PDLs - Should I Fight Them or Let Someone Else?

Hello again jonnybgood, I am going to try to help you. I understand your dilemma. I have been scouting around trying to find out if any of these companies are members of the CFSA. The thing is, some are way over paid, so you owe them nothing, in fact, they OWE you.

If it were me, I would call the one below:
(Advance America) Cash Advance Centers of Arizona - Borrwowed $500 - Paid $985


I would tell them they are breaking the laws of Arizona and you are going to file a complaint against them with your Attorney General, you can file a complaint online. Also tell them you demand a refund of the amount that you over paid them.
Here's the link:
http://www.azag.gov/consumer/complaintform.html

Also file a complaint with your BBB, here's the link:
http://www.arizonabbb.org/file_a_complaint.asp

And file a complaint with your Department Of Financial Institutions:
http://azdfi.gov/

Paycheck Adv-Short Term Loans look like an installment type of loan, are you currently set up on a payment plan with them?

(Check N Go) Southwestern & Pacific Specialty Finance, is this an installment type of loan? If it isn't, then you have over paid them also, and I would do the same with them as I did with Advance America.

My suggestion to you is to call these companies (the ones which are "Payday Loan Companies" and ask them if they are members of the CFSA. Usually, a store that is a member has their membership displayed in the store, they don't tell you about it because they want you to pay them off quickly, but they must give you the EPP (Extended payment plan) if you ask for it. :)

Oh and, you are only eligible for the EPP if you haven't defaulted on the loan yet, you must go in BEFORE you default to be eligible.

If I tell them they are breaking the law is that when they start harrassing me to pay more and won't they send in the check I have placed a stop payment on?

I wasn't aware of any of my loans being installment type loans. If they are does that mean I can make arrangements if I haven't overpaid? If I have over paid, does that mean I should demand a refund as you suggested and file complaints?

Again, does anyone know anything about PDL Assistance? I'm not sure if I should use them or try to get through this on my own.

Thanks!!!

Does anyone know how to remove or reduce the "need help with debt" advertisement on the right hand side of the screen? I can't read some of the text.

Again, does anyone know anything about PDL Assistance? I'm not sure if I should use them or try to get through this on my own.

I'm sorry it took so long for me to respond, I had a phone call. I really don't know anything about this company. Anyone else?

If I tell them they are breaking the law is that when they start harassing me to pay more and won't they send in the check I have placed a stop payment on?
Which company was harassing you to pay more? What exactly do you mean by harassing? File a complaint that they have violated your state payday loan laws, they have over charged you in interest, if they are payday loans. This is why I need clarification on the terms of repayment. :)

I wasn't aware of any of my loans being installment type loans. If they are does that mean I can make arrangements if I haven't overpaid? If I have over paid, does that mean I should demand a refund as you suggested and file complaints?
Paycheck Adv-Short Term Loans - Borrowed $450 - Paid $860 That suggests it's an installment type of loan? Can you clarify how you were to pay "Paycheck Adv" back? Were you to pay it in full when it became due?

(Check N Go) Southwestern & Pacific Specialty Finance
This is another one, would you please clarify the repayment terms on this one?



Thanks!!!

Does anyone know how to remove or reduce the "need help with debt" advertisement on the right hand side of the screen? I can't read some of the text.

I've had that happen to me before to, I'm not sure how to help you with that one, I wish I did know! :)

Okay, these are all storefront loans. They will all be licensed to legally lend to this guest. I'm going to ask johnny a question here. When you go to the storefront to pay your loan off, what EXACTLY are you paying? For example, you posted Advance America. You borrowed $500 and they make you pay $985 to pick the check up? I find this confusing. Advance America is licensed and HUGE and wouldn't charge a person $985 to pick up a $500 check. Let me post your state pdl law so we can all see it.

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

johnny, your state does allow 3 rollovers/extensions. Are you doing this? Is this why the amount is $985 for a $500 check? If you are doing rollovers/extensions, that would make sense. They are allowed to let you rollover. So, let me know if this is what you're doing. Also, I'll check to see who is a member of the CFSA.

Advance America - member of the CFSA
Check 'n Go - member of the CFSA

I'm not showing the other names you listed as members of the CFSA; however, they may use their corporate name on the CFSA list. For example, Quik Cash is actually QC Holdings, Inc. So, if you could find out if their "corporate" name is different than their storefront name, I can check to see if they are members.

Thanks for jumping in on this Cannr, I posted his state laws in another thread, and was getting confused myself about his payment terms. :?

Crap! :shock: Is there another thread again? Lordy, I get lost so easily! If johnny is taking advantage of the 3 rollovers/extensions that his state law allows, that would account for the amounts. I mean, I almost fell out of my chair when I saw the payback to Advance America! I was like "No way!" However, if he borrowed $500 and took the extensions, they would charge him the fees to extend it, so in the end, he would be paying WAY more back. Sucks. But sometimes you need an extension. But, that would explain it. That's why I was asking johnny if this is what he's doing. :D

I'm not sure Cannr, that's why I was asking for clarification on his payment terms. I was beginning to wonder what the heck. :? I just hope he can get these resolved, I know how terrible it feels to have these things hanging over your head, and not knowing what to do about it.

