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Posted: Sun Feb 24, 2008 5:33 pm Subject: New to the site...have questions too.

Hello everyone,

I just first want to say that I am so glad I found this website. I'm in a small bind and my initial reading tells me that you guys have all been through the same things I'm going through, so hopefully I can get some advice.

I don't have as much debt as some, but I see that I am heading for a tough time, so I want to try and solve this ASAP.

Here are my loans:

1. MyCashNow (internet) - borrowed $500, have paid $438 in fees alone, only $50 towards principle.

2. 1800899Cash.com (internet) - borrowed $300, have paid $45 in fees, none towards principle.

3. ACE Cash Express (store front) - borrowed $450, paid $67 in fees to extend loan until March 3, where another $67 will be required.

My questions are:

1. Loans #2 and #3 are fairly recent; I got Loan #2 about 2 weeks ago and Loan #3 about a month ago, so I have not paid a lot on them. I realize that taking them was a mistake, but I needed money and couldn't get a personal loan. Is this going to matter if I try to work with them? Are they going to be more aggressive since I haven't paid a lot of fees on them?

2. I noticed that many recommend closing down my checking account. Is there any other way? I happen to really like my bank.

3. I live in Virginia and saw the laws from another post that state that I can not renew or extend the loan. If I bring this up to the lenders, are they going to demand all of the money up front? That would be worse than paying these fees.

Thanks in advance for any help.

Posted: Sun Feb 24, 2008 5:58 pm Subject:

Hi! and glad you are here..i am new also and have received loads of good advice...someone will be here shortly to help you.

Posted: Sun Feb 24, 2008 6:28 pm Subject:

Here are the laws for your state:

Legal Status:
Legal

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)

Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited

Posted: Sun Feb 24, 2008 6:32 pm Subject:

You only have 3 loans so it should be a little easier for you to turn yourself around.

1. Check to see if your store front is a member of CFSA. If they are you can invoke the EPP at least 3 days before your payment is due, They will have to make arrangements with you and all interest and fees stop.

2.As far as the internet loans are concerned. Check to make sure they are not licensed in your state (I doubt they will be). The only way to stop the ach debits is to close your account. I have read in a few special cases of banks working with you to move you to another account and blocking the debits...you will have to discuss this with your bank to see if they will help you.

That said the two internet loans will fight you and demand payment in full...sometimes they will make arrangements with you but will expect you to pay what they want you too. You can pay what you think you owe according to law and then fight them as to the balance. It does help to file complaints with the BBB and the states attorney's office while trying to seek closure.

I hope this helps and good luck.

Posted: Sun Feb 24, 2008 6:39 pm Subject:

How do I determine if the internet ones are licensed in my state?

Posted: Sun Feb 24, 2008 7:03 pm Subject:

I do not believe that either one of the internets are licensed/legal to lend to you. That's a good thing. It'll work in your favor. Your storefront - I checked and I'm not showing Ace as a member of the CFSA; however, they could be using a different name (corporate name or something). What I don't understand is that your state law does not allow extensions. So, are you going to the storefront and just paying them $67 ONLY and they extend it? If so, I don't believe they're supposed to be doing that. When they say no extensions, renewals, or refinances, that means you have to go in to the store, pay the full amount owed, and rewrite another check if you want to borrow again. Are you not doing that? Now, I'll be quite honest with you. morningstarr gave you great advice. But your response regarding closing your account isn't going to "do" it. my cash now and your other one (of which I'm not familiar with) will debit that account FOREVER. And I do mean FOREVER. As long as these people have your bank account number, they will not let anything stop them. Trying to block just "them" won't work. They will use a different d/b/a and amount and put debits through. The only way to prevent it is to close that account. Now, if you like your bank, that's fine. You can stay at that bank. Just with the assurance that your new account will not be linked or associated with in any way with the old account. Your first priority is your storefront. They are legal (or supposed to be). And they have an actual CHECK in their hand. You can put the internets on the back burner once you get your bank account straightened out. I'm going to post something regarding closing your bank account. If you have any questions, just post. We can help you with this.

Posted: Sun Feb 24, 2008 7:05 pm Subject:

Posted: Sun Feb 24, 2008 8:13 pm Subject:

cannr:

I plan on driving past ACE in the morning to see if they have the CFSA sticker and to get phone numbers in case they are part of CFSA.

On the due date, you walk in and pay them the finance fee ($67) and then write another check for the amount you borrowed plus the finance fee. In my case, I pay them $67 in cash and then write them a check for $517. They give me back the old check. I do not pay the loan in full, so I guess that what they're doing is illegal?

As for the internet ones, I was looking to maybe come up with some sort of payment arrangement instead of closing my bank account down. I mean, I will if they decide that they don't want to work with me, but I want to talk to them first. Now that I know a little bit more about the law, I will have some leverage when talking to them. My loans for them aren't due until the 7th, so I have some time to close the account if I need to.

Thanks for the help.

(I would still like advice from everyone! I enjoy listening to what everyone has to say here.)

Posted: Sun Feb 24, 2008 8:24 pm Subject:

This is from Ace's website-

Posted: Sun Feb 24, 2008 9:09 pm Subject:

Volleyballmom:

Thanks for that information.

I looked at the website and they make no mention of their financial centers offering PDL's, nor could I find any information about their policies towards PDL's.

Am I missing something?

Thanks.

Posted: Sun Feb 24, 2008 9:40 pm Subject:

damooster-I just finished looking at it as well, and it doesnt appear to be a direct benefit in helping customers, but more the industry. *sigh*

I couldnt find a CFSA membership on the Ace website, however, they are licensed with the VA State Division of Banking.

http://www.scc.virginia.gov/division/banking/news/pay.pdf

Posted: Sun Feb 24, 2008 9:59 pm Subject:

Thanks again volleyballmom.

This means that even though they aren't supposed to renew my loan, I'm going to have a hard time dealing with them?

Thanks again.

Posted: Mon Feb 25, 2008 5:40 am Subject:

I looked on the cfsa website and there is no mention of ACE being a member.

Posted: Mon Feb 25, 2008 6:30 pm Subject:

This just does not sound right. You should be going in there and paying the check IN FULL and then rewriting. Not paying a "fee" and writing a new check. Yes, you're writing a new check; however, you are not paying the loan off. You are just renewing it, which they are not supposed to do. Honestly, I would call the corporate office and tell them what's going on and have them explain to you how this falls within the legal pdl state law. If this is the case and what they are doing is wrong, the "fee" money you've been paying should be applied to the principle of the loan. Which would be great. I'm thinking they're not doing this the 'legal' way. The corporate office is the one I'd call, not the storefront. And they had better have a good explaination of how they're doing business if they say they are doing it legally. Give it a shot. I've called all the corporate offices of my storefronts to get the "real" information. Not the advice of the store manager.

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