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 Posted: Mon May 08, 2006 7:23 am Subject: Please Help! Storefront PDL's default |
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I'm in the boat as so many with storefront PDL's. Hubby and I are both into them. He has 3. I have 4. Got caught in the vicious cycle as everyone knows. Well it eats every last single cent of our pay. This has caused us to be using our overdraft protection to the max $500 every payday. We are not able to pay our utilities, which is at the point of disconnection. I'm not able to make payment arrangements with them as I have broken them to many times paying these stupid pdl's back first. I am so so sick over this. Please I really need help before seriously I completely lose my mind. I did pay one off, most are in default. (2) by 16 days, (2) by 9 days and (1) 2 days. The other is due this upcoming Fri. These people are nasty. Some are showing up to my door step. They aren't getting any money out of the checking due to it going into max overdraft with hrs of paychecks getting deposited. I send a letter Sat closing join account on Sat. I will be able to go to a paycard. Hubby will not. He is not aware that we are in default (long long story).
What should I do... Do they have the right to show up on my door step? I'm in Ohio.
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rach0730
Joined: 06 May 2006
Posts: 4
Debtcc Points: 265
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| Posted: Mon May 08, 2006 8:39 am Subject: |
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Hi rachellowe1967
I am sad to hear about your present situation. Don't feel alone in this. Close your checking accounts before the payday loan companies hit your accounts further. Use a consolidation company that will be able to make arrangements with your lenders if you are unable to do so. It might take some time for the plan to get set with your lenders, but once it is done, make sure that you make the payment regularly. I hope your counselor will be able to shape up this situation to your favor.
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curlycarl
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| Posted: Mon May 08, 2006 9:05 am Subject: |
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RachelLowe~
I am so sorry for your situation also. I was in the same place not too long ago, to the point that I was served a summons from one of the places. I have never had one of them show up at my home, that's a first. I got help from T&C, as did many of the people in this forum. They are great and they aren't too expensive. The pdl companies seem to trust them and they are willing to work with T&C, I would definitely recommend getting in touch with them.
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Each and every one of you have been great. Thank you for all of the advice and help, it's good to know you aren't the only one going through situations like this. PS. All points donated are very appreciated. Thank you again!!
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Angel
Joined: 24 Jan 2006
Posts: 188
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| Posted: Mon May 08, 2006 9:10 am Subject: |
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Hi, rachellowe1967!
I live in Ohio, too, and if you've read any of my posts, I'm having storefront PDL problems, too! None of mine have gone into default yet, but will later this week. However, I contacted T&C this morning, and they said they are able to help me with my PDLs. I had no idea PDL lenders here in Ohio are going to people's doors demanding payments for defaulted loans! Now that's scary! From what I've been able to find out from the wonderful, supportive people here at this fabulous forum, lenders cannot have you arrested for defaulted PDLs. I know here in Ohio the laws for defaulted checks seem to be more strict than in other states, but I think because the checks are PDLs, the lenders cannot criminally prosecute customers, but they could sue the customers in court. Anyone who could expand on this further so that I have a clearer understanding, please do! I'm still have scared of criminal prosecution even though I'm now going into debt consolidation!
God bless you, rachellowe1967! I hope things get better for you soon! Please keep us posted!
DeeDeeNay
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DeeDeeNay
Joined: 26 Apr 2006
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| Posted: Mon May 08, 2006 9:18 am Subject: |
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As far as I know, they can't have you arrested for defaulting on your loan. I have had some loans out there that had been defaulted for almost a year! As long as you talk with them, though some are nearly impossible to work with, and get into some debt consolidation program, things will work out. The main thing that these companies can do is sue you for the amount of the loan, court costs, attorney fees, etc. But even if you are served a summons,(like me), it's still not too late to work with their attorney and set up a payment plan.
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Each and every one of you have been great. Thank you for all of the advice and help, it's good to know you aren't the only one going through situations like this. PS. All points donated are very appreciated. Thank you again!!
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Angel
Joined: 24 Jan 2006
Posts: 188
Debtcc Points: 11876
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| Posted: Mon May 08, 2006 10:09 am Subject: |
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I am so thankful that I have found this site. It took almost 2 weeks to find it. I know I should stop making myself sick over this. I did go out this morning and go to the one my husband is in default to and actually made payment arrangements with them. We've been on their roller coaster over 2 years now so they were very happy to help us out. That was Check Into Cash. Mgr did have to get district mgrs approval but at least they are willing to be civil.
I know I was quite shocked when they showed up on my door step... I was like what if I didn't come in to pay I didn't hvae the money... what makes u think I have it now. One company (the one I did manage to pay back) actually had their district manager come out.
I can deal with phone calls... thanks to caller id and ringers that turn off. But I'm definately not good in face to face situations.
Now I won't have to worry about hubby's account. the joint acct that I had used for mine is now closed. Sent out for my paycard today so that I will never be able to get into this again.
I'm also going to fax letters to the remaining ones and inform them that they are not going to get paid by me directly that I will be in contact with a consolidation company and not to contact in person or phone any longer. That further contact will be from my consolidation company. Then contact T&C.
Does anyone see problems with me faxing them to tell them to stop? Then contacting T&C.
I did find out from the pdl Check Into Cash that you can fax/mail a letter to the PDL store front and demand that the account be closed and never to be opened again under any circumstance. They will put it into their system and you will not be able to go back to any of their branches and reloan again. This I will be definately be doing later on after T&C and I get these paid off.
