What next?

You have no reason to be scared. Nothing can happen to you. Are these internet payday loans trying to take your money?

Don't be afraid!! You can expect some nasty threats, but that's it. They are all lending illegally (assuming they are internet loans). If you let us know what companies you are up against we can help you here!

Hi guest. They will blow a bunch of hot air your way. They can't really do anything.

Still waiting to see if these are internet or storefront loans....zzzzzzzz

I'm with you, anthony! Hello? Guest? If you post what pdl's you have, we can help you and give you more advice as to what to expect. :shock:

I have loans with e pay day
your cash daddy
vcf
aom ( america on line marketing)
up front payday
big int
ashland funding
and
B + L funding and I am in texas and cant tell when they have voilated the law and if I have paid the loan off and started over but over paid the last loan does the interest on the first or 2nd or 3rd loan count toward this one with the same company ?

they are all internet loans am I too late is anyone here ? I dont understand the laws in tx to know if they are doing anything wrong and what if they are not licensed in my state .. I went to the websight but how do i know I am looking it up right or what name they might be licensed under . VCF was the 2nd loan from a company called total lending on the first loan so how do I know who is who . I have noticed most of these websights have 800 and no phone # or anything and you call and they sound like they are from indaia.. I have a little time I have till the end o fhte month before they try to hit my account again but at that time I would love to have the letters to cease and disist ready and waiting for them not to call me at work or at home and not to mail me to only email the address thtat they have I can handle that .. I dont want mail to my house .. guess I could forward my mail to a po box huh or call and change my mailing address before they find out right ? what can I do to stop the harrasment . I doint mind paying what i owe but what if they are not licensed in my state please help does that mean I owe them nothing ?

wonder when they would start calling what they would do if i would tell them to hang on a minute that i need to turn on the recorder to record the call ??? think they would call back if I did that every time ? wonder ?

I guess i will chk in here tomorrow hopefullly someone can help.. anyone with help can email me at email address removed for your protection - Goudah I would appreciate it

Karen, I'm posting the Texas state pdl law for you to see. As you will notice, rollovers/extensions are not permitted in your state. And, I am sure every one of these internet pdl's are charging you this. What I need for you to do, please, is list your internet pdl's this way: Name of the pdl, amount borrowed (principle only), and how much you have paid so far (total/do not break it down into "fees"/just the total amount paid so far). A couple of these jump right off the page at me as not being licensed/legal. So, please post the name, amount borrowed, and amount paid so far. We can go from there. :D

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

so does that mean if they are charging me 30.00 per hundred they are breaking the law ? and if say I have a 400 loan and the fees to renew are 140 then they cant do that I have to pay it by law at the end of 14 days the whole thnign ? what does the 500 agregate thing mean ? I dont understand that part.. Thanks for your helo

and when you say the full amt I have paid them .. does that mean on the last loan with them or all loans will them do I add all loans taken out together and all payments taken out together ?

IF AGGREEGATE means they cannot loan me more than 500.00 all companies combined ? Is that right ?

The problem with Texas is that a lot of the pdl's there use the CSO model . . . . To get around the pdl laws.

Are these internet loans or storefronts? That will make a big difference in how to handle them.

these loans are all internet based

whats a cso model

I'm posting a quote from one of goudah's other posts. This might explain what a CSO is a little bit better. goudhah is good with all this CSO stuff. You might want to post more information so that she can help you better. Here it is:

Texas doesn't have licensing for payday lending. The Consumer Lending License that is available is a better fit for finance companies (such as Citifinancial and Household Finance). A list of licensees should be available on the Texas Finance Commission's website. The AG doesn't handle licensing, so it wouldn't be on his site. His role in payday lending is litigation and enforcement on behalf of the Commission.

FYI:

Storefronts in Texas run on the CSO model. where an unlicensed lender makes the loan at 10% apr (Texas law only requires a license if you charge more than that) while the store acts as a broker and earns the bulk of the profit as "brokerage fees."

