PDL TROUBLE - ACE, Cashland, Checksmart, Valued Services

I have severl PDL loans I have defaulted on 3 loans and ready to default on the last one.

I am at a breaking point that I cannot keep up any longer and have no choice. I am not saying that I am not paying anything back ---- I am --- but I cannot get anything paid down by paying them all every month. I get paid once a month and am salary with no opportunity to work OT for extra $$.

Here is my situation. I am in Ohio......here is what I owe.

-Cashland (Original amount $1000 - defaulted April 30th) still owe $600

-Checksmart (Original $800 -- defaulted July 31st) Still owe $800

- Purpose Money aka Valued Services LLC (Oritinal $1000 -- defaulted July 31st) Still owe $900

- Ace Cash (Original $1000 --- due today Sept 3rd) --- cannot pay and will be defaulted on in 5 days.


I am being threatened by Checksmart corporate office ---- the storefront says they will work with me even though the corporate office says they will not. How long do I have before they file a civil suit?

Purpose Money --- Valued Services --- is calling 12 times a day.

Ace Cash --- I have read where they are quite the collection company too.

I am going to withdraw $$ from my 401K in order to get all of these paid off and be done with them for good. The only thing is by the time I get the paper work, complete it and file it with my employer --- I won't have the $$ until Oct 15th.

Any Suggestions on how to deal with all of these companies would be greatly appreciated.

Before any Payday Loan Owners say you owe the $$ and talk down at me ----- please don't -- I am making every effort to get them all paid as soon as I possibly can.

Then -- good riddens to payday loans forever and I will vote against any bills allowing them to continue business.

Well, let's start off by saying that I do not plan on "talking down to you".

It looks like atleast 3 of your loans are in fact legal loans, but not PDL's. They appear to be installment loans and work via different regulations. The only one that I am not sure of is Purpose Money. If they are a storefront, they would fall in the same group as the other three.

As for resoloving these, you are doing the correct thing by getting the funds to PIF. It may not be the ideal situation, but atleast they will be gone. Make sure that you get a PIF receipt from each of the companies and hang on to it for your records.

As for your comment about voting against any bill that allows PDL's to continue, you do not have that option. Your state has already essentially eliminated PDL's and inturn have forced individuals to installment loans or to the unregulated world of the internet.

I am really confused now that these are no longer PDL loans and really not sure what the installment loan scenerio's are.

Could you tell me the differences between the payday loans and the installment loans that you ae now calling them?

PDL's essentially were a short-term loan that was required to be paid in full each time. In Ohio, a borrower would then have to wait until the next day to borrow any money back, so there were not roll-overs and unless late, no payments.

An Installment Loan is a larger amount that is paid back in small pieces. For example, I am guessing that your $800 loans to ChecksMart was set-up for 6-12 payments in order to pay it in full.

The regulations are different for the installment loans than the old PDL regs that I worked under, so another poster will have to get into more specifics when they come along.

No --- none of the loans were set up to pay back in pieces. They are all due back on your pay date just as the payday loans are set up.

The fees are no different either. Costs the same amound of $ if not more for them.

So now I am really curious if they are payday loans or installment loans?

So unclear now.

Read your contract and see if they use the verbage of PDL's or Installment loans. It was my understanding that for a company to try to continue with "PDL's" there was still a cap on the max amount and it is lower that $1000 I think.

OK --- Thank you. I think I have one of the contracts in my purse. The others are at home --- so I will have to check those out.

I will post again.

Doesnt say installment loan. Does say that it is goverened under Mortgage Loan Act, Ohio Revised Code Section 1321.51 to 1321.60.

Doesnt specify ---- just says consumer loan at top.

That is what the state said to change licenses to in order to stay in business. What are the terms of repayment?

Term conditions are to be paid on my next pay date for ALL of them.

No deviation or anything. I get paid once a month so it is monthly. But if you are paid weekly... you pay it weekly. They all have loan origination fees which make up the majority of the fees and credit investigation fee. So the $800 loan with checksmart has a payback of $912.50

I am betting that it is an installment loan with just one installment.

So what are the differences between the two? Then I am assuming that all the payday places are installment loans. Isn't listed black and white that is for sure

Were these loans storefront or internet loans?
Also, is purpose money the credit card? And, is it Ace Cash Express?

Not all PDLs are installment loans. And then there are also CSOs to deal with

You are correct. A PDL is not an installment loan as they are regulated by different guidelines and thus are 2 different products. As for a CSO, if the company is a member of the CFSA, they follow the Best Practices just an any other PDL. There are a few states, however, that do not allow the EPP or limit rollover which would diviate from the CFSA.

Ohio 23: I too have pdls with CheckSmart and Cashland that have defaulted. For CheckSmart, I still owe $600. I called their corporate office and told them I had all intentions of paying but could not pay all at once. I told them that I could only pay $50 a paycheck and would do that until paid in full. At first, they told me that they could not accept that, but I held tough and they have agreed to accept it. As for Cashland, I still owe $300 and they want to do 4 payments of $75 (which I can afford). Just hang tough with CheckSmart. Cashland was more willing to work with me than CheckSmart.