Payday Loan Help Please

Date: Thu, 01/10/2013 - 19:53

Submitted by nlwalker
on Thu, 01/10/2013 - 19:53

Posts: 3 Credits: [Donate]

Total Replies: 2

I live in Houston, TX and I'm stuck in payday loan hell. After my husband lost his job things were really tight and I applied for a storefront payday loan from First Cash Advance the prinicpal loan amount was $900. Since Oct 2012 I've paid over $1407 dollars in fees. The currect payoff amount is $1,101.20. This friday I'm suppose to go in and make another payment for $201. I would like to see how I can handle this loan if I close my account. About two months ago I called the collections department and unforunately since my loan hadn't defaulted they wouldn't discuss any type of payment arrangements. I was instructed to either pay my finance fee or pay my loan off no arrangements will be made. I don't understand how I can call and ask for some type of arrangement cause the $400 I'm giving them has put he in a hard financial place we're struggling to maintain our normal household bills. So I had to get another payday loan to keep my lights from being disconnected. I have another payday loan from Cashstore with a balance of $540 the principal loan amount was $475 and I've made payments that totaled $362.62. Any advice any one can give would be greatly appreciate I'm drowning trying to keep up with the loan payments. Help please my time is running out

Thanks guys ...

Struggling in Texas..

Keep trying.

Texas laws are different than the laws here in WA state but you still have rights. Seems that both of your loans are storefront loans and are legal. You will need to pay them but I am sure something can be done. There are a few more informed members here that will chime in soon. My thought would be to close the bank account that these loans are drawn from and start taking care of your family first, then when they call you can tell them to send you to collections or work with you on a payment plan. They can't take you to jail, they want their money and will work with you. Your family needs to come first. Do this before you make the mistake of taking on another loan.

lrhall41

Submitted by anonymous on Thu, 01/10/2013 - 21:26

( Posts: 202330 | Credits: )

Struggling in Texas

I suggest that
you write down all dates and facts and submit them to the Consumer Financial
Protection Bureau, phone and submit a form on the Internet. You can give
a copy to the National Consumer Law Center ... on the Internet. You can call
the Attorney General of the State of Texas. You can call and/or write you
state and national legislators Representatives and Senators. You did not
mention the APR that was written on your agreement.
Just for your information, the APR they used, will likely be in accordance
with the Truth in Lending Act (TILA) of 1968, which is the NOMINAL,
SIMPLE-INTEREST APR, not the mathematically-true COMPOUND APR. On a 15% APR stated, the Compound (^) APR is 3,723.7% calculated as
(((1+(15/100))^(365/14))-1)*100. But, no one seems to be concerned about that
difference ... except me.

lrhall41

Submitted by anonymous on Tue, 01/15/2013 - 19:53

( Posts: 202330 | Credits: )