topic Re: Do most payday loans buisiness sell their debt a CA? in Rebuilding Your Credit

Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sat, 19 Jun 2010 08:31:34 GMT

Reason why I ask back in 2008 I took out a 300 pay day loan and was unable to pay or refinance. Of course at first they hassled me to pay and I just didnot have the money. And the Business was Advance America besides the phone calls maybe one every year asking for the money I've never seen a letter from a CA asking for the money. Is it just that most of the pay day loan sharks don't do deal with CA? Please help!!!!

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sat, 19 Jun 2010 08:55:31 GMT

Please help y'all have been great even helped me great rid of a baddie. I'm sure y'all can come through again!

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sat, 19 Jun 2010 15:41:07 GMT

Please help fellas and ladies!!!!!

Re: Do most payday loans buisiness sell their debt a CA?

andibogard — Sat, 19 Jun 2010 20:16:00 GMT

At one point I had two delinquent payday loans, both for $300. One was from cashnet and the other was from a local business. About a year ago I started getting phone calls and letters regarding the one from cashnet. I don't remember the CA, but this was the only one that actually made its way onto my CR.

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sat, 19 Jun 2010 22:26:17 GMT

Ok some my UI has run out and I can't even make the refiance fee. I'm thinking I'm just going to cancel the check? I live in Texas and the to Total amount I borrowed was $452 with Fin charge its $597.72

What should I do please help!

Re: Do most payday loans buisiness sell their debt a CA?

Anonymous — Sat, 19 Jun 2010 23:18:48 GMT

For starters, look up Texas laws on payday loans. They may not allow fees and all that.

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sat, 19 Jun 2010 23:33:17 GMT

Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code 1.605; Tex. Fin. Code Ann. 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
APR for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sat, 19 Jun 2010 23:36:26 GMT

Yes it looks like fee's are allowed in Texas. I think I'm gonna just cancel the check and be done with these loans sharks. Any other thoughts anybody???????

Re: Do most payday loans buisiness sell their debt a CA?

Loques — Sun, 20 Jun 2010 00:37:03 GMT

I'm not sure how it works in Texas, but I would assume they could still pursue you for the money you owed. Once upon a time, I had a payday loan default and they added their fees, etc. I never did hear from a CA, but I definitely heard from them. They are resilient! Lol, I ended up paying them when I got it all together...but, I wouldn't bank on thinking they won't find a way to get their money. Usually, they will work something out with you. I would say it is just best to take care of the situation as best you can little by little.

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sun, 20 Jun 2010 00:56:12 GMT

O I'm willing to pay them back I just can't afford it and still live while the only source of income dried up. I have paid down on the loan some, so, they have made some money back and then some I'm sure. Things payday loans...they're loans sharks plain and simple and they should be made illegal. That's my two cents anway.

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Sun, 20 Jun 2010 17:54:41 GMT

Bump

Re: Do most payday loans buisiness sell their debt a CA?

Madmax26 — Mon, 21 Jun 2010 00:12:16 GMT

Ok so the total is 597 is that really worth gettting sent to small claims court for? I just don't think that amount is worth it.

Thoughts????

Re: Do most payday loans buisiness sell their debt a CA?

getmycreditright — Mon, 21 Jun 2010 02:10:25 GMT

Pay them and never get a pay day loan again. A couple years ago, I was "in too deep" with payday loans and getting them from multiple places at once. I ended up paying them all back, but it wasn't until they made DOUBLE the loan amounts off of me. These guys are straight up crooks. I'm glad you realize that. It took a while for it to sink in for me lol!