| Author |
Message |
|
|
 Posted: Thu Nov 15, 2007 5:07 pm Subject: When do i need to close my checking account?
|
|
|
I was told if u close your account your checks bounce ,they can turn it over to the bad check department
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
 |
|
Posted: Thu Nov 15, 2007 5:20 pm Subject: r
|
|
|
kev, what state are you in? We can check your state law for you. Also, are you dealing with internet loans or storefront loans?
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
|
|
Posted: Thu Nov 15, 2007 5:49 pm Subject: pay day loan help
|
|
|
store front and two internet
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Thu Nov 15, 2007 5:50 pm Subject: pay day loan help
|
|
|
i'm in a debt releif,it is called crs
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Thu Nov 15, 2007 5:51 pm Subject: pay day loan help
|
|
|
i live in missouri
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Thu Nov 15, 2007 5:59 pm Subject:
Latest Blog Post : Holidays |
|
|
is CRS dealing with your PDLs?
What are the names of the companies you got loans from, which from that list are storefront or internet, how much did you borrow from each and how much have you paid them total for it?
_________________
Life is an Albatross:Advice from an Albatross
|
|
pokogeo
Joined: 05 Jul 2007
Posts: 587
Debtcc Points: 9434
|
|
|
|
Posted: Thu Nov 15, 2007 6:03 pm Subject: pay day loan help
|
|
|
checkngo,quick cash,cash depot,cash advantage,check into cash,advance america,america's cash advance,these are all store front,internet one's our paper check loan's,quick pay day loan
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Thu Nov 15, 2007 6:05 pm Subject:
Latest Blog Post : Holidays |
|
|
You have a lot of Storefront. So is your debt relief is taking care of them? They are usually all totally legal and you will need to work out something with them, especially if you are closing your bank account. Worry about the internet ones later, right now you need to work out something with the storefronts....
I don't have much knowledge about storefronts, so hopefully someone with that experience can chime in soon...
_________________
Life is an Albatross:Advice from an Albatross
|
|
pokogeo
Joined: 05 Jul 2007
Posts: 587
Debtcc Points: 9434
|
|
|
|
Posted: Thu Nov 15, 2007 6:14 pm Subject: pay day loan help
|
|
|
yes most have accepted the payment arrangement's with them,and i have made some arrangements with the other's that didn't accept
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Thu Nov 15, 2007 6:26 pm Subject: r
|
|
|
| Quote: | Missouri State Information
Legal Status: Legal
Citation:
Mo. Stat. Ann. § 408.500 et seq.; Mo. Code Regs. Ann. Tit. 4 § 140-11.010 et seq.
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)
Cooling-off Period:
Repayment Plan:
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: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit
http://www.missouri-finance.org/
|
Emails to and from the DFI:
| Quote: | Sent: Friday, October 19, 2007 4:15 PM
To: Crider, Joe
Subject: Payday Loan Question
Hi Joe,
I'm trying to find an answer to a question regarding internet based payday loan companies. Do internet based payday loan companies need to be licensed by MO to lend legally in MO? Or can they be licensed in their home state as long as they don't have a physical location in MO? I have several payday loans and they are all licensed in other states. They say they don't need a MO license, or to follow the laws of MO. Is that correct?
Thank you!
Reply:
From: Crider, Joe
Sent: Tuesday, October 30, 2007 9:35 AM
To:
Subject: RE: Payday Loan Question
Ms ,
Our interpretation of the law is that these lenders do need to follow the laws of our state. We are introducing legislation in the upcoming session that would be more specific about this requirement. To that end, we have dozens of internet lenders from other states licensed at this point in time.
If you would provide me with the web sites or contact information for these lenders I will advise them of our position in a letter.
Joe Crider
Supervisor of Consumer Credit
State of Missouri
What does this mean?
Internet based companies do need an MO license.
New laws may be coming soon.
Fees and interest can not be more then 75% of total loan amount.
6 rollovers are allowed.
No criminal prosecution for closing your bank account. |
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
|
|
Posted: Thu Nov 15, 2007 6:29 pm Subject: r
|
|
|
kev, are you aware that some of your storefronts may be members of the CFSA? If they are members, you may be able to invoke the EPP (extended payment plan). In order to invoke the EPP, you must go into the storefront BEFORE the due date of the loan. The EPP allows you to make 4 equal payments coinciding with your paydates to pay the loan off. If your storefronts have already made payment arrangments with you, that's great! Your internet loans will need to be licensed in Missouri to be considered "legal".
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
|
|
Posted: Fri Nov 23, 2007 8:36 pm Subject: pay day loan help
|
|
|
well my bank finally closed my checking account,on their own.
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Fri Nov 23, 2007 8:37 pm Subject:
|
|
|
Did they close it because over overdrafts? I do not want you to be reported to chex system.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Nov 23, 2007 8:41 pm Subject: pay day loan help
|
|
|
why
|
|
kevastar1
Joined: 15 Nov 2007
Posts: 16
Debtcc Points: 426
|
|
|
|
Posted: Fri Nov 23, 2007 8:42 pm Subject:
|
|
|
If you are reported to chex it will be hard to open a new account. You stay on chex for 5 years.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Nov 23, 2007 8:45 pm Subject: r
|
|
|
We can get the list of banks/credit unions in Missouri that don't use chexsystems to open a new account that mca has compiled if kev can't open another one now, right?
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
|
|
