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Please, help me


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I need to know how the law sees these "Stupid" payday loan companies. I am being Forced to close my bank account until I canget them paid off. I was really doing well till I thought they would help me. If I die an early death, they will be the reason! Anyway, I have to close my account before I loose everything. I realize this is a debt & I have every intention of paying it but I need to buy some time to get some other bills paid so I don't loose everything. What can they do to me? Are they able to go to the County Atty office to persue me like it was a bad check? I have read that the Truth &Lending act treats these like a regular debt so they can go after me personnally as a bad debt. Like a bad check. Is this true? I have every intention of paying this off, but I just need some time. I don't know what eles to do, and I acnnot find any info on Texas laws for this. :(

Payday loans should be illegal, or regulated very closely!!! :(

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rachlls: Welcome to the CIC. Unfortunately, yes, payday loan companies are much like legalized loan sharks. Yes, they can go after you for the debt, but as to just how probably varies from state to state. Others here who live in TX may have some info or advice for you.

I've read several threads on this board about payday loan companies. I've done a search (by using the "Search" function at the top of this page) to find those threads. Here is one posted in June 2004 that might be helpful:

http://debt-consolidation-credit-repair-service.com/phpBB2/search.php?mode=results

And a recent one:

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=20336&highlight=payday+loan (What did ever happen to the OP in that post? We were so helpful that we scared him off! :?)

And here's an informative post by Ravenous Wolf discussing how payday loan outfits are invading college campuses:

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=13793&highlight=payday+loan

You might also want to do a "Google" search on the Net using the terms "payday loan compan*" for additional information.

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