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 Posted: Tue May 13, 2008 5:42 am
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Hi, my name is Alan, and I need help getting out of my payday loans. I owe over 4000 dollars (again), and just want OUT. Can anybody help m get started? I live in Ohio, where they are legal, and I am aware of the EPPs available, but they are not a viable option either because of the total money due. Please help!!
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amostov
Joined: 13 May 2008
Posts: 2
Debtcc Points: 88
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Posted: Tue May 13, 2008 6:08 am
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Alan, welcome, I too am in OHIO and have the store fronts to deal with. Sounds like you have already defaulted? They won't do the EPP if your in default, a few will work with you and others will note. Can you post who you owe and how much to each one...Others will be along soon to help also.
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lmale
Joined: 28 Mar 2008
Posts: 322
Debtcc Points: 2746
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Posted: Tue May 13, 2008 6:19 am
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Hi. It's me, but I have to use another name for the moment. When I logged out, I forgot to make note of my temporary password; I've requested an email for my password, but it has not come yet...
I have been in this cycle for a while now. They are not in default yet. I owe money to Advance America, National Advance, American Payroll Advance, Cashland, ACE, Cash-N-G0, and Checksmart. By my calculations, I owe over $4337.50, and they are all due back again on the 20th. I want to avoid paying them if I can. I have begun investigating PDL Assistance Co. and reading through other threads, I see that they are legitimate. My wife and I bring home maybe $2050 every two weeks. So I owe over twice my paycheck to advances before I even get to our monthly bills... I have always paid them back at the stores, so I do not have ACH information for any of them. I don't know where to begin.
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asmostov
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Posted: Tue May 13, 2008 6:40 am
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Hello asmostov and welcome to the community  , in order for us to help you, we will need the folling information as Reny (Imale) stated:
-We have established they're Store fronts already.
-You're in Ohio
-List each store with amount borrowed, and amount paid back so far.
If you're unable to pay these loans back on the 20th, is there anyway you may be able to get someone else to float you a loan (even half of it) and allow you to make payments to them? I do know one thing, you REALLY need to contact these store fronts and let them know you are not going to be able to meet your obligation. If you have dealt with them before, then you probably have a good idea of their dispositions.
Just to let you know, when you evoke the EPP (extended payment plan) your first payment is only interest, the next 4 payments are divided into 4 equal payments, so evoking the payment plan may not be a bad idea, it's better then being sued, and some of these store fronts you mentioned are notorious for taking legal action rather quickly, especially if you ignore them.
I am moving this thread to the payday loan section so it will receive more attention. Do you need for someone to post the laws of Ohio? Or are you already aware of them?
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Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
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Ohio Consumer Protection Law
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Shazzers
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Posted: Tue May 13, 2008 7:27 am
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I owe the following:
Advance America $908.75
National Cash Advance $908.75
Cashland $912.50
Checksmart $687.50
ACE $345.00
Cash-N-G0 $575.00
The first payment of an EPP would be $537.50. That would still hurt. But I could never pay the $950 every two weeks thereafter. Would any of these businesses work with me on better terms? And what do you know about Langhorne or PDL Assistance Co.? I've been reading about them for a while now (I've been lingering stealthily.) I have no problem paying back the outstanding loans, but I just can't keep up at this rate any longer. We are a month late on all of our bills - except rent. What happens if after setting up the EPP, I miss a payment? And if I do, how can I stop them from calling my "references"? I've been in this cycle for about a year now, and I am really embarassed. Some days I just want to cry, it's got me so down. I need help...
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asmostov
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Posted: Tue May 13, 2008 7:31 am
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Oh, almost forgot... I am pretty much up to date on the laws for Ohio concerning payday lending (though I am praying the senate passes H.B. 545 today to abolish the industry outright - fingers crossed).
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asmostov
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Posted: Tue May 13, 2008 8:05 am
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| Quote: | | Oh, almost forgot... I am pretty much up to date on the laws for Ohio concerning payday lending (though I am praying the senate passes H.B. 545 today to abolish the industry outright - fingers crossed). |
Oh believe me, I am praying for that also. Well, like I said, usually, after you evoke the EPP, you will ONLY need to pay an interest payment on that day. Whatever the interest is, on a particular loan, that is the amount you will pay. For example, if you borrowed $300. you would owe them $345., therefore, when you evoke the EPP, you will be paying the $45. THAT day, and $75.00 each pay period thereafter, for a total amount of $345.00. The amounts you have given me are odd numbers, have you reloaned on some of these instead of paying them off perhaps?
