storefront loans in Oklahoma
Date: Mon, 01/21/2008 - 07:40
My husband and I have fallen on hard times. I have two storefront loans (not the payday type just payments monthly). At the time I signed up for the loan (about 9 months ago) I had used a tv as collateral. Unfortunately, my husband sold the tv to pay living expenses. The woman with the company called me on Friday and stated they would have to come pick up the tv and start legal proceedings. I informed her that the tv was no longer in my possession and she got very angry and stated that this is considered a felony (as if things are not bad enough). The balance due on the loan is $470 and a payment has to be made in order to stop legal proceedings. Is it truly a felony and what can I do? I have been staying in contact with them the best I can. Thanks in advance for your help.
Hi rmalcolm, can you tell us the name of the companies? I am not
Hi rmalcolm, can you tell us the name of the companies? I am not sure about the felony part but if you hang in there someone with more knowledge then me will come along to answer your question. I think there are even a few people that are from Oklahoma that may know the laws of that state.
You will find the Payday loan laws for Oklahoma State Informatio
You will find the Payday loan laws for Oklahoma State Information here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
r
rmalcom, I'm confused. Call me slow. You have a loan out with a storefront, correct? And you had to use a TV as collateral? So, you didn't take the TV in there and get money for it and they hold it until you pay it off? How did you get a loan? You used the TV; however, they didn't keep it? They just gave you money without taking the actual TV and keeping it in their possession? Please tell me exactly what went down with this so we can have a better understanding. It sounds like a "pawn loan"; however, in that case, they keep the item.
