Payday loan help in Texas

Welcome, belle! :D We can help you. Can you list the names of your internet pdls, how much you borrowed (principle amount only) and how much you have paid back so far? Once we get this information, we can go from there! You are at the right place, belle!

You will find the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Duplicate post deleted - Mike

Cannr, you are quick

Love your avatar! :D

Thanks. It was suppose to be Mona again, but I pressed the wrong button

Thanks I need some relief. Here is the list that I owe
America Cash Express $300-have not paid anything yet
Pay Day One $240-paid $60 principal plus fees
AIP-$200-have not paid anything down on the loan but paid the fees 1 time
Cashnet USA-$170-paid $30 on principal plus fees
Soniccash-$500-I have not paid anything on this loan but I have had loans from them in the past that I have paid off.
Payday OK-$150-paid $350 on principal plus fees
Thinkcash-$311.22-paid $188.78 on principal plus fees
MyCashNow-$660.00-paid $20.00 on principal plus fees
PayCheck Today-$300-have not paid on principal but have paid fees
Check n go-$536-paid $789 this is an installment loan but does have the high interest rate through First Bank of Delaware.

My husband has one payday loan in his name it is
Pay Day One-$500-Have not made any payments on this account.

Please help me! Thanks so much!!!

Is closing my checking account the right thing to do also??? I have already stopped my direct deposit from work. Thanks again!!

Payday One, Payday OK, and Cash Net USA are confirmed CSO's in Texas. This means they are acting as a Credit Service Organization and not a payday loan company. They do not have to follow the payday loan laws, and can charge pretty much what they want.

Think Cash is usually an installement loan. Is this the case for you? Do you make X amount of payments? Or is the whole thing due on your payday and you just pay a fee to roll it over?

Yes, closing your checking account is the only way to stop these companies from taking more money. Stopping your direct deposit is a step in the right direction.

Please read this sticky for some important information about closing your bank account.

Yes, the Thinkcash loan is a set amount that I pay every pay period. I read the sticky note what should I say in the letter to the companies to deny them to do an ach debit to my account? Are banks usually pretty willing to do what you want to keep you as a customer? I have an account with Bank of America for about 11 years.

Belle, I'm confused. You say "paid principle plus fees". What does this mean? That you've already paid towards the principle after paying all the fees? We need to know how much you have paid each one total altogether. Just a flat amount paid to each one so we can see how much you've overpaid. I've got:

America Cash Express borrowed 300 - paid?

Pay Day One borrowed 240 - paid?

AIP borrowed 200 - paid? (probably 89.00??)
Illegal verbal agreement.

CashNetUSA borrowed 170 - paid $
I believe this one is licensed/legal

Sonic borrowed 500 - paid zero
Illegal as all hell

PayDayOK borrowed 150 - paid 350 (total?)

Think Cash borrowed 311.22 - paid 188.78
This is an installment loan, not a pdl

my cash now borrowed 660 - paid ?

Paycheck Today borrowed 300 - paid ?

Check 'n Go borrowed 536 - paid 789
Another legal one

Pay Day One (Husbands) borrowed 500 - paid zero

goudah is one up on me here! I type too slow! :wink:

With AIP you need to file a complaint with the BBB. For some strange reason they react to them.

As far as the bank goes, it can be hit or miss. You need to stress the words fraudulant, unauthorizes debits, and downplay (or leave out) the words payday loans.

In the letter all you need to state is:

I, Your Name, hereby revoke any and all authorization I gave Company X, and any of it's subsidiaries, to debit in any way any account I may have.

Do I need to put my social security number on the letter to stop the ach debit or is my name sufficient?

Your name is sufficient. I would not include your SS# on it.

Here is an update. I went to the bank and closed my account. The bank said that no items will go through. That is one relief. Now I think this is what you want as far as the items are concerned.

America Cash Express original loan $300 paid $0
Payday One original loan $300 paid $213.80
Payday Ok original loan $500 paid $659.29
AIP original loan $200 paid $89
Sonic Cash original loan $500 paid $0
my cash now original loan $680 paid $269.51
Paycheck Today original loan $300 paid $90
Think Cash original loan $500 paid $415.80
Check n go original loan $1325 paid 1604.52
Cashnet usa original loan $200 paid $147.50
Payday one original loan $500 paid $0

Now that I have closed my account what is the next step that I should take? You guys are real life savers and I mean that literally!!

