Can someone tell me the legal interest rate for a pdl in NH?

Please tell if these are internet or storefront. How much you borrowed from each one and how much you have paid each one so far including fees and rollovers. You are probably going to have to close your checking account to get control of the situation.

All are storefront:
Advance America is probably in the area of
$7,000 each for myself and wife
$1400 each for self and wife.

Unfortunately NH has no cap on the interest according to the information below. Hopefully someone more familiar with your state will be along. It is the weekend so it may take a little longer to get responses. Please be patient. We are here to help you.

You will find the Payday loan laws for New Hampshire here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

What were the original amounts?

The rollover portion of your laws is a little confusing. It says they are not permitted unles you use new money borrowed to pay off the first loan. Is that whats happening?

I would suggest you visit this site. cfsa.net and see if these companies are members. I believe they are.
If so the rules of the organization requires them to set up special payment plans for those who have gotten in too deep. The PDLs won't tell you this because they are happy that you keep coming back every month. It is 5PM and time to leave work. I will be back to you on Monday to see how things are going.Enjoy your weekend and try to relax and stay warm. It is 65 here in Fla. and we think its cold.

We are older professionals who benefit from such a repayment plan. With that we could get out of the hole we've dug for ourselves.
Thank you. I am working on it. I look forward to talking with you Monday.
Thanks too to everyone else!

You are welcome. I too am an older professional.

Dear Moderator,

Two of the three PD loans are members of CSFA.

1. Advance America said State law prevents them from having payment plans. The check will be deposited, returned, I pay minimum payment then weekly or bi-weekly. Problem: they plan on presenting the check on the next pay day which will take our rent money.
2. Check N Go is calling me Wed AM. The clerk spoke with his supervisor who explained an extended payment plan is offered only if it is requested two days prior to the due date. They will present the check twice.

All in all we are looking at bank fees of $44 for Adv Am and $88 for Check N Go. The information you gave me was very important. Check N Go was not cooperative at all. Since I wrote everything down I pointed to my Plan B: Complain to the NH Banking Regulatory and that is when I got some cooperation.

So it's a plan we're not our of the woods yet but what a relief not having to take every other Friday and give hundreds of dollars for a small amount they essentially float.

We are off to work if you should reply and I seem to be silent.

Peter

You may want to spend the money to put a stop payment on the checks. That way you will be able to pay your rent.

Or if you can, just withdraw all the money as soon as you are paid so that the checks will bounce.

Totally agree with goudah. :wink: First of all, why is the one storefront saying they can't do the EPP unless it's asked for within TWO business days? According to the CFSA, you can invoke the EPP as long as you go in there before closing of the business day before the loan is due. Also, since criminal action is prohibited for this member, stopping payment on the checks will not get them into criminal trouble. I know these storefronts are saying that they have to turn the checks in and have them returned before setting up pmt arrangments; however, stopping pmt is basically the same thing. Am I correct on this one? Either stop pmt on those checks, they'll get returned to the storefronts, you'll have to make payments on them. Or - on the other hand - go to the bank and suck out every penny you can before the storefronts can get the checks through and they'll go back NSF. With this deal though, you're going to get NSF fees on them. But with the stop pmts, you'll have to pay for them. Geesh! Whichever way you go, you'll have to pay some kind of bank fee. However, I would certainly make sure that my rent was paid. That's a bit more important right now. :wink:

I am in agreement with Cannr and Goudah. Since there are no criminal penalties involved I would place a stop on the check. Contact the cfsa and report what you have been told. They should contact the lenders for you and tell them what they should do.

Contacting the CSFA is an excellent move. Thank you!

On top of everything else the bank has given me a real hard time with stop payment. One they want the fees in the bank before they will do this and secondly I'm very angry to think that the bank (and my wife was humiliated with the interrogation), has the right to question her at length as to even WHY we are doing it, much less who!

Dear Friends and Moderator,

What a great feeling to take appropriate action and not feel victimized, thank you. FYI: We have forwarded to the NHBD our complaint of our bank experience below (almost preventing us from taking control of our debts to the PDL's, and to CSFA with our success and obstacles to working out EPP's with their members. (To CSFA is already in this blog)

To: NHBD, Senator Judd Gregg and Congress Woman Shea-Porter:

After repeated charges (more than $700 in a 6 month period for insufficient funds alone, our fault) our bank (North East Credit Union), is now charging two and separate fees and interrogation by bank personnel over stop payment of checks needs to be voiced. One is a complaint of fees and the other is complaint of privacy and confidentiality.

1.) We requested stop payment on 7 checks. The fee was $15.00 each equaling: $75.00.

2.) Like most people we try to balance our money, live week to week, and can wind up in the negative because of bank fees. However, we were astonished to learn that when the check is presented there is an undisclosed and additional fee of $22.00 each: Now the total is $185.

3. Since they present the check twice we have an undisclosed fee of $44.00 each. Now the total is $295.00. That is a far cry from the $75.00 agreed to. Subsequently we extend our complaint to the NHBD.

The second complaint is we believe a violation of our privacy. To arrange this stop payment we had to speak with the bank: My wife was literally interrogated by a hostile woman who wanted the fees ($15.00 for each check in the bank before they will stop payment, but did not disclose the additional $22.00 fee per check when presented).

Secondly I'm very angry to think that the bank (and my wife was humiliated with the interrogation), has the right to question her at length as to even WHY we are doing it, much less who! The bank has presented an obstacle at every turn. My wife felt humiliated, embarrassed to return to the bank, is rightfully angry at this, and the undisclosed fees.

We are working with debt counselors and am writing for action, complaint, and having a record of dealings with North East Credit Union. At present we are concerned with paying our rent, having every small amount taken, paying inordinate fees, and watching NE Credit Union expand at a cost of millions or more while we are filched and pilfered of our modest earnings.

Good for you Polalar. Maybe you can change banks althought they all seem to be pretty much the same. I am so sorry your wife had to go through that. It is really sad that we put our money into these institutions only to have them nickle and dime us to death. Someone wrote on here they were considering keeping their money in a coffee can. I am seriously thinking about it myself and just getting a prepaid debt card to pay bills. At least then it is MY money every dime of it. I hope your letter helps and best wishes to you and your wife.

Dear Moderator:

Can you tell me if CFSA has a minimum pay back? WE have secured an EEP with Advance America. We offered to pay back at a rate of $20 dollars a month on a loan of $360, (mine), and my wife's loan we wanted to pay back at a rate of $30 a month on a loan of $600. Advance America said CfSA requires a minimum of $30 and $40,( a ten dollar increase).
Question Does CSFA a minimum payment per month because we are being told if we dont' make the expected payment it will be reported to the credit bureau if we don't. We do understand we have an initial first payment expected of $54 on the $360 loan and $90 on the 600 loan to keep us from being reported to a collection agency and the credit bureau. What do you think of all of this?