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#1
12-20-2008, 03:17 AM
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I need help ASAP Please!
We have a few payday loans and we are defaulting, which we never intended to do. We are in New Mexico and have store front loans at check n go (2) for 1500 each. One at the cash store for 1150. One at Speedy Loans for 500.00. These are the borrowed amounts. We needed the money for a new septic and now my boyfriend lost his job and we can't afford to pay these payments. We have not even made one payment yet!
I am so scared our account will be closed and it's a second chance checking as it is. One at check n go was due today which we didn't make. The Speedy loan one was also due today. The cash store is due on Monday and the other chack n go one is due on Friday the 26th. I am so worried. I don't want to get sued or be in any trouble! Please help us, please. 
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#2
12-20-2008, 05:19 AM
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Check N'go will wait for while before depositing trying to your check.(at least most store fronts will) I had one wait almost a month. That's not to say Check'n go will. Is it possible to close that account and open up a completely new one? Explain the situation to the branch manager? Then go into check and go and see if you can make monthly payments. I'm not sure what the laws of NM are.. but someone should be able to help more.
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#3
12-20-2008, 05:22 AM
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New Mexico State Information
Legal Status: Legal Citation: N.M. Stat. Ann. § 58-15-32 to 38 Loan Terms: Maximum Loan Amount: $2,500 Loan Term: 14 to 35 days, can be shorter by written agreement Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100 Finance Charge for 14-day $100 loan: $16 apr for 14-day $100 loan: 417.14% Debt Limits: Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income Rollovers Permitted: None Cooling-off Period: 10 days Repayment Plan: Yes, equal installments over 130 day period Collection Limits: Collection Fees: $15 NSF fee one time per loan Criminal Action: Prohibited Where to Complain, Get Information: Regulator: New Mexico Financial Institutions Division Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505 Phone: (505)476-4885 Fax: (505) 476-4670 Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager Seems check'n go violated the payday laws of new mexico by 500 if my numbers are right. I would talk to your Regulatory Contact and your States Attorney General
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