Texas Payday Loan Help

If they are not licensed in any state then they are operating illegaly.

One thing you should know about Texas is that most storefronts run off the CSO model. Payday lending laws don't apply to them because they are not technically the lender. They are loan brokers.

You would need to close your bank account in addition to revoking authorization to debit. Most of the time these pdl's don't care if you revoke or not, it's more for proof for your bank.

Please read this thread:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

It has some important information you should know before you close your bank account.

No, They will not give up. Chances are they will nit honor your letter, They will continue to debit and debit. Please read the sticky regarding closing your checking account. We often advise people to get a new account at a different bank to be safe.This is what you need to do to be safe and get control of your money. I will post the laws for your stste

You will find the Payday loan laws for Texas here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Man, things can really get out of hand with these things in a hurry!!! I've made arrangements with cashback to pay $50 every payday and they were really nice about it, so that took a little pressure off.

So basically, the store front loan companies, I'm stuck with right? These are the ones that take your checks and hold them until payday or you pay the interest and roll over until next payday.

Pretty much . . . . They are usually operating within the law. Not paying them runs you the risk of being sued.

You should start out by finding out if the storefronts you have are operating as CSO's. Call them up and ask them. They should be able to tell you. Or if you still have your contracts from them, it should say they are a Credit Service Organization in the contract.

Talk to the store fronts. Some are willing to work with you, some are not. Does not hurt to try.

okay, thanks all for the information. any more information anyone would like to share would be greatly appreciated!!!

What did you want to know? Did you have any specific questions?

I guess I'm basically looking for form letters to revoke my automatic debits and form letters to make arrangments with the store front companies. I just pulled my papers for the local stores and they are CSO's.

I thought they would be . . . .

In order to revoke the authorization to debit your account, simply state:

"I hereby revoke any and all authorization I gave Company X to debit in any way any account I may have."

As for the letters setting up payment arrangements with the stores, I would just explain your situation, that you got in over you head but would like to be responsible and pay your debts, but cannot afford the full balance. Set out a payment plan that you can afford. Just be sure that you will be able to keep to the plan, because once you default on payment plans it can be much harder to get a company to work with you.

so what about the others, CashBack, my cash now (CPD) and USA Payday. does anyone know if they are operating legally in Texas? if not, how do i handle these?

Also, has anyone had any luck making arrangements with the store front companies?

yeah, like the storefront check n go in Il.

Rderden - Once you close your bank account http://www.debtconsolidationcare.com/paydayloan/close-account.html you will be in a postition to negotiate with these companies to mark your loans paid in full. How much have you paid on the internet loans? How much have you borrowed on each internet loan? That will help us figure out your best way to go about this.