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 Posted: Thu Nov 29, 2007 2:20 pm
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ok here goes i have a pdl out for 400 every month i pay them 563 and withdraw the 400 bk out to make things meet. i tried to talk to them about paying a monthly fee they said no they want all there money bk now what can they do if i default? please help me.
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mdaniels965
Joined: 29 Nov 2007
Posts: 2
Debtcc Points: 212
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Posted: Thu Nov 29, 2007 2:23 pm
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List who your pdl is with, how much you borrowed and how much you have paid and what state you are from, and someone here will be able to help you and give you advice on what to do. Hang in there, you will definately get help here!
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Thu Nov 29, 2007 2:27 pm
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Welcome to the site. We will be more than happy to help you. In addition to the information that TMBL requested, also list whether they are internet loans or storefront.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5505
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Posted: Fri Nov 30, 2007 4:01 am
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mdaniels sounds like a storefront. Borrow, repay, rewrite, etc. mdaniels, if you can let us know your state and your pdl, we can help you. If it is indeed a storefront, we can check to see if they are a member of the CFSA and you can make payments to them if they are. If it is internet, we'll need the above listed info.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9339
Debtcc Points: 124619
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Posted: Fri Nov 30, 2007 5:28 am
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cannr-here is some more info. that mdaniels sent me in a PM
i borrowed 400.00 i have to pay back 563 every month i live in missouri and its called quik loans
I am not sure if it is store front or internet.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Fri Nov 30, 2007 10:13 am
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just wondering what is cfsa?
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marina1956
Guest
Debtcc Points: 100
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Posted: Fri Nov 30, 2007 10:16 am
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| Quote: | The Community Financial Services Association of America (CFSA) was established in 1999 to ensure consumer confidence in, and long-term success of, the payday advance industry. Our mission is to promote legislation and regulation that provides payday advance customers with substantive consumer protections while preserving their access to short-term credit options, and encourage responsible industry practices by requiring. To this end, CFSA demonstrates a sustaining commitment to leadership, integrity and compliance in working with policymakers in all 50 states and Washington, D.C.
CFSA is the only national and exclusive advocate for the payday advance industry and its customers. It is comprised of more than 150 member companies representing over half of the estimated 22,000 payday advance locations nationwide. CFSA members participate in self-governance by adhering to a mandatory set of Industry Best Practices, adopted in January 2000 to ensure that lending transactions are conducted in a safe and responsible manner and with appropriate consumer protections.
All CFSA member companies are required to display the CFSA member decal and Best Practices prominently in all store locations as well as make the CFSA Best Practices consumer protection brochure available to all new customers. |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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Posted: Fri Nov 30, 2007 4:32 pm
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Well, mcdaniels will have to verify if this is indeed a storefront or an internet. Just the payment sounds like a storefront, but who can know for sure any more. I'm going to post the state law in case mcdaniels comes back for help.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9339
Debtcc Points: 124619
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Posted: Fri Nov 30, 2007 4:33 pm
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| 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/
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9339
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Posted: Wed Jan 02, 2008 3:27 pm
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i just read all the post sorry been gone due to a family funeral. does any one know what the monthly plans are that you have to pay bk if they are cfsa? the loan amount is 400 i pay monthly but i pay 542 then i have to reloan to make things meet. do i have to pay bk the 142 or could it be less?
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mdaniels965
Joined: 29 Nov 2007
Posts: 2
Debtcc Points: 212
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Posted: Wed Jan 02, 2008 3:40 pm
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For the CFSA Extended Payment Plan? They only allow you to pay it back in 4 equal installements. So for a $542 total payback, you would have to be able to do 4 payments of $135.50.
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goudah2424
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Joined: 31 Oct 2006
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Posted: Wed Jan 02, 2008 4:16 pm
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Wow, Missouri has got some of the most unfriendly towards the consumer laws for payday loans....
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njl32
Joined: 24 Oct 2007
Posts: 100
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Posted: Wed Jan 02, 2008 9:26 pm
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I cannot believe what I am reading about the Missouri state law. $75 to borrow $100? , Missouri doesn't have a problem with that? Good grief!
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bjpetersen2
Joined: 09 Nov 2007
Posts: 71
Debtcc Points: 1471
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Posted: Fri Jan 04, 2008 12:05 am
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how many loans have any of you heard of one person having at a time?
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marina1956
Guest
Debtcc Points: 100
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Posted: Fri Jan 04, 2008 5:48 am
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Is there a reason for this question? I had 7 but there are people that have had many more. Can we possibly help you with something?
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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