PDL trouble in Portland, OR!
Date: Wed, 01/03/2007 - 11:31
I just joined yesterday officially, and I am hoping that someone might have some advice for me!
I live in Portland, OR and have 6 payday loans out with various storefront companies:
Cash & Go: $345
Checkmate: $412
Fastbucks: $364
Urgent Money: $364
Advance America: $314
The Cash Store: $840
As of yesterday I have defaulted on all of these except for Cash & Go and Checkmate, which I was able to pay the interest on. I know that I need to take action quickly. I am planning on opening a new bank account today at a different bank but I am not sure how to deal with the PDL companies. Does anyone know if there are any debt consolidation companies/credit counselors that work with PDL’s? Should I go to these places in person and explain to them what is going on? I am scared that they aren’t going to have any sympathy or work with me at all. What should I do?
Since they are storefronts, you will have to deal with them. I
Since they are storefronts, you will have to deal with them. I think that if you go down and talk to each place, tell them your situation, and ask to make payment arrangements, they should allow you to do so.
If you have any problems with places not letting you make payment arrangements, I will PM you a phone number of the payday licensng board in Oregon. They helped me a ton. They will call places for you and try to work things out.
Another thing, I know that with advance america they won't set up payment plans until they send your check through and it comes back NSF. Even if you tell them before hand they will still send the check through. Make sure that it won't screw up you bank account. When you go in to close it be sure to mention to the banker your story and see if there's a way to block it. Most banks will force an account back open if stuff comes through for a certain period. You can at least do a stop payment on the check since you know the number.
I also live in Oregon, and have gone through the same stuff you are, except most of my loans were through the internet. But in a way you are lucky. Since they are storefronts they are licensed and will/should follow the law. That means if you have to get the authorities involved they will really wake up!
Give a call to the pdls. You should let them know about your pro
Give a call to the pdls. You should let them know about your problems and request for arrangements. If they don't hear from you, they will get aggressive in the future and will not co-operate with you.
Be an informed consumer. Know your rights and check the laws in your state. You should be aware of the interest rates and fees the loan companies can charge in your state. They have to be licensed in your state in order to run a legitimate business. Check your bank statements and calculate the total payments done till date. You will know the status of your account and move from there.
You have registered here for the free counseling. One consultant will give you the free quote and work out arrangements with your loan places if you are finding it hard to arrange on your own.
Unfortunatly Oregon has very lax laws on PDL's . . . . They will
Unfortunatly Oregon has very lax laws on PDL's . . . . They will be much stricter in June 2007, but that isn't much help now. There is no interest rate cap. They can charge what they want.
I've talked to Charles Donald and he's super helpful. He said he could've done more for me if the places I'd borrowed from were licensed in Oregon, and since yours are mainly storefronts he will be able to help you if the storefronts won't let you make arrangements. But I bet most of them will. As long as you are paying them something regularly, the won't take you to court.
Thanks so much! I will keep you guys updated! I'm going to try
Thanks so much! I will keep you guys updated! I'm going to try and confront some of them tomorrow and see what I can do.