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 Posted: Wed May 21, 2008 10:37 am Subject: TOO MANY PAYDAY LOANS
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I have four payday loans out now, and i live in ms. One is an internet loan and the other 3 are store front loans.
Internet loan- 500 fast cash- borrowed 250-owe 325. Have paid one 75 fee.
Americash- borrowed 300- owe 365.85. Paid 365.85 but had to rewrite for another 300.
98 check service- borrowed 300- owe 365.85- paid 365.85 about 5 times but had to rewrite
check advance- borrowed 300- owe 365.85- paid 365.85 twice but had to rewrite
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LADYT710
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frogpatch
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Posted: Wed May 21, 2008 10:57 am Subject:
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Frog she lives in Mississippi...
Here is the link to the CFSA Member liste
cfsa.net/MemberList.aspx
Americash is the only one I could find listed as a memeber. Becuase they are a member of CFSA, you can go into the store no later than the day before the loan is due and request an Extended Payment Plan. They will divide what you owe into four equal payments for you to pay. The other two, you need to contact the storefront and talk to them about a payment plan and what your options are. If they do not cooperate, call their district manager and work your way up if you have to.
As for the internet...500 Fast Cash is illegal..the only way to stop them is to close your bank account and open a new one preferably at another bank. You need to take care of the storefronts before your close your account. Becuase you do not want to run into any trouble with the storefronts. Please read this about closing your account...
http://www.debtconsolidationcare.com/paydayloan/close-account.html
I am posting your laws for MS for you to refer to if you need them.
| Quote: | Mississippi State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Miss. Code Ann. ยง 75-67-501 et seq.
Loan Terms:
Maximum Loan Amount: $400
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
apr for 14-day $100 loan: 572%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)
Where to Complain, Get Information:
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division |
Please read this about closing your account...
http://www.debtconsolidationcare.com/paydayloan/close-account.html
I know this is alot to have thrown at you so if you have any questions please come back and post.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Fri May 23, 2008 9:57 am Subject:
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I CONATCTED THE PROCESSOR AND THEY TOLD ME I ALSO HAVE TO CONTACT MY BANK AND TELL THEM THAT I WANT OT REVOKE AUTHORITY FOR AUTOMATIC WITHDRAWALS FROM 500 FAST CASH.
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ladyt710
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Posted: Fri May 23, 2008 4:03 pm Subject:
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What does rewite mean? Is that refinance?
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sbillingsley90
Joined: 23 May 2008
Posts: 68
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Posted: Sun May 25, 2008 4:01 pm Subject:
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rewrite is when you pay the loan in full and then immediately reborrow
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toddms
Joined: 25 May 2008
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