Sub: #1 the moneystore
Replied on 07-29-2010, 12:23 PM
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can the moneystore serve papers on us? i have not been able to work due to illness!!! they are threatening to take us court!!!

Sub: #2
Replied on 07-29-2010, 12:28 PM
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What state do you live in? Was this a storefront or an online loan? How much did you borrow? How much have they debited from your account so far?

Sub: #3
Replied on 07-29-2010, 12:52 PM
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we live in sc! we borrowed 1500! the loan was store front! and we closed our bank account so they couldnt over draft it! was that the right thing to do?

Sub: #4
Replied on 07-29-2010, 01:41 PM
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$1500? I think that's over the SC limit. Let me do some looking. Hang on.

Sub: #5
Replied on 07-29-2010, 01:54 PM
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SC max payday loan amount is $550. No rollovers are permitted, 15% of the face value of the check is the max interest rate/service fee and max repayment term is 31 days.When did you borrow the money? Is this a "re-loan"? If so, how many loans have you had this calendar year?Please share some more details so we can have the full picture. It looks like these folks are not abiding by SC state laws.

Sub: #6
Replied on 07-29-2010, 02:10 PM
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no its not a re loan! ive had two loans through but i paid them out before getting this one! they took a check and wrote void on it from me! and now im unemployed and cant pay it!

Sub: #7
Replied on 07-29-2010, 02:19 PM
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so what happens if they are not biding by sc state laws?

Sub: #8
Replied on 07-29-2010, 02:46 PM
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i knew someone would reply with good info! good luck!

Sub: #9
Replied on 07-30-2010, 09:10 AM
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I've looked up this group on the BBB website. They are not BBB accredited. they have an F rating with the BBB.

I would modify the illegal lender letter to suit your situation and tell them you're requesting an extended payment plan. They aren't an illegal lender but they are breaking the law by lending more than they're suppsoed to. Tell them you'd like to make MONTHLY payments for 90 days and that you think it's reasonable for them to extend the 31 day period to 90 days since they've exceeded the max loan amount x 3. Do you think you could make 3 monthly payments to pay this thing off?

You can find a template for the letter in the sticky section of this forum - "how to deal with illegal lenders."

Sub: #10
Replied on 07-30-2010, 03:12 PM
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Did anyone think that this may be an installment loan??

Sub: #11
Replied on 08-02-2010, 08:28 AM
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The OP posted in the "payday loan help" section, so I assumed it was a payday loan.

Sub: #12
Replied on 08-02-2010, 02:40 PM
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It is a storefront and the amount is over the state max. This tells me that it is not a PDL.




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