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Guest · Posted: Sat Oct 20, 2007 5:53 pm Subject: Can I go to jail.

I know that generaly you wont face charges if you default on payday loans, but what if you close your bank account?? I've reached a point after many, many years of payday loans where I can no longer pay. I was thinking of closing my bank account to avoid multible NSF fees. Is this a bad idea? I don't plan on stiffing the payday loan folks, but for the time being I really can't pay them. I'm two months behind on my car payment, and i must make a payment before they reposses. I called a few of my payday loan lenders and they were less than supportive. Is there any other way out?

Posted: Sat Oct 20, 2007 5:56 pm Subject:

Chances are NO you can not got to jail. But lets look at the laws for your state. Please let us know what state you live in

Guest · Posted: Sat Oct 20, 2007 6:00 pm Subject:

I live in Ohio. And my payday loans are as follows.

1. Installment loan w/ Check n Go for $1,400.00 ($294.00) every paycheck.
2. $300.00 loan with PaydayOK. This one pays off gradually each payday. But now they say they no longer offer loans in Ohio and I must pay i full by 10/31/07
3. $700.00 loan with CashNetUSA.

All these are on-line loans.

Thanks.

Posted: Sat Oct 20, 2007 6:05 pm Subject:

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. Â§Â§ 1315.35 et seq.

Are all of your loans internet or are any store front.
please let us know how much you have paid back in total to eavh lender. Add fees and principle to get one total repaid to each lender

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
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Consumer Complaint Contacts (Non-Depository Institutions)

Brochure: "Payday Loans"

Posted: Sat Oct 20, 2007 6:11 pm Subject: reply

I am posting your Ohio state pdl law for you. For criminal action - it's not specified. Your installment loan is going to be licenced/legal. I do believe CashNetUSA is licensed/legal. PayDayOK is throwing me off. They are no longer offering loans in Ohio, so you have to pay them in full by 10/31/07??? You borrowed $300 from them - do you know how much you have paid them so far? When you say that you called some of your pay day lenders and they weren't very supportive, did you ask if they have an alternative payment option rather than bank debits? Did you ask them if you can make payments any other way? Sorry for so many questions. But the more information, the better to help! Very Happy

Meanwhile, here are your state pdl laws for you to see:

Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. Â§Â§ 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

Posted: Sat Oct 20, 2007 6:12 pm Subject: reply

Sorry, kash! We were posting at the same time! Wink

Posted: Sat Oct 20, 2007 6:14 pm Subject: reply

P.S. - Kash, guest stated these are all on line loans.

Guest · Posted: Sat Oct 20, 2007 6:15 pm Subject:

Thanks for the info Kashzan. It said, legal action "not specified" however. Well, i guess i'm just gonna take deep breath, grab my paycheck out the bank when i comes, default on all these loans, and see what what kinda of hell breaks lose. I'm sure not looking forward to this. Gonna be a rough ride for while i guess. I just hope i don't end up in jail.

Posted: Sat Oct 20, 2007 6:21 pm Subject: reply

guest, you can call your state agencies and ask exactly what would happen regarding closing your bank account. They would be happy to answer any questions that you have. Then you would know for sure what kind of action could be taken. It may not be anything horrible. It just doesn't specify it in the state pdl law. And, did you ask your lenders for an alternative payment plan? They may agree to take money orders. You never know unless you ask. Very Happy

Posted: Sat Oct 20, 2007 6:24 pm Subject:

Hey Cannr, we are on each others coat tails tonight.

Guest · Posted: Sat Oct 20, 2007 6:24 pm Subject:

Thatks Cannr, I have payed PaydayOK around $100.00 so far. I owe something like $240.00 still. I didn't really ask any of these lenders about other payment options because it seems irrelevant at this point. I'm sure whatever payment options they offer is still going to take money out of my paycheck one way or another. I really need my ENTIRE paycheck for the next month or so to get caught back up on my "real" bills. I'm having a hard time right now buying food and gas to get back and forth to work. I'm really sunk here. I'm totally broke because of these things. I know it's my fault and feel terrible. But the fact is, someones not going to get paid. I jst need to figure out who thats gonna be.

Posted: Sat Oct 20, 2007 6:59 pm Subject:

Guest...believe me many of us were in the same boat to a much higher tune than you...personally I had 10. So you can work your way out. Please read the notes on closing your bank account...and then speak with your bank. The last thing you need is hundreds in nsf charges...come back and post questions and we can help you through this.

Posted: Sat Oct 20, 2007 7:12 pm Subject:

Guest-When I finally closed my account, I came on here and was so happy to tell everyone I could pay my "real" bills too!! Like food, gas, etc....its a great feeling to finally get your paycheck back.

Posted: Sat Oct 20, 2007 8:44 pm Subject: reply

Should we be addressing the closing the bank account issue if we are unsure if any criminal action can be taken? It states "not specified". I don't like that. I get leery of closing accounts when it's "not specified". Any thoughts?

Posted: Sat Oct 20, 2007 8:48 pm Subject:

I thought you did address it....you told him/her to check with state agencies.

My note was a relation and not a recommendation to close the account.

Sorry if it came across that way..but that was not the intent.

Posted: Sat Oct 20, 2007 8:49 pm Subject:

I think she definately need to address the issue. I mean what exactly does"not specified mean' The state banking commission should be able to answewr that question.l I think a phone call needs to be made before any account here is closed

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