOSE YOUR BANK ACCT IMMEDIATELY!!!!!!!
Open another acct either at your present bank or another. Explain to your bank that these idiots are illegal in your state.
The PDL's may & probably will call you - but remember- THEY are the ones who are doing business illegally - NOT YOU!!!! Do not fall for their threatening garbage. They KNOW they do not have a legal leg to stand on. DO NOT give them any info on your new acct or they will hit it until it is totally dry & you will be in the same shape again.
Advice on using the PDL consolidation companies- DON'T DO IT. Why would you pay somebody to do something that you can do for FREE? You can get out of this. Everybody on this forum is here to help you- as we have all been thru the PDL hell.
Good luck to you!!!!

Can I just stop payment on them or do I actually need to close my bank account?

Unfortuantely, you will be responsible for the overdraft charges that have hit your account and will have to do what you can to bring the account out of a negative standing.

From reading the forums, here is a short list of what you must do right this very moment to prevent yourself from falling further behind your actual commitments every month:

Ask your bank if after the account is brought back to a $0 balance (at least) if you can close the account and not worry about it reopening because of an ACH debit. If I understand correctly, BoA will reopen the account and you'll be hit with fees again. (Your mileage may vary) Speak to a branch manager, and if that's truly the case ask if the account can go on deposit only. If the bank will allow you to, open up a new checking account. Move your direct deposit, bill pay and other necessities here.

Next, sent a revocation letter (wage assignment and ACH Debit) to the lenders. It is important to get that wage assignment out of play because the illegal lenders will attempt to use that in order to take a percentage out of your wages to pay down the loan debt. Make sure you give a copy of the notices to your employer so they understand that any notice they receive from those lenders should be disregarded.

Now you will want to take the illegal loan debt you have and calculate just how much you have paid to each of the lenders over the life of the loan. If the amount you've paid in interest and fees exceeds what is allowable by law and the principal amount of the loan, your account should reflect paid in full and you will be due a refund. Getting said refund is another process entirely. If you are able to get a refund, congratulations. (It isn't easy)

From here you will want to reach out to the legal lenders and negotiate payment terms with them. There is a strong chance they will want to work with you to resolve the account rather than get into litigation with you over the loans in question. However, you will not know until you attempt to make contact with them. Keep communication with them in writing, so everything is documented. If you make an arrangement, stick to it. If you are unable to keep an arrangement, revise the current one and go back to the negotiating table.

Debt is a civil, not a criminal matter. You cannot be jailed for non-payment of a debt. You can, however, be served with a summons and taken to court for the debt. This is likely to occur if you refuse to pay back the money owed. As I stated, it is more likely the lender will work with you to resolve the account than go through litgation.