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 Posted: Tue Sep 04, 2007 8:13 pm |
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have two payday loans. I live in Missouri. One is with Speedy Cash store front for $500 the other $250 with Advance cash store front. I have no money left after payday. I posted as a guest last night but now i can not find my Post. Please help what can i do to get out of this mess?
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dladydi333
Joined: 02 Sep 2007
Posts: 1
Debtcc Points: 69
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| Posted: Tue Sep 04, 2007 9:01 pm |
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First, welcome to the community 
Second, have you talked with the storefronts yet? If not you need to contact them asap and let them know your situation. Some of them will set you up on a payment arrangement. But your check will have to go back to them NSF first. Then they will stop all interest, but will charge you a nsf fee and a late payment fee, But then when you pay them it will go all towards the loan not the interest. The store fronts are legal and they are licensed so they can take legal action if you do not talk to them and let them know what is going on. They don't like to make arrangements, because then they don't get all your roll over fees. But they know if they want to get their money back payment arrangements are much cheaper for them in the long run than taking you to court.
When I was working on my storefronts I called and asked what happens if I don't have enough money to pay and the check comes back nsf. Well I had been a customer there for years so I knew the manager and we worked out an arrangement. But talk to the manager and if that doesn't go anywhere then talk to the district manager and then the district office.
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puddlejmpr
Debt Samaritan
Joined: 15 Dec 2006
Posts: 1339
Debtcc Points: 2575
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| Posted: Tue Sep 04, 2007 10:53 pm |
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Here is the law for your state:
| Quote: | Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
apr for 14-day $100 loan: 1980%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
http://www.michigan.gov/cis/0,1607,7-154-10555---,00.html
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Sep 05, 2007 4:30 am |
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dlady, as you will notice on your state pdl law, criminal action can be taken if you close your bank account or put a stop payment on those checks. Don't do that. Please take the advice posted above and contact your store fronts. See what they have to say. Also ask (as posted) what happenes if they're returned for NSF. Maybe that's the way they'll allow you to make payment arrangements. Please call them and just ask questions. Please let us know how it turns out.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Sep 05, 2007 4:53 am |
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Dlady, Please follow the advice that you get here. we were all in your situation , or worse. Dont panic, try to make payment arangements , that better suit your financial position. keep us posted as to your progress
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Wed Sep 05, 2007 7:37 pm |
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As Friday and payday quickly arrive I must make a discussion about what I’m going to do. I’m so tired of struggling every couple of weeks just to pay these payments.
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Di
Guest
Debtcc Points: 100
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| Posted: Wed Sep 05, 2007 8:05 pm |
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di, with Friday/payday approaching, you need to contact your store fronts. You can not close your account or put a stop payment on the checks according to your state pdl law. Please call them. Tell them you are unable to pay the checks and ask to set up payment arrangements. Please contact them.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Sat Sep 08, 2007 1:48 am |
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Hi Dlady...
I recently dealt with Speedy Cash (they are called Rapid Cash in Nevada)I had my own problems with them, but if you go to their website, they have a really well laid out customer service plan that specifically states they will work out repayment plans with their customers. This is something that is definitely new in NV, and this is BEFORE your checks go NSF and I think it's in effort to work with the customers in repaying their loans and getting their money. This should be in effect for your state too though since its on their corporate website.
But do as everyone on here said, and call your storefront and explain your situation. Be honest with them. Give them a specific time frame as to when this can be paid off and HONOR THAT! But also be honest with yourself as to what you can do and don't do anything more than that...if they won't work with you, ask to speak to a district manager and explain that you don't want this to be returned and have it become a cycle. Again, give them specific dates and amounts that you can pay. This will appeal to them more than just saying "I can't come in this week can you hold me until next week."
When I had a problem with Speedy Cash, I ended up speaking with their corporate customer service rep who then put me in touch with the PRESIDENT OF THE COMPANY! I even have his cell #...they WILL work with you...if you work with them. Best of luck...
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katatertot
Joined: 10 Aug 2007
Posts: 13
Debtcc Points: 484
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