need speedy cash ipl help ?

Hi there. Here are your Payday loan laws for Texas (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I think, if I'm reading correctly, they are only supposed to charge you $12 per $100 and no rollovers are permitted.

The laws are a little different from my state, but in any case, I would check into the possibility of blocking them from your bank account or possibly closing your account to keep them away from your money so that you can make feasible arrangements with them to pay the legal amount.

Almost all storefronts in Texas are actually CSO's. Since they are a CSO they can circumvent the laws for pdl's.

Is this a storefront loan?

internet

If they are charging you fees and rolling over your loan every time it is due, that is not permitted. If I understand right, that is $12 per $100 per 14 days, so (not don't quote me 100%), that means in 28 days it would be $24 etc. But since your state does not permit rollovers, they should have taken out $448 when your loan was due. If I am wrong, someone please correct me so I don't mislead someone.

How much are they taking out per pay period?

There are several places called Speedy Cash . . . . I'm trying to find out if they are a CSO or a pdl . . . . Texas has a lot of CSO's . . . .

Goudah, what is a CSO? I haven't heard of that. I hope they aren't a CSO and that they do have to follow the rules of pdls.

2nband, I'm not quite sure how to read the law either, but it sounds like you are right.

needspeedycash.com/

this is the company

ok, I'm not I'm understanding the questions.

but out of the 174.80 they have charged me only
40 has went to principal. original principal was 400
it is now 360.

A CSO is a Credit Service Organization. A CSO is:



Federal law has decided that fees charged by a CSO cannot be considered interest, so these companies can get around pdl laws by registering as a CSO.

so this does this apply to this internet pdl?

thanks very much for you help!

That Speedy Cash is only licensed in Missouri.

Oh wow! That is a sneaky way to rip people off!!!

No, this doesn't apply, since they aren't a CSO.

what do you recommend I do with this?

It looks like they are unlicensed in Texas and breaking Texas law. If you have paid them back more then you borrowed I would be done with them. If you still owe them principle, then I would pay that with money orders. You need to try to get them to mark your account PIF. Filing complaints with the BBB, your state AG, dept of banking, etc can help with getting a PIF sometimes.

well, I know it's not pif with only paying 174.80 so
far. so that's not an option. any other suggestions?
I have a payment due this friday and trying to figure out what to do...thanks again!

kelly, let me understand this correctly. This is an internet loan. When they are debiting your account, it is going towards the principle? Not just a rollover/extension fee where they take the $40 and your principle amount still remains the same? The principle amount goes down when they take a debit out?

kelly, I just re-read your post with the dollar amounts. No. I wasn't understanding it correctly. With the amount you have paid, they have been charging you rollover/extension fees. Prohibited. You should only owe them $225 and some change.

ok, that's what I thought that I didn't owe them what they say. sheesh I'm so sick of all this and I haven't even hardly started it all. last night on a store front one that has went to collections a lady was yelling at me on the phone!!!! I said ma'am stop yelling at me and she said I'm not and I said yes you are, stop it. they are going to be so generous and let me go to the store and renew it and get another one....sheesh!!

Oh, kelly! That's how they suck you back in. They will hold your check and tell you to come in and re-write. So, there you are, still in the neverending cycle of paying and re-writing. I actually had one store front tell me to borrow the money from my family to pay him! Hello! Borrow the money to pay him??? And then he said I could re-write. Okay.....

Cannr, can I borrow some money from you to pay my illegal, harassing , devilish, nasty, cruel, blood sucking PDLS
I will send you my account info LOL

It is soooo sad. They actually tell customers to go "borrow money" to pay them so you can re-write. Honest to God. He told me to borrow the money, pay him, then re-write a check, and use that money to pay back the person I borrowed it from. They will do ANYTHING to keep you re-writing.

It is sad, I agree. We can joke about it now, but things were sure different before we knew what we know now. People get terrified by the idle threats and are quick to do anything they can to stop them. We need a nationally televised show, to get the word out to as many people as possible. We really do need to reah the masses

I secured a 1,500.00 loan with my car. I have only been able to reduce the debt to 1,200.00 because the interest each month and fees has been greater than 300.00. They have rolled this loan over 3X (approx. $1,000.00 in fees/interest). HELP - how do I pay this off and get my car cleared?

Good luck working out a payment plan with them. I had seveal loans and of course as we all know there is no way to get ahead with them. I closed my account and sent all letters by certified mail. Since I live in WI the PDL has to be licensed within the 50 states to be valid (if I understood the law correctly.) I am trying to work out a payment plan to pay back what I owe, but on my schedule. Speedy flatly refuses, they say if you send them a partical payment they will send it back to you. Since my credit score is already shot to hell, I will just wait them out until they are willing to work with me.

guest, this is a very old thread but thanks for your story. do not worry about your credit score. if they are not legal, you can dispute it if they really report you.