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rach0730
Joined: 06 May 2006
Posts: 4
Debtcc Points: 265
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| Posted: Mon May 08, 2006 10:20 am Subject: |
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Rachellowe~
Well it sounds like you are on the right track to getting this all squared away. Though keeping this a secret from your husband doesn't sound too good!! Maybe you should just fill him in on the situation and how you have it all under control.
I would contact T&C first, make sure you have all the information you may need for the lenders, and then contact them, via fax. That way you will have all of your t's crossed and it will look better on your part.
_________________
Each and every one of you have been great. Thank you for all of the advice and help, it's good to know you aren't the only one going through situations like this. PS. All points donated are very appreciated. Thank you again!!
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Angel
Joined: 24 Jan 2006
Posts: 188
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| Posted: Mon May 08, 2006 10:20 am Subject: |
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They came to your door???
I'm not sure if that's legal. Any one here know anything about that?
You might want to check into your state laws about collections....
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erzeke1
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| Posted: Mon May 08, 2006 10:29 am Subject: |
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I have never heard of store front lenders coming to your door. I know that they can call and send letters, but I think they are crossing the line here.
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NotsoLucky
Joined: 02 Nov 2005
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| Posted: Mon May 08, 2006 11:33 am Subject: |
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That's what I thought... but yup I have had 2 different business have sent out the store mgrs. Do you think I should call the state and find out if they are allowed to do this? Also my store fronts are charging me a flat fee so to speak... they are charging like 300% (not exact for all of them but like that) for finance charges are they allowed to do that in Ohio. All the ones we are dealing with are licensed. Checked that out.
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Guest
Debtcc Points: 100
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| Posted: Mon May 08, 2006 11:44 am Subject: |
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The rates of interests and financial fees should be within the permissible lines. Check the rates from the attorney general's office. Don't pay anything extra.
Also, report the conducts of the store front lenders to the attorney general. They will put them in the best of their behavior.
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john
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| Posted: Mon May 08, 2006 11:50 am Subject: |
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It's my understanding from Ohio law that they can't charge a flat percentage rate. It's supposed to be $5 + a scaled fee ($5 per $50 borrowed up to $500, then $3.87 per $50 for the loan amount from $501 to $800).
http://onlinedocs.andersonpublishing.com/oh/lpExt.dll/PORC/9ce5/b0ca?f n=document-frame.htm&f=templates&2.0#
| Quote: | | A check-cashing business may contract for and receive interest at a rate of five per cent per month or fraction of a month on the unpaid principal of a loan made under sections 1315.35 to 1315.44 of the Revised Code. Any unearned interest shall not be deducted from the proceeds of the loan or paid |
| Quote: | 1315.40. Fees and charges.
In addition to the interest authorized to be contracted for and received pursuant to section 1315.39 of the Revised Code, a check-cashing business licensed pursuant to sections 1315.35 to 1315.44 of the Revised Code may charge, collect, and receive the following fees and charges in connection with a loan made under sections 1315.35 to 1315.44 of the Revised Code:
(A) Loan origination fees not exceeding an amount equal to five dollars per fifty dollars up to five hundred dollars of the amount of the loan and three dollars and seventy-five cents per fifty dollars of the amount of the loan between five hundred one and eight hundred dollars;
(B) Check collection charges not exceeding an amount equal to twenty dollars plus any amount passed on from other financial institutions for each check, negotiable order of withdrawal, share draft, or other negotiable instrument returned or dishonored for any reason, provided that the terms and conditions upon which check collection charges will be charged to the borrower are set forth in the written loan contract described in division (A)(4) of section 1315.39 of the Revised Code;
(C) Damages, costs, and disbursements to which the check-cashing business may become entitled to by law in connection with any civil action to collect a loan after default. |
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set4sail
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| Posted: Mon May 08, 2006 1:37 pm Subject: |
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I think it depends on the store manager with the store front lenders. I know that when we were in the cycle one of the store front lenders (Advance America) had this manager that would go out and drive around looking for people and go to their houses trying to collect - I heard her talking about it once. She was definitely not the professional type but I don't know if it's legal or not. I've found that the store front lenders are usually fairly easy to work with in a consolidation plan.
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Ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it. - Lou Holtz
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CycloneFan
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| Posted: Mon Jun 26, 2006 8:56 pm Subject: Who is T&C? |
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I keep seeing T&C mentioned above. Is that a credit counselor or debt consolidator? I owe several..like 10 PDL and am on the verge of bankruptcy due to those and unpaid medical bills. Can somebody give me contact info for T&C. I live in Ohio
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Shavon
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| Posted: Mon Jun 26, 2006 9:06 pm Subject: Contact info for T&C |
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What is T&C...I need help due to numerous payday loans in default..some even from afew years ago. Are they a credit counseling company. How can I contact them or find out more?
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pursleylov
Joined: 26 Jun 2006
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| Posted: Tue Jun 27, 2006 1:12 pm Subject: |
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Shavon, you don't have to file for bankruptcy if you can send small monthly payments towards your payday loan accounts. A consolidation company will call you after you have registered in this site. Discuss the accounts with him and frame out your payment plans. The total amount of debt will be reduced to a lower amount after the late fees and other financial charges are wiped off. Take the free counseling and frame out your repayments. You will become debt free sooner after taking some control.
pursleylov, if you haven't heard from someone yet, you will. Be regular in your payments in the consolidation plan. In the meantime, check your debt accounts and review the date of last payments. Some of them might have gone past the SOL period. If the statutes have expired, you won't have legal obligations to do the payments.
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GunsNroses
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