Another Pay Day Loan Nightmare - Help!
Date: Thu, 04/17/2008 - 15:43
After reading a few messages here I am almost tempted to fight these companies myself if I can get some help from a coach or mentor. My loans are due tomorrow and I already stopped payments on the checks written. The only concern for my wife is that she wrote her loans on her checkinging account and she works for that bank. She is afraid that the bank will not allow her to stop payments or cancel her account. And if the pdl companies start calling her job it could mean more problems, including termination.
I live in Arizona and 4 of the 6 loans I have had for 6 months or more. These are all storefront loans. Do I call or go to these stores tomorrow and let them know I have overpaid my loans and I am not paying any additional money or do I write them a letter?
I know I have overpaid all the loans but if I just wanted to settle this can I propose to make extended payments without adding more interest charges?
Basically I need the steps to follow if I am going to fight this. I also heard someone mentioning certain kind of letters to send, does anyone have sample copies and who they should be sent to.
I do have the name of the companies I am dealing with if that helps, but I understand that the names on the contract may not be correct?
Thanks in advance for your assistance.
Miracle Seeker
Good Evening, I am so sorry that you and your family are going t
Good Evening, I am so sorry that you and your family are going through this nightmare of payday lending. I feel your pain for you and your wife. The first thing that the "seasoned members" are going to ask you is to list the companies that you are dealing with and give them the amount that you owe the companies(the orginial amount borrowed),the name of the companies and the state that you live in. The reason is because in some states they have a cap on what you can borrow at one time. Also in some states payday lending may be illegal. In reqards to your wife's job at the bank, she may want to contact her HR rep asap to see what she can do in regards to either closing her account or revoking any wage assignments that she may have given these companies. If you find out that these companies are illegal in your home state you would need to file an complaint with the BBB, the Attorney General's office(in both states)and the FTD. I wish you the best of luck and remember, the best thing you did for your family is joining this site. Everybody that is a member of the site is here to inform and educated consumers about their rights in dealing with these companies.
mharrison, I'm posting the AZ state pdl law for us all to see, o
mharrison, I'm posting the AZ state pdl law for us all to see, okay? Now, all of your loans are storefront, correct? No internet loans, correct? Can you do me a favor? Can you please list out the storefront names for us that you have loans with? We can check to see if any of them are CFSA members where you would then be able to invoke the EPP (extended payment plan). Storefronts are handled completely different than internet loans. Please list the names of the storefronts and we can check for you. In the meantime, here are your state pdl laws.
Arizona State Information Legal Status: Legal Citation: A
Arizona State Information
Legal Status: Legal
Citation:
Ariz. Rev. Stat. ???? 6-1251 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 5 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Three (extensions)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee + actual charges assessed by the financial institution
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Arizona Department of Financial Institutions
Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018
Phone: (800) 544-0708
Fax: (602) 381-1225
Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks