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 Posted: Sat Feb 09, 2008 11:39 pm Subject: I need guidance
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I am in the state of Va I have a total of 5 store front loans 4 for 500 and one of 300. I have been rolling them over for the past 4 months paying over 600.00 per month for just interest. Is there any place in y area that will consolidate these loan for some one with bad credit.
Please help
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Posted: Sun Feb 10, 2008 12:04 am Subject: I need guidance
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Am I doing this right. I don't know if anyone has responded.
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Posted: Sun Feb 10, 2008 12:41 am Subject:
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Hi Had, yes you are doing it right. There are a couple of companies that do debt settlement with the payday loan companies. Not sure about consolidation. Many of us have tackled these ourselves and have been successful. Can you list the name of the payday companies, how much borrowed, how much paid to each, if they are storefront or internet. I noticed you have listed amount borrowed but can you tell us the names of the companies. Some of the storefronts may be able to offer you payment plans to pay off in 4 installments if you have not defaulted. Some of the internets are illegal. I will try to post your state laws on payday loans and if you post the info then someone should be along with more advice. Thanks.
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stargzr
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Posted: Sun Feb 10, 2008 12:45 am Subject:
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| Quote: | Payday loan help for Virginia people
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 Finance
Regulator Website: http://www.scc.virginia.gov/division/banking/
Licensee Database: http://www.scc.virginia.gov/division/banking/news/pay.pdf
Complaint Instructions: http://www.scc.virginia.gov/division/banking/complaint.htm
Complain Form link: http://www.scc.virginia.gov/division/banking/forms/complaint_form.pdf
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stargzr
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Posted: Sun Feb 10, 2008 12:47 am Subject:
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Ok, I re-read your post. They are all storefronts. Can you list the names so we can see if they are members of the CFSA. I did notice on your laws that rollovers are not permitted so I am curious how you have been able to roll yours over? Hang in there the wise people here will be along to help you further.
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stargzr
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Posted: Sun Feb 10, 2008 12:59 am Subject:
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debt settlement may be what I was trying to establish then. None of the loan are in default. They are all store front
Check Smart 500.00 loan pays 75.00 2x per month rollover
Money Mart (same thing)
Advance America (same thing)
Cash Express (same thing)
Cash-2-U 300.00 pay 45.00 2x per month rollover
I just can't pay beyond that right now I want to get these thing gone.
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Posted: Sun Feb 10, 2008 1:03 am Subject:
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Well they use the word reload the loan is that the same as rollover
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Posted: Sun Feb 10, 2008 1:30 am Subject:
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How do I know if it is a CFSA where do I look on the contract. More clarity on thre reloading. Each pay period I pay 575 for each loan then they givein cash using the same 500 dollars then they each place give me back my same 5 (100) dollar bills. I'm trying to make sure all my information is clear and accurate
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Posted: Sun Feb 10, 2008 5:53 am Subject:
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Just wondering if anyone was able to get back to me.
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Posted: Sun Feb 10, 2008 12:28 pm Subject:
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Had, they are not rollovers looks like re loaning. CFSA dot net has a list of their members. If you go into the storefronts they can break the payments down to 4 with no additional interest. At least then after paying the 4 payments on each you will be done. These are legal payday lenders and they can sue if you dont pay them. Best of luck to you. Please let us know how it is going for you. Also, I am sure someone will be along that may have more advice for you.
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Posted: Sun Feb 10, 2008 12:31 pm Subject:
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Go to the top of page and in the search box type Town and Country or Langhorne. Both of them are debt settlement companies that I believe help with payday loans. If you do the search you can read about other members experience with them. You could also just do the payment plan with the pdl companies that way you dont have to pay the debt settlement companies money too.
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stargzr
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Posted: Sun Feb 10, 2008 7:42 pm Subject:
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Thank you all for your help. I will go to each one tomorrow and do the 4 payment plan. I had no idea I could do that or I would have been out of this mess. I truely thank yall for the support. Keep up the good work.
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Posted: Sun Feb 10, 2008 9:30 pm Subject:
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Good Luck to you Had and I wish you the best in getting control of your financial life! Keep us posted on your success
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stargzr
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Posted: Mon Feb 11, 2008 6:04 am Subject:
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Are you paying off and then going back next day to reborrow? I know that Checksmart and Advance America are CFSA members. I did 4 payments with Checksmart. Do not have to pay additional interest.
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bjpetersen2
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