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How do I get a payday loan company to settle my account? I've paid more than 100% interest on the initial loan amount!!!

Dallas, TX |

I have 3 payday loans, that I paid well over the initial loan amount, 100% or more per loan, before closing my bank account. I sent emails to all three asking for a settlement amount, 2 of the 3 have come back with at most 70% of the current balance. CheckNGo I paid almost $1800 total over 2/3 of this year, on a $500 loan, they still want about $500. The other Beachside Cash, which I can't find any reputable info on, I paid $760 on a $300 loan, and they still want about $400. I have asked for a statement showing account activity (initial loan, refinances & payments) from both, and have asked for mailing address and name of parent company for Beachside. These requests have not been answered. Only emails saying I've only paid on the interest. Is there a way to get these closed?

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Attorney answers 3


Did you NOT read the Truth in Lending Statement which informed you that the interest on the loans was probably 300+% for each loan? You have only been paying interest and you still owe the rest under the contracts. They have no reason to settle for less. You can choose to stop paying and start dealing with third party debt collectors in the hope they will violate federal law or file bankruptcy. If they do violate collection law, you could sue if you could find them.

This comment is given for educational purposes only. No attorney-client relationship exists between us.


getting the green mint in writing as to the settlement if they're not offering a settlement you cannot force it


You might want to talk to a local debt settlement / bankruptcy lawyer about how to do this.

This general opinion is for informational / public educational purposes only. It DOES NOT create an attorney-client relationship. No communication can ever replace the specific advice of a lawyer who you have hired to represent you. Each person's situation is different, and additional facts can change legal outcomes. You should consult privately with a lawyer if you have a question about a legal dispute.