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Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
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Shazzers
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Posted: Tue May 13, 2008 9:04 am
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Advance America $800 + $108.75 interest
National Cash Advance $800 + $108.75 interest
Cashland $800 + $112.50 interest
Checksmart $600 + $87.50 interest
Cash-N-Go $500 + $75 interest
ACE $300 + $45 interest
I've never reloaned - I've always paid them off, then readvanced the next day. Why National and Advance America's interest chart is different than everybody else's, I don't know. I have just gotten off the phone with Town and Country Acceptance, and they made it sound like they could help me with all of them. The payment schedule they quoted me is VERY doable. Anything I should know? I see they are recommended on this site a lot. They sound far better than Langhorne or PDL Assistance, because they immediately begin sending payment. Is that true? That's the impression I got. If I enter into a contract with them and stop all payments on the outstanding checks to the PDLs until they've been notified by T&C, will I be okay, do you think?
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asmostov
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Shazzers
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Posted: Tue May 13, 2008 7:09 pm
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Ryan is you man on this one, he is our OHIO store front expert! and he uses T & C, hopefully he'll drop by soon...
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lmale
Joined: 28 Mar 2008
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Posted: Tue May 13, 2008 7:42 pm
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asmostov, I'm going to post the Ohio state pdl law for us all to see anyway. That way we can better judge what's going on.
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cannr
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Posted: Tue May 13, 2008 7:43 pm
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Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ยงยง 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
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
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
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cannr
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Posted: Tue May 13, 2008 8:01 pm
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You've got 6 storefronts to deal with. I completely understand not being able to invoke the EPP on them all. It's actually almost impossible to keep up with 6 payments doing the EPP. Believe me, I know. I had 5 storefronts. Langehorn and T&C both will handle storefronts if you're interested in retaining their services. You can always call and ask them questions and find out the fee. It never hurts to make a phone call. I do know that you can close your bank account in Ohio and not get into trouble. Members here have done it. What you would need to do, if you decide not to go with Langhorne or T&C, is to contact all your storefronts. You can tell them YOUR BANK closed your account. So, oh well for them. You can ask for payment arrangements. The key to storefronts is to keep in constant contact with them. As long as they are able to speak to YOU, they will not contact your references or employer. If you ignore them or don't return their calls, they will call every single person they can dream up looking for you. Like stated above, Ryan is the Ohio storefront expert. He would be able to tell you which storefronts do what. But what I do know is that they can either tell you they have to send your check through the bank and have it returned before setting up payment arrangments, they can turn you straight over to a collection agency, they can have their corporte office do the collections for them, they can turn you over to an attorney for payment, or they can hold the check for you at the store and give it back when it's paid in full. They can also take action against you, if they feel the need, but it would be a civil matter. You may have to go to civil court or mediation. What's the outcome of all of these options? Payment arrangments. So, in the end, you're going to end up making payments anyway, so it might actually work out. Just my two cents thrown in here regarding this. I had one storefront turn me over to their corporate office for collections. I made payment arrangments with them. I had one storefront that I invoked the EPP with. Got them paid off in 4 payments. I had one storefront that held my check until I paid it in full, then they returned the check. I had one storefront that just automatically turns it over to a collection agency, which you can just make payments until it's paid. So, I personally never had to go to civil court or be threatened by anyone. But every one of them, I was able to make payments. I would try contacting the storefronts and see what they say regarding payment arrangments. They'll tell you their procedures. Just be sure to keep in contact with them no matter what. This will prevent them from calling everyone under the sun looking for you. Hell, one of my storefronts made me call them EVERY SINGLE DAY to tell them I would be in to make my payment on such & such day. It was a pain in the a$$, but I did it. Whatever floats their boat!
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cannr
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Posted: Wed May 14, 2008 4:17 am
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Okay, so I have decided to invoke the EPP with Checksmart and Cashland. The posts I've read about these two are unbelievable. I don't want to contend with any of their methods. I am keeping the others in T&C, however. I hope the others will work with T&C - especially Advance America and National Cash Advance (turns out they are part of the Advance America network - how did their computer allow me to loan with them if I already had a loan with Advance America??). I have read both good and bad about Advance America, so I don't know what to expect. As for those I am adding to my DMP - should I notify the stores ahead of time, or just wait until they receive letters from T&C? I haven't defaulted on any of them - yet. Anybody out there familiar with T&C? How quickly will they notify my pdls? Today am faxing my completed contract to them and sending their retainer fee through western union. I wish I had an idea of the time frame I'm dealing with...
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asmostov
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