Internet's first get-out-of-debt community - 129,000 members

Posted: Wed May 21, 2008 6:34 am Subject: Payday Loans About to Leave Ohio

Ohio is one signature from the governor away from eliminating payday loans. A question I can't seem to get answered is, what will happen if they close and you still have a loan out? Will there be a payment plan, or will they collect all at once? We have 4 out currently totaling $575 each. What did the state of Maryland do when theirs closed?
thanks!

Posted: Wed May 21, 2008 6:47 am Subject:

Well I heard on tne news yesterday that the bill passed the house and is now in the Governor Strickland's office for his signature. They are reporting that Cashland will be closing as well as Check into Cash. WOO !!!! Having been in payday loan hell for about 8 years and after having finally dug myself out I couldn't be happier.

Posted: Wed May 21, 2008 6:48 am Subject:

I would guess that you still owe the money but they would have to work out a payment plan with you.

Posted: Wed May 21, 2008 6:53 am Subject:

When it happened in Oregon all the companies wanted the loans paid in full.

What will most likely happen is the same - They will want payment in full. They are never going to offer payments, that's not like them.

Posted: Wed May 21, 2008 6:59 am Subject: Payday Loans About to Leave Ohio

Well what can I do? Stop payment on the checks?

Posted: Wed May 21, 2008 7:02 am Subject:

I'm in this boat too, I'm so glad about the new law cause now I can get out...I have 3 out right now, all due friday, can't pay, I don't think we can stop payment either. Mine are going to bounce, and I'm going to make payments, wheather they like it or not, I have no other choice.

Posted: Wed May 21, 2008 7:03 am Subject:

According to what I heard on the news this morning, all payday loan companies will have 90 days AFTER the bill is signed, to comply. So, if you haven't defaulted and still want to evoke the EPP, now is the time to do it.

Posted: Wed May 21, 2008 7:04 am Subject:

Well wanting the money up front and getting the money are 2 different things. I hear that now the payday loan companies are only giving 50 - 100 dollar loans and are not taking any new customers so people who have loans out wont pay because they wont be able to take out another loan. It's just a mess all the way around.

Pachacutec · Posted: Wed May 21, 2008 7:08 am Subject:

Will be interesting to hear if anyone here (or elsewhere) is contacted by the PDL's in Ohio about what they intend to do. I would imagine if they're going out of business, they would be contacting their existing customers.

Posted: Wed May 21, 2008 7:08 am Subject: Payday Loans About to Leave Ohio

What is the EPP? (I'm new to this website and don't know how to navigate it yet. Sorry if more than one post comes up, and NONE of those pictures so far looks like me! lol)

Posted: Wed May 21, 2008 7:08 am Subject:

It's very hard to predict how any of these pdl companies will handle loans that are already out there, some may feel defeated and take what they can get, others may become more aggressive and go after thier money full force. This has to have affected the employee moral, I honestly can't see the employees putting too much effort into collecting money owed, knowing they will soon be out of a job. Confused

Posted: Wed May 21, 2008 7:12 am Subject:

Posted: Wed May 21, 2008 7:12 am Subject:

right that's what I'm hearing also...The PDL claim they don't know if a customer borrows from different lenders at once, but I'm sure they are about to find out how BIG this issue really is, when no one comes in to pay back on Friday.

Posted: Wed May 21, 2008 7:17 am Subject:

Exaclty. It's probably going to be an empty place at the payday loan companies for people who realize they wont be able to take out another loan. And can you imagine the anger when they take the customers money and then tell them that wont be able to take out another $500 loan. The poor employees are going to have a rough time.

Posted: Wed May 21, 2008 7:18 am Subject:

Here in Toledo all 500 PDL companies have signs up saying call the governor and tell him no on bill ???? I never realized it but a girl who used to work for me, is a manager for a storefront PDL and sent out a myspace bulletin asking all of her friends to call Ohio legislation and tell them not to pass the law. I saw this last night. I couldn't believe it. Sure I feel bad she is losing her job, and she is a very nice girl and I can't believe she works for the PDL company. But I sent her a message to email or call me because I have some questions regarding everything going on and repayment and what not. I am lucky and only had 3 internet...but whatever I find out, I will for sure pass on to everyone else as soon as I can. And if anyone has any questions you want me to ask her...let me know. We used to hang out a lot together 3 or 4 years ago so I am sure she will not have an issue with it.