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 Posted: Sun Nov 25, 2007 10:16 pm Subject: Pay Day loans in SC
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my husband got 3 $600 pdl's and we cannot afford to pay them back, if I stop payment on the checks that we gave them to hold will that be considered check fraud and will this affect our credit at all? we live in SC and not sure of the laws about this.
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bbygurlcga
Joined: 25 Nov 2007
Posts: 3
Debtcc Points: 118
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Posted: Mon Nov 26, 2007 7:38 am Subject:
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bby, are these storefront? And would you please list which companies you are using. I will post the pdl laws for your state for you to look at.
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RoxyNY
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Posted: Mon Nov 26, 2007 7:39 am Subject:
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Roxy, BBY has three threads going . I have already posted the laws on another thread.
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kashzan
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Posted: Mon Nov 26, 2007 7:39 am Subject:
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Thank you for catching that....this seems to be the way lately.
_________________
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: Mon Nov 26, 2007 8:30 am Subject:
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yea they were all storefront... dont know the names i will find out... all hole in the wall places though
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bbygurlcga
Joined: 25 Nov 2007
Posts: 3
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Posted: Mon Nov 26, 2007 8:32 am Subject:
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If they were store front, chances are that they are operating legally.
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kashzan
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Posted: Mon Nov 26, 2007 8:37 am Subject:
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South Carolina State Information
| Quote: | Quote:
Legal Status: Legal
Citation:
S.C. Stat. Ann. 34-39-110 et seq.
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15%
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: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Regulatory Contact: C. Dean Bratton,, Commissioner of Consumer Finance
Regulator Website
http://www.scconsumer.gov/ |
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kashzan
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Posted: Tue Nov 27, 2007 12:20 pm Subject:
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Hi bbygurl. Welcome.  I am from SC and, no, it isn't considered to be check fraud if you stop payment on those checks. In fact, the only thing that can happen is that they will harrass you to death by phone, etc. It might do you well to try to make arrangements with them. They may be willing to work with you. If not, what will happen is they can take the checks to the magistrate (not for criminal prosecution, but for civil suit), and you will have to go to mediation to basically decide on a payment arrangement. Sometimes they are willing to work with you without going to court, as the only thing that's going to happen is that you will make arrangements with them anyway (I hope that makes sense...it sounds funny the way it's written to me)
Try to find out where the loans are and we'll see if anyone else has heard of them.
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eleroo
Joined: 06 Jun 2007
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Posted: Tue Nov 27, 2007 2:07 pm Subject: r
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Also, if we can get the names of the storefronts, we can check to see if they are members of the CFSA and this person may be able to invoke the EPP on a few of them. 
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cannr
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