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 Posted: Fri Nov 28, 2008 8:02 pm Subject: Indiana Store Front payday loans |
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I need help quick! I took out a payday loan at Allied cash advance and paid on it a few times. Because of me paying on it a few times my husband went to the same store and took one out. I have not been able to pay on his at all. My check has now been sent tothe bank on a closed account and they are stating that they will be sending his in to. They tell me that they can not work with us. We have never paid on his yet. What can I do? Can they take us to jail for the check that we gave them for my husbands? What happens next? I did not mean for this to happen, we just keep getting hit hard. I want to pay them back, but in payments on both. Please help me!!!
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Bardoe
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Debtcc Points: 100
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| Posted: Sat Nov 29, 2008 9:41 am Subject: |
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Well, it sounds like you have already defaulted on these loans, therefore, they (the store front) can and probably will sue you. However, if it were me, I would send them a letter via USPS, certified-return receipt requested, and make a proposal for payments, I would include a good faith first payment via money order. They will probably refuse the payment plan, but, if you end up in court over this you can at least show the judge that you attempted to work this out. Criminal action is prohibited in the state of Indiana, so NO, you will NOT go to jail.
| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
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 per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridi.an Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit |
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Shazzers
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| Posted: Sat Nov 29, 2008 10:39 am Subject: |
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Thank you so much. that releives me a little. I will just wait and see what happens. I will also send out a letter to them with a money order. Thanks
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