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 Posted: Fri Nov 30, 2007 11:44 am |
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I am in MI and have a storefront loan. I haven't paid on it because I haven't had the money. Can they take any legal action against me? He keeps calling and saying he is sending it to collections. I don't care about that but don't want to get pprosecuted? Can anyone help?
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rmjacobs0806
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| Posted: Fri Nov 30, 2007 11:47 am |
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Rm, Who is the store front with...several memebers are from the area and may have had dealings with them.... I would suggest since it is past due and you have not paid on it, you need to go to the store in person and talk to them and explain the situation. See if they will work a payment plan with you. If not, go to the district manager and work your way up. If they have already sent it to collections, find out where and work out a payment plan with them. Especially if you do not want to go to mediation or court.
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RoxyNY
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| Posted: Fri Nov 30, 2007 11:49 am |
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Can they prosecute? I thought they couldn't take legal action just try to collect. Is this true? LA Cash
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rmjacobs086
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| Posted: Fri Nov 30, 2007 11:49 am |
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Storefront PDLS are legal and they can take legal action. What you need to do is make sure you speak to them and they will make payment arragenments with you that way they don't take legal actions. May I ask which company it is?
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KATELYN2COOL
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| Posted: Fri Nov 30, 2007 11:52 am |
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La Cash. I didn't think they could prosecute but can garnish or send to collections?
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rmjacobs0806
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| Posted: Fri Nov 30, 2007 11:52 am |
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Here are the MI laws:
| Quote: | Michigan State Information
Legal Status: Legal
Citation:
Public Act 244 of 2005
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
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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Criminal action is prohibited however, I believe (and someone correct me if I am wrong) civil action can be taken to recover their money.
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RoxyNY
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| Posted: Fri Nov 30, 2007 11:54 am |
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Even with civil action a judgement will be rendered against you. The wage garnishment issue depends on your state laws regarding garnishments.
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RoxyNY
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| Posted: Fri Nov 30, 2007 11:55 am |
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Your best bet is to go and talk to them and try to work out a payment plan with them. If it gets sent to collections, and you do not pay it there, they still can file suit agains you.
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RoxyNY
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| Posted: Fri Nov 30, 2007 11:56 am |
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What does criminal action mean when it says prohibitted? Thank you for your assistance.
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| Posted: Fri Nov 30, 2007 11:57 am |
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Got it LA Cash. I have a loan with The check cashing store and unfortunately I am defaulting with them today, but I know that my friend has one with advance america and when she defaulted she made arragenments with them and they accepted $100 every two weeks. I really suggest you call or go to the store and try to make arragenments before they take legal actions.
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KATELYN2COOL
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| Posted: Fri Nov 30, 2007 12:21 pm |
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It means that you will not be criminally prosecuted for letting your pdl check bounce or for not paying the pdl....however, you can be taken to civil court.
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RoxyNY
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