Internet lenders licensed elsewhere rely on the dormant commerce clause (which limits a state's ability to regulate businesses outside their borders), the Stroman decision (where a District Court in Texas blasted California and Florida for trying to regulate a Texas timeshare broker) and the Texas version of the UCC which provides strong support for choice-of-law clauses in contracts. Whether their view is correct or not remains to be determined by some future court. In addition, there may be other laws I am not aware of that either support or detract from their argument.

Truly unlicensed internet lenders, of course, rely on you not being able to find them easily.

I read that twice and doesnt know how that affects me does that mean I am just out of luck because texas does not take a stance on it ?

guest, it doesn't mean you're out of luck. Let me see if I can message goudah and she can help further. She knows her stuff and can explain it. She might need more information from you, but she'll let you know. Hang on! :D

What it means is that there is a chance that some of the companies you are dealing with are CSO's. Odds are the internet based ones are going to be completly illegal. But you need to find out if they are operating as a CSO or a PDL. It would have to say something about being a CSO in the contract.

Looking at the company names you are dealing with, none of them are known CSO's . . . . But that doesn't mean they aren't. But odds are very much on your side that these companies are not licensed to do payday loans in your state, and they are not registered as CSO's either. Meaning you have a very strong leg to stand on when fighting these companies!

So how do i find out if they are csos for sure ? None of them have any documentation about cso but then they dont give you much documentation up front and she said odds are they are legal right >

So when i list amounts do i just list the current loan or past loans with the same company included with everything paid on all loans ?

guest, I'm going to try to help at least a little here. I know that your VCF (Total Lending) will not be licensed. They are a pdl and not licensed. I had one with them. I also know that BIG is big time illegal. Whatever. I don't believe any of your internets are legal/licensed. Plus the fact that rollovers/extensions are prohibited in your state. Which is what these pdl's are doing. Illegal. When listing your loans (and I understand if you've had more than one), list each loan. Put the name, the amount borrowed (principle amount only) and how much you've paid so far total on each one. Break it down to each loan with each pdl. Because actually, since rollovers/extensions are prohibited, all the money you've paid them should be going towards the principle. No fees.

so if they owe me cuz i over paid on one loan with a company they could apply it to the next loan that I got to pay back is that what you are saying . I will try to get those figures together by the first of the week then maybe you guys could tell me where i stand nad I got a copy of a letter to send but so much wording I am not a legal person I dont know what inforamtont to put where and what to leave out is there a simple template for texas ?

I can't promise you that any loans you had with one company where you overpaid on one and then have another, that they will apply the overpayment to the second loan. I know others have tried that and been told "no way". So once you figure out all your pdl's and post the original amount of the loan and what you''ve paid on them, we can take a look and figure out what's going on. And we can help you with a letter.

Guest you should register as a user you can earn debtcc points.

ladybug

Any CSO's have to be registered with the state. This is totally different from licensing. You could check with your secretary of state to be sure, but I would be really surprised if any of the companies you are dealing with are registered CSO's.

ok I totaled up all the loans I have done and well i have paid 2500 in fees with all loans combined that some are paid in full their way then reloaned iwth same companies here is how it breaks down

B+L Funding borrowed 300 paid 450

( not to mention 215 over paid on 2 previous loans with them )

Ashland funding borrowed 300 paid 360

v c funding borrowed 300 paid 310


america online marketing ( frm nv) borrowed 300 paid 75 ( over paid 150 on previous loan)

your cash daddy borrowed 500 paid 140
( over paid 168 on previous loan)

up front payday borrowed 500 paid 300
( over paid 168 on previous loan )

e payday borrowed 35o paid 0
previous loan over paid ( 90)

BIG 250 paid 80 ( over paid 225 and 160 on 2 previous loans)

so from what you are saying 3 of these are basicially paid in full and what about the other 4 how do I tell if they can loan where I am and what do I do from here I would like to be ready when teh pmt comes due again on the 31st .. I have changed my bank account to a new account and well .. what next .