How should I offer these companies a settlement? Also, you noted that some of the companies were illegal does that work in my favor??

Yes, the illegal ones you would only owe principle on. This means you take the amount you borrowed, deduct any payments you've made, and that's what you owe. Take your my cash now loan. You borrowed $680, and have paid $269.51. This means you only owe $410.49.

The legal companies, Payday One, Payday OK, Think Cash, Check n Go, and Cash Net USA, you will need to call and set up payment arrangements. They are the legal companies and so it's possible that they could take steps to collect. I wouldn't worry about paying back any of the illegal ones until you have to legal ones taken care of.

Would you suggest that I go through a company or try and do it myself?

i am in this same position. i owe several payday places, at this point, not even sure which ones. i closed my acct a while ago, it was too much, and my fault, but i had to do something. i am now getting collection calls from almost all of them, some are threatening! i know exactly how you feel. i dont know what to do at this point, since i dont know exact status of all of them. closing your acct is the right thing for sure!

Belle, the choice is yours, but many of us did it ourselves, with great results. It does require a bit of work, and time, but it can be done.You need to do what ever it is that makes you feel comfortable.

I have found Langhorne on the internet and read a few things about it any other companies anyone would suggest?

A lot of members also use T&C (Town and Country). You can type it in the 'search box' at the top of this site page and read what others have to say about them. There is probably contact information also. :D

The main difference between T&C and Langhorn is that Langhorn is a debt settlement company and T&C is a debt management company.

Langhorn will have you save up money in a special account. Once you have enough in there, they will negotiate with the pdl's to settle the accounts.

T&C will consolidate your debt and you pay them a monthly payment, which they will divide up amongst your creditors until they are all paid off.

T&C is good if you have other debt besides pdl's. Langhorn will only deal with pdl's.

When I call these people how do I approach it? Do I just tell them look I can't pay and this is what I can pay or what are my rights to them?

If these companies are not in Texas does Texas law still apply to them?? If that is true then a lot of my loans are over the time allowed but I am not sure about the percentage rates I would have to look at my documents.

Yes, that is true. The only thing to be careful about are the ones that operate as CSO's, because on those ones the pdl laws do not apply.

I am sorry I didn't understand your answer Texas law does apply to them? So if the law states that the loan can only last 31 days at the most and some of these have been longer than that even the legal ones can I dispute this? Also if they are charging more interest than is allowd can I apply that to my principle? One more thing if I have had a loan with a company several times previously and they have charged me incorrect interest can I try and have them apply that to my new loan?

belle, while goudhah is out, I'm going to try to answer you. She'll be back to clarify it further. What she is saying is the companies that operate as CSO's do NOT have to follow the pdl law in Texas. They are operating as CSO's, not pdls. So they can pretty much "do what they want". As far as the companies that you have had previous loans with and were overcharged, getting them to apply any overpayment towards a current loan is pretty darn slim. I can't say that for 100%, but I do know that the majority of companies that have done this consider the previous loans "closed" and that's it. They may adhere to the "correct" procedures on your current loans, but don't count on getting any overpayments on previous loans applied to your current loans. Like I said, goudah will be back to clarify this for you. I just didn't want to leave you hanging! :D

Thanks! I just got an email from SOnicCash and they said that since I faxed the letter stating I revoked my debit authorization that my loan is in default and I need to pay $620 by moneygram. Now comes the fun part. Any suggestions on handling this???

My suggestion? Tell them to stick it. Sonic is highly illegal. Illegal no matter what state you reside in, they can take their $620 money gram request and hold their breath waiting for it. Just my suggestion! :wink:

You did file complaints on them with the agencies, right?

Cannr, you hit the nail on the head! That is exactly right. Since they are CSO's (Credit Service Organizations) they only have to be registered with the Sec of State, and there is a federal law that says that any fees charged by a CSO cannot be considered interest.

The CSO would still have to follow any interest rate caps, but what they do is charge you like 10% interest, but charge a $30 fee per $100. And it's totally legal. It's a really crappy thing too.

Is SonicCash and Sonic the same place??? Who should I file complaints with? Should I also tell them that I filed complaints against them?

belle, is this Sonic that is located overseas? Do you know? Do you have an address or anything on them? If it's the Sonic that we all know, it's Sonic that is overseas and very illegal.

