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Assistance needed with 3 pdl in Texas

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First of all let me say that I am so glad I came upon this site. I have learned a lot and I'm feeling more confident that I will be able to get out of this payday loan trap I'm in. I have 3 internet loans. They are:

CashnetUsa: Principal $650; Interest $118; paid so far in extension fees $266

Cashadvancenetwork: Principal $300; refinance amount $90, paid so far in refinance fees $180

BahamaMarketingGroup (BMG) Principal $200; fee $60, paid so far in fees $180.

I can no longer afford to have over $500 in fees debited from my account each month. I have all intention to payback my loans, but need to do it in reseaonable terms. Any advice is appreciated. Thank you.

You can do the following: -

Close you checking account (IMPORTANT - Read before closing your bank account due to pdl)

Opt for debt settlement for the internet pdls.

PDL laws of Texas: -

Legal Status: Legal

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

Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610

Sub: #1 posted on Mon, 08/11/2008 - 13:37

phoenix phoenix
(Posts: 1445 | Credits: 275.44)

Someone will be along shortly to advise you, but be aware if any of these companies are acting as CSO's (Credit Service Organizations) the pdl laws will not apply to them. :)

Sub: #2 posted on Mon, 08/11/2008 - 16:59

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

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