Thanks for your help guys.. I still have a ways to go but there is hope .. I cant believe if I had not paid already over 2000 in previous loan fees I would not even NEEDED These loans !~!

guest, okay, you're in Texas. I've looked at what your loans are. You've already closed your account, right? And no more pdl's are due until the 31st? Correct? You did good listing your loans and amounts. Okay. Post to us the answers to the above two questions. We need to start working on your letters if you've already gotten your bank account taken care of. Don't worry about not being "good with legal wording". We can help you. And these pld's are illegal, so they wouldn't know "legal wording" anyway. LOL! Sorry, just trying to lighten the mood a bit! Answer if your bank account is taken care of and if no more debits are scheduled until the 31st. We'll go from there. :D

Don't pay any money to any of these crooks. Save your money, you've been victimized enough. None of who you listed are operating legally. You don't need to send them a dime. I may be blunt, but what I am telling you is true.

yest hte bank account is closed ( I opened a new one at the same bank and they reassured me the other ones would just be sent back ) and no more deductions are due till the 31st

so what kind of notice do I need to send them to stop and desist so that they wont try to mess up my job or something . some of them have copies of my check showing the bank account it went to ( and my company information of home office.. ) how could I have been so stupid... I dont want my job messed up ..

guest, don't worry. You're doing good. You've gotten the bank account part straightened out. That's the main thing. You now have control of your money again and these illegal pdl's can not debit you any more. You can actually pay your bills and buy groceries again! Now, you need to start sending your letters. Be prepared. After sending your letters, your pdl's are going to try to hound the hell out of you. Even though you're going to request that they not in your letters. There is a link SOMEWHERE on this site to examples of letters and what they need to include. They're re-arranged the site! Can someone please point us in the right direction to find examples of letters to pdl's now? Please?

I just cant believe I have been so stupid .. wonder what they would do if I told them I filed bankruptsy ? ( a friend of mine suggested it ) I just dont want them m essing up my job that is my next big fear ... I have changed my checking accoutn # to anew account # at m y bank and my bank told me that they try to debit the old account # it will just go back . I have gottne the direct deposit on my check and all switched to the new account and well just want to get this straight and move on and quite robbing peter to pay paul .. I have my expenses down without these payments I can get by and save m oney !!! I hope those letters are easy because I am not very legal minded .... I really appreciate everyones help I could have never done it alone .. I feel some better already !!

#1. You can listen to Anthony's advice, if you like, because he is correct. If the internet pdl's are illegal, they can not legally collect on the debt. It's your decision. They will harrass you and maybe send you to a collection agency (which will also most likely be illegal) to try to get their money back. Some people pay just the principle amount of the loan since that is what was deposited and they used the funds. So they pay back what they got and that's it. No fees included.
#2. What do you mean "they have copies of your checks"? What checks? Your paychecks? Why do they have copies of your paychecks, if that's the case? Did you fax over paystubs or copies of paystubs for them? I really need to know what you mean by "they have copies of your checks". That's throwing me off big time.#3. I have figured out your loans only based upon the principle amount borrowed. I did not add in fees or include any state maximum fee limits, as these are illegal pdl's. I will post this for you shortly. I could not figure in anything regarding the ones where you just stated that you overpaid on two other loans, etc. Actually, just write those off as a learning experience because you will most likely never see a refund from these people.
#4. Your bank account is fine. Which is the main thing. If the pdl's try to hit it, they will be rejected. Expect them to figure this out (sometimes they're slow at figuring it out). This is when they will begin hounding you.
#5. I'm going to put a post up asking where the hell the link is to the example letters you can use to send to the pdl's. The site has been rearranged and someone needs to point us in the right direction.
#6. If you don't want to register as a member, that's okay. But if you do, you can send pm's (private messages) back and forth and it's not seen on the forum. It's up to you if you want to do that or not.
#7. Please answer my question regarding "they have copies of your checks". I need to know what you mean by this.

You must be careful opening a new account in the same bank. Most accounts can be accessed in the same bank, if the names are the same on the accounts. It happens all of the time. If they attempt a withdraw on the old account, the new one may be accessed instead, so keep an eye on that. Most of the time, one must open a new account at a completely new bank, meaning a different named bank.

anthony, guest stated that his/her bank assured him/her that the new account wouldn't be touched. If anything goes to the old one, it will be rejected. However, I agree. Some members have gotten it in writing from the bank that the new account will not be "touched" regarding anything from the old account. This is not a bad idea to get something from the bank. As you can not trust the bank 100%. "Errors" occur.