I have their phone number of 866-574-Cash and a fax number of 208-247-3267 and the email I received was from info (@) soniccash.com

I looked up the fax number and it is in Boise Idaho. There was nothing for the 866 phone nubmer. Where do you guys go to find out the legal and illegal places?

belle, from experience with all these idiot pdls or searches on them or research on the web. LOL! Some you'll get to know just by looking at the name on a post! Sad! Anyway, for Sonic, here is some information. It's kind of confusing because they are so wonderfully illegal. But I'm putting it all down for you so that you can cover all the bases. I'm giving you more than one address, okay? These people work under different names. They are not based in the US; however, they have a call center and a payment center in the US. I'm giving you all addresses I have found on them. Sorry about this, but it's better to be safe than sorry. If I had more than one address for a pdl, I mailed the letter to every address I had. At least one will get through to them, if not all. Plus I emailed and faxed the letters to them. So, here goes. I know it'll be confusing!

Sonic Cash
7219 Potomac Drive
Boise, ID 83704
Telephone No. - 1-866-574-CASH
Fax Number - 1-208-247-3267

Commercial Centre Plaza
Bisazza Street - Level 8 Suite 3
Sliema SLM15, Malta

E-Care Contact Centers
c/o Ms. Kimberly DeThomas
300 - 433 Main St
Winnipeg MB R3B 1B3

E-Care Contact Centers
c/o Payment Services
400 - 15225 10th Avenue
Surrey BC V3R 6Y8

Now, Sonic/Northway/whatever name they decide to use is notorious for sending wage assignments to employers. You need to ASAP type up a quick letter revoking any wage assignment you may have signed with them. This is very important.

On the wage assignmentletter do you just need to put similar language like on the debit revocation letter? How would you word this.

Actually, to revoke a wage assignment is very simple. Just type up a quick letter with the pdl information at the top, then say:
I (state your name) hereby revoke any and all wage assignments I may have signed with your company, your partners, or any affiliates.Then just type your name.
Email it/fax it/mail it certified. Keep a copy. Give a copy to your payroll person. These guys are sending wage assignments left and right. I actually got hit with one. LOL! Just make sure you have your letter stating that you revoke it. Make sure you give a copy to your payroll person and you have a copy of it. A wage assignment is voluntary on the part of your employer. You have to revoke it BEFORE they send it to your employer though. That's why I said to do this ASAP. You never know when they may send it. I got mine sent to my employer about 4 months later.

Can someone tell me if PayCheck Today is a legal or illegal company?

I have a few more questions. How long should you give the illegal companies to respond? 30 days or less? Also Is there a letter to send to the legal companies? Some kind of guideline?

One more thing (I keep thinking of questions) Can someone explain the rollover law in Texas. From reading the law it says that rollovers permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)

If I am reading this correctly I cannot have any rollovers and if I do the fees if over the state maximum of $12 per $100 should be applied to the principal. If they are under the state maximum then rollover is allowed with the fee.

Thanks!

I thought Paycheck Today was an MTE company. If that's correct, then they are very much illegal. Anyone confirm they are MTE?

As far as the rollovers go, yes, you are right. For the pdl's you are dealing with, unless they are making you pay off the whole loan, and then immediatly reloaning you the money. If they are only making you pay the fee and then the loan is "due" on the next payday that is a rollover.

Quote:

Someone previously said that CashNet USA was a CSO. Do you know if any of the other loans I have are CSO's? Even if some of the legal companies are allowing me to just pay the fee and then rollover the principal amount to my next payday this practice would be illegal and therefore all I would have to pay is the principal? I just want to let you guys know that you are all real life savers.

Paycheck Today is MTE, they are one of mine..I know well :lol:

I thought so!

CSO's in Texas:

Cash Net USA
Payday One
Payday OK
Check n Go Online

Think Cash is an installement loan, backed by a bank. Federal law allows banks to import the interest rates from their home state, in this case Deleware, so they can charge pretty much what they want too.

All the companies acting as CSO's would be operating legally. The pdl laws regarding rollovers would not apply to them.

Federal law states that fees charged by a CSO cannot be considered interest. So in reality you are only paying something along the lines of 10% interest, but a huge fee.

Is America Cash Express also called ACE?