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 Posted: Sun Nov 25, 2007 10:09 pm |
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my husband got 3 $600 pdl's and we cannot afford to pay them back. If we stop payment on the checks,we gave to them, is that considered check fraud? and will this affect our credit in any way? we live in SC, and im not sure of what the laws are on this.
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bbygurlcga
Joined: 25 Nov 2007
Posts: 3
Debtcc Points: 118
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| Posted: Sun Nov 25, 2007 10:13 pm |
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I'm sure someone will be along with a cut-and-past of South Carolina law. All I can tell you is that many - but not all - states have provisions in their payday loan laws that exempt checks written to secure a payday loan from other laws regarding bad checks. But even if that's the case in SC, it might not cover your situation.
BTW - Are these all storefront loans? Internet loans don't use checks to secure them, just ACH debit authorizations. Their collectors will claim they are the same (and that the prosecutor's office and the FBI have nothing better to do than go after people that don't pay their payday loans . . .) but they are NOT.
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The law is a lot more complicated than some folks would have you believe.
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FreakyFriday
Joined: 13 May 2007
Posts: 293
Debtcc Points: 4453
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| Posted: Sun Nov 25, 2007 10:33 pm |
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yes they were all storefront
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Guest
Debtcc Points: 100
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| Posted: Mon Nov 26, 2007 6:17 am |
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South Carolina State Information
| Quote: | Legal Status: Legal
Citation:
S.C. Stat. Ann. 34-39-110 et seq.
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 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
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Regulatory Contact: C. Dean Bratton,, Commissioner of Consumer Finance
Regulator Website
http://www.scconsumer.gov/
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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