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are these companies are legal in texas; anybody can help me how to figure it out
cashnetusa
paydayone
mycashnow
checkngo
discountadvences




Cash Net USA, Payday One, and Check n Go are legal in Texas. They are CSO's.

The other 2 are not operating legally in Texas.

Sub: #1 posted on Thu, 07/31/2008 - 01:06

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

hi goudah, i followed everything as much as i understand from this forum, i closed my account, (it is with a credit union and they were very nice to me). tomorrow they will try to get money form my account. so for the legal ones operating intexas what should i do about it?. and for the illegl ones should i just send letters that i have found in this forum before. Thank you for your help

Sub: #2 posted on Thu, 07/31/2008 - 01:10

asi55 asi55

(Posts: 10 | Credits: 2.25)

I have paid too much for the illegal ones
my cash now original loan was 470, principle is now 120 and paid 250 for fees
discountadvances original loan was 300, principle is still 300 paid 230 for fees

legal ones
payday one 800
cashnet usa500
checkngo 550 now 525
all 1-rollover once

how should i deal with the legal ones. should i call them to make an arrangements. I think they still pass state limits, for max finance and aggregets 500$, am i right ? does anybody deal with them before. I think I am really confused. Thank you

Sub: #3 posted on Thu, 07/31/2008 - 01:30

asi55 asi55

(Posts: 10 | Credits: 2.25)

I answered another thread of yours:

http://www.debtconsolidationcare.com/settlement/about4916 2.html

Let's try to keep things to that thread so there isnt' any confusion. :D

They don't pass state limits, because there are no state limits on CSO's. They are just about totally unregulated.

Sub: #4 posted on Thu, 07/31/2008 - 02:38

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

ok lets keep this tread
:D

I just send this message to the other thread so posting it again.

you are right, I have two illegal ones and planning to send them this letter. Below. Should I send this letter to BBB, state general attorney and my bank at the same time?. I closed my account yesterday. It is credit union and she told me they cant force open the account. I read the forum you sent before and asked her about it. the moment she heard about the word pdlshe was very helpfull. I think she saw before what they do to people. so I assume, I am safe on that side. For the legal ones should I also send a similar letter telling them I am revoking the checking account and wont to negotiate. or should I call them first? Thank you so much, I think I am starting to understand. and I am student and go through what you said about starving. I wont let it happen again to me. Thank you again

DATE

Name of PDL
Address


After doing research on internet payday loan laws in the state of Texas, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Texas in general:


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


Your company should actually not issue loans to Texas residents at all as you are not licensed in Texas

I have contacted the Texas Office of Financial Institutions and the Texas State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in texas and was advised to pay what is due according to principle amount only of the loan.

The legal amount that could have been charged to my loan is the principal amount of $XX even if your internet pay day loan was legal in Texas. I only owe $XXX to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $XXX to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.


I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Texas.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sub: #5 posted on Thu, 07/31/2008 - 03:08

asi55 asi55

(Posts: 10 | Credits: 2.25)

Quote:
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Texas.


As the original creditor, they would not be breaking any laws by still calling you. I would take this out of the letter. They know they are not bound by the fdcpa, and will tell you so in their reply.

Sub: #6 posted on Thu, 07/31/2008 - 19:38

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

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