If it is not in writing, it means nothing. Please request the bank put it in writing. Don't be shy to request this, it is for your best interest.

anthony, excellent point. I wish I had gotten something in writing for when they screwed me after 2+ months. So, guest, try to get something in writing from them. I have your "figures" ready for you whenever you respond. I'm still wondering what copies of checks you're referring to.

the checks I am referring to is a copy of the pay stub where they were deposited in my accoutn from my employer

Okay, guest. The copies of your paystubs, they know your employer. Hell, they knew that from when you applied for the loans. That's nothing new to them. They already have that information. So, nothing you can do about that. If they happen to have your bank account number on them, I'm going to assume the bank account information they have is you "old" closed account. So that won't matter either. You closed the account. Now, I've had this paper sitting here forever to post to you! I figured your loan amounts. As stated above though, I did not figure in any "interest" or anything like that. I just figured the principle amount of the loan, what you have paid, and the result. Here they are:

B&L borrowed 300.00/paid 450.00/overpaid 150.00
Ashland borrowed 300.00/paid 360.00/overpaid 60.00
VC (Total Lending) borrowed 300.00/paid 310.00/overpaid 10.00
American On Line borrowed 300.00/paid 75.00/owe 225.00
Your Cash Daddy borrowed 500.00/paid 140.00/owe 360.00
Up Front borrowed 500.00/paid 300.00/owe 200.00
E-PayDay borrowed 350.00/paid 0/owe 350.00
BIG borrowed 250.00/paid 80.00/owe 170.00

These amounts are all based upon the pdl's being illegal. These amounts do not include state maximum fee allowed. These amounts are only going by the principle amount borrowed. Take a look and see what you think. And we can work on the next steps.

those amts sound right .. so whats next ..

how can i make sure they are illegal

You're doing good. I'm at work right now, but when I get home, I can check on these for you. Hang in there. And I'll be back on later and figure it out. I'll post what I find out for you. Just hang on! :D

Guest, I wish that you had opened your new account at a different bank. I hear too much about a bank sometimes linking the two accounts or some clerical errors causing the new account to be affected. Also it is easier somehow for the PDL to find your new account if it is at the same bank. Can you possibly open an account at a different bank.

guest has been told by the bank that the new account will not be touched with anything regarding the new account. However, we did suggest that guest get something in writing stating this fact. It would be in guest's best interest to get it in writing. One other member actually just emailed the bank branch manager and asked the question regarding the new account not being affected by the old account and any trransactions relating to the old account. The bank branch manager emailed back stating that they would not touch the new account and everything from the old account would be kept separate and rejected. This, to me, was an excellent idea. Just send an email. You'll have written proof of your questions and written response that they will not touch your new account regarding any "old" account transactions. It's certainly worth an email to the bank branch manager! You'll have something documented in case "something" happens and you have to get it straightened out.

I have sent a email to the bank and we will see what they say about it hopefully I will get documentation in writing

guest, as long as they say in their email that your "new" account will not be touched regarding anything from the "old" account, you'll have it in writing. I'm thinking they'll do this. At least you'll have documentation! :D

here is what the bank said .. YEAH I Even printed a copy


I changed the account # for security .. lol and well do you think that covers me ? Now what about hte letters to the pd companies I need to know exactly what to say and how to say it ..a nd well when should I send thme when they start calling ? how long after the 31 can I expect them to call me ? How long will it take for them to know it didnt go thru .. I Dont think they have my home # just my cell and main work # and direct work # I am not worried about them calling my cell but i am worried about them calling my work and mailing stuff to my home address.. ( my husband does not handle this kind of stuff well and will be livid evertime a piece of mail comes in .. he is upset enough now and i told him I have it under control .. ) NOne of these were in his name all in my name ..anyway .. what should i do next .. I am at work so will check this this pm .. would like to get the letters ready to go though this week .. before friday !!!

Ok, so I am paranoid.As long as your bank has assured you its ok i suppose it will be.
Cannr, I think I caught a case of your bank paranoia LOL