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 Posted: Mon Oct 22, 2007 1:00 pm Subject: Storefront loans in Virginia
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Hello everyone!
I have 5 storefront loans out. I know they are legal. I wanted to know if its possible to pay them like 50 a piece each pay period or will they demand the full amount. Last pay period my bank account was messed up so i asked could they hold the checks and they did.
I have loans with
Advance america
Express check
Quikcash
Ace
Advance til payday
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aqt_2c
Joined: 29 Sep 2007
Posts: 6
Debtcc Points: 130
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Posted: Mon Oct 22, 2007 1:54 pm Subject:
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Hi. Welcome to the forum.  I would suggest that you call them and let them know that your bank account is messed up and you cannot pay the full amounts, and see if they will accept $50. They may want to try to cash your checks first, because if they do not cash them and then accept money towards an arrangement, then to the best of my understanding, it makes the check null. Someone, please correct me if I'm wrong....
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eleroo
Joined: 06 Jun 2007
Posts: 1227
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Posted: Mon Oct 22, 2007 2:04 pm Subject:
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If these are legal as you say they are, chances are they are members of the CFSA. If this is the case they will more than likely make some sort of payment arrangements with you. This must be done before you default on your loans. You need to go in and try to make arrangements to pay these off.
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kashzan
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Joined: 11 Jul 2007
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Posted: Mon Oct 22, 2007 2:07 pm Subject:
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Excellent info Kash...as a member of the CFSA, they should allow you yo make the payment back in 4 installments on a formal payment plan.
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volleyballmom
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Joined: 27 Aug 2007
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Posted: Mon Oct 22, 2007 5:48 pm Subject: reply
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Here are your state pdl laws below. I only see Advance America on the list for CFSA. However, the others might be d/b/a names. See if you can find out if they are operating as a d/b/a and find out the "real" name & we can check to see if they are also on the list of members of the CFSA. Otherwise, if they're not, you'll have to speak with the store manager and see what kind of payments they will accept. Some are really good at making payment arrangments and just holding your check until it's PIF. Others are jerks and won't cooperate whatsoever and turn you over to corporate/collections - but then you can make payments to them. Others will want to run the checks through the bank and have them returned for NSF before they will work for you. $50 every pay period sounds good, but like I said, some store manager are jerks and will want like 1/2 down and then payments. You have to contact each store and see what their policy is. However, one of yours is definately on the CFSA list of members.
| Quote: | Virginia State Information
Legal Status: Legal
Citation:
Va. Code Ann. ยง 6.1-444 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 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 (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer
http://www.scc.virginia.gov/division/banking/ |
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cannr
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