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Help with my PDLs

Date: Wed, 01/20/2010 - 08:50

Submitted by Julia Sisk
on Wed, 01/20/2010 - 08:50

Posts: 6 Credits: [Donate]

Total Replies: 5


I reside in the great state of Texas. I have been on the PDL rollercoaster for over a year now.

I can't take it any more and need help getting out. Obviously I want to pay it back or I would have stopped before now. I just need to pay it back in a way that I can afford.

I have 4 Internet loans and need to know if they are operating legally.
I have 2 store front loans and need advice on how to work with them.

Any help you can give would be greatly appreciated.

Internet
#1 M1Y Direct (aka acceptablepaydayloans.com or CashFast 123, LLC)
Loan amount $300 (paid down $50) now $250
Paid - 90 + 75 + 75 = 240 fees
Total paid out $290

#2 Speedy Cash
Loan amount $200
Paid - 50.38 + 50.87 = 101.25 fees

#3 Payday Loan Yes
Loan amount $350 (paid down $100) now $250
Paid - 105 + 75 + 75 = 255 fees
Total paid out $505

#4 PDL Now
Loan amount $200 (paid off $200)
Paid - 76 + 76 + 76 = 228 fees
Total paid out $428

Store Front
#1 ACE cash express
Loan $1000
Paid - 193 +193 + 193 + 193 = 772 fees
This account I keep paying interest then pay off and immediately start a new loan and pay interest again. I have been with them for over a year. They have made their money back 5 fold and I don't know what to do to break the chain.

#2 Check n go
Loan $700 (paid 140) now 560
Paid - not sure what I have paid in fees to them.
Same as above, I keep paying fees until I have to pay off. Pay off then turn around and take out new loan. They have also made their money back 3 fold at least.

Thank you for any advice you can give.


Just in looking quickly at your post my suggestion would be to go to the two storefronts and ask to be on a payment plan with them. Check n go should be able to offer one for sure I don't know ACE. As for the internet.... I don't believe that any of them are legal but someone else with more knowledge will let you know for sure. So based on what you have paid in fees alone you have almost finished paying them off anyhow. You will need to close your account though.


lrhall41

Submitted by tyleeash on Wed, 01/20/2010 - 09:02

( Posts: 143 | Credits: )


tyleeash is right, your two store fronts are members of the CFSA ( Community Financial Services Association of America), see the link below to view yourself:
http://www.cfsa.net/MemberList.aspx
This means you are eligible for the EPP. read the link below to read about the EPP, number 11.http://www.cfsa.net/industry_best_practices.html


lrhall41

Submitted by Shazzers on Wed, 01/20/2010 - 10:19

( Posts: 17344 | Credits: )


I don't think any of your Internet lenders are licensed to lend in your state because your state requires they obtain a license there but you can check at the link below to see if they are listed, if they aren't listed, then you are dealing with illegal lenders and I will give you a link on how to deal with the.
http://168.39.159.59/default.asp


lrhall41

Submitted by Shazzers on Wed, 01/20/2010 - 10:21

( Posts: 17344 | Credits: )


Texas is also known for having a CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED.
If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names.


lrhall41

Submitted by Shazzers on Wed, 01/20/2010 - 10:22

( Posts: 17344 | Credits: )