I found his other thread and posted to it. I'm going to copy this thread so he can have the link on that thread (I hate multiple threads!). I'll do it now. Thanks, shazz!

Ok, to clarify how I am paying. Every two weeks I am only paying the interest on the amount borrowed. For instance I pay Advance America $75 every two weeks for the $500 loan. After 3 times I have to renew the loan. I do this for 6 loans I have. I estimated the total based on the number of weeks I had the loan by the interest charge. Does this make sense now?

Yes, it makes sense. I just saw that some were giving you advice that you had "overpaid" and should ask for a refund. No. Your state allows 3 rollovers. So, you're paying extra fees, which is bumping that amount up. They are abiding by your state law. They are not breaking the law. You have not overpaid. It gets confusing when because some states don't allow rollovers/extensions, so we can usually tell by looking at the amount if they've overpaid. In your case, the amount jumped out because it was so high. However, like I said, they are following the law, as you are taking them up on the extensions. Did you get my post regarding keeping in constant contact with the storefronts? johnny, it's very important if you don't want them calling everyone in town that might be associated with you. Storefronts will call the crap out of you and your references if they don't get to talk to you.

Ok so my loans are legit. Can I work out payment plans that don't include interest charges are does it depend on the PDL? Should I keep the stop payments on the checks I sent or do I need to place a hard hold until the payment plan is completed?

So I called all 6 of the PDLs I have and only 2 were members of the CFSA. But what is interesting about those 2 is they are saying that I have to first pay another extension amount then they are allowed to set me up on an EPP, which will also include another interest/finance charge with the principle. I thought the EPP was only suppose to be the principle amount only. Can someone verify this for me?

Regarding the other 4 PDLs, they are saying that my checks have to attempt to go through my bank account first. If the check bounces or not go through for what ever reason, including stop payment, they will charge me another $25 then send it to collection. Once it is in collection they are then allowed to set up payment arrangements. So far now they are telling me to wait until the check bounces and then they will call me to set up a payment arrangement. Is this the best way to settle these?

Okay, your CFSA storefronts, you actually only owe what the amount of the check is written for. For example, if the check is written for $575.00 and you received in cash $500 (because the rest is their fee), you should only pay back the total amount of $575.00. Why they are telling you to extend it one more time is beyond me. I would question that big time with them.

And actually, regarding the others who are not CFSA members, you probably DO want to go this route. A lot of storefronts have a policy that they have to have the check returned by the bank before they will set up payments, so this is not uncommon. Once it comes back to them, either they will set up payments with you or just turn you over to collections and they will set up payments with you. Personally, I lean towards being turned over to collections because local storefronts have a tendency to harrass the hell out of you. One of mine made me call EVERY SINGLE DAY and tell them I would be in on Friday to make my payment. EVERY SINGLE DAY I had to call them and say "Yes, I'll be there Friday." How friggin stupid is that? The ones that I paid through collections through the corporate office never bothered me at all. I just made my payments - period. I hate local storefronts. Only because it depends on the managers. And some of them can be complete jerks.

Thanks Cannr,

The reason they gave is because I didn't come to their store on last Friday, nor did I call, so I guess I got lucky that I still had time today, especially with the 2 stores that are members of the CFSA.

Oh! johnny, then they did actually "do you a favor" by doing that. They're letting you "catch up", get current, and then start the EPP. That's great! Keep us posted on how things are going for you, johnny!

I think you should fight them yourself. I called
PDL assistance and they told me the same $200 for enrollment. How it works is they set up an account that you deposit to and once those deposits are half of the amount they can settle on they contact your PDL companies. In the meantime, your loans are in default. The guy at PDL assistance told me that you will need to close your checking account because the PDLS can do electronic check conversion and your bank will push through this debit and overdraw your account. The PDL assistance place is doing nothing different than you can do by yourself. I almost bought into it but I sat and thought about it.

Carson, thanks for your input! :D I believe johnny is going to try to do this on his own. And, you do have a valid point. They're doing nothing you can't do on your own. It's just that some people don't want the "hassle" of dealing with the pdls or the phone calls, etc. It's up to the person as to if they're up for it or not. If not, that's okay. Go with a company, but if you're up for it, then do it yourself. It's a bit frustrating; however, it certainly can be done on your own, and you don't have to pay someone money to do it for you!

I am definitely going to do this on my own. The PDL Assistance company was nice enough to refund my $200.

I still have 3 companies that were not with the CFSA and I will set up a payment plan with them once it goes to collection. My question is do I need to revoke their ACH privilege so they don't try and send the original check in?