Payday loan help in Texas

Hello mattroese and welcome to the forum, have you defaulted on any of these yet? You say they are all coming due tomorrow? I will post the pdl laws for Texas shortly, hang in there. :)

Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610

I have not defaulted yet.

Matt, if these are all Internet loans that means they will be debiting your account. Is your bank still open? If not, then you need to get there tomorrow morning when the doors open and ask them to place a hard debit block on your account. I'm really not sure, it may already be too late, some PDL's take their money out of bank accounts just after midnight, maybe if you're lucky, you can get there quickly enough to place a block on it and at least block some of the withdrawls :? . You will most likely end up having to close that account, unfortunately, but the thing is, you can't let any of these PDL's know you intend on closing it.

I am searching for information on these PDL's you have loans with, meanwhile if someone wants to jump in and help, please do!

Thanks for the information. I will get the hard debit lock done in the morning. Are any of these legal in Texas?

I'm researching right now Matt. One thing you could do is place the name of the PDL company in the search box in the upper right hand corner of this forum, then you can read how other members have dealt with them.

Thank you for all the help. It is really appreciated

You are very welcome. :) I know I have dealt with Paydayone before and they are fairly reasonable to work with, although since you have borrowed a fairly large amount I'm not sure how they will be. Once you get a handle on your bank account, you will want to get addresses of these companies so you can send them payments, preferably by money order.

my cash now, BIG, Cash Advance Network are not licensed/legal. I think (someone correct me if I am wrong), United Cash Loans is not licensed/legal. CashNetUSA will be legal. I believe they operate as a CSO. The others, I'm not sure about since a lot of pdls in Texas operate as CSO's. If they are operating as CSO's, then the pdl law won't even apply to them. They are kind of "on their own".

I have started to get calls that payments were returned unpaid. What do I do now?

Matt, the companies that are legal, you will need to work out payment arrangements with, however, you do not want to give them your new account information. Pay them with money order or whatever, the others, you are only obligated to pay back what you borrowed. Here is a link to a letter you can use as a template to send to your pdls. You can make chages to this and tailor it to fit your situation.

http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

You are going to want to be sure to send this certified return receipt.

There is a clause about phone contact in this letter, You want to make every attempt to keep your communication in writing so you have documentation if you decide to file or in case you need it for another reason.

I just read the laws you put on here and I have 3 payday loans and I am being charged WAY over the amount stated there. Should I send a complaint letter to the address you have shown. I was current with them all until they ran their payments in on Friday when I have constantly advised them when the 15th falls on the weekend I get paid on Monday. Now my account is overdrawn.

By the way, I live in Texas so I assume that law applies to me.