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Payday loan hell..................please advise!

Date: Thu, 08/07/2008 - 09:04

Submitted by anonymous
on Thu, 08/07/2008 - 09:04

Posts: 202330 Credits: [Donate]

Total Replies: 17


Hello, I have gotten myself well over my head. Hoping someone will be able to advise me on how to get afloat! I am in Tennessee and here are my PDL’s:


1. A1-Cash $230, storefront, I have “renewed” twice with a $60 fee
2. Fast Cash $230, storefront, I have “renewed” once with a $30 fee
3. Cash 2-U Leasing $400, storefront, I wrote them 3 postdated checks plus put my computer up as collateral. I pay them a “rental” fee of 120.00 a paycheck (have made 10 fees) nothing going towards principal.
4. MTE Financial www(dot)quickest-cash-advance(dot)com $390 new not pymt due yet
5. www(dot)impactcashusa(dot)com $ 390, I have “renewed” 3 times with a $90 fee

This may not seem like a lot, but added with my other bills I can NOT afford to survive! I have two children, one with a chronic disease and I did what I had to do at that moment. This is horrible, I know, but had no other choice, I needed money! Please, please, if you can give any advice on how to get these paid, I would be thankful! It’s hard to even get them to take a pymt arrangement………….

Also, I have opened another checking account at a different bank, and am in the process of putting an ACH hold on my other as well as closing it. What’s the next step I should take……………..I’m lost!

Thanks in advance!


Hiya, and welcome. My gosh, I am so sorry you are going through this crap! It can be so emotionally draining, we understand here. First I will post your pdl laws, then we can look at what your options are, I do have a question though, is this store front a "rent a center", and are they members of the CFSA? Did I read your post correctly in determining that you only have one store front loan? Here are your laws:
Quote:


Tennessee State Information

Legal Status: Legal

Citation:
Tenn. Code Ann. ????45-17-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
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: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,



lrhall41

Submitted by Shazzers on Thu, 08/07/2008 - 09:08

( Posts: 17344 | Credits: )


Quote:

1. A1-Cash $230, storefront, I have ???????renewed??????? twice with a $60 fee
2. Fast Cash $230, storefront, I have ???????renewed??????? once with a $30 fee
3. Cash 2-U Leasing $400, storefront, I wrote them 3 postdated checks plus put my computer up as collateral. I pay them a ???????rental??????? fee of 120.00 a paycheck (have made 10 fees) nothing going towards principal.


I reread it, I see you have three store fronts, have you defaulted on any of these?


lrhall41

Submitted by Shazzers on Thu, 08/07/2008 - 09:12

( Posts: 17344 | Credits: )


krmslm, I am really sorry you are in this situation and that no one has gotten back to you sooner.

First, I noticed you have three storefronts and two internet. For your internet.... Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in. MTE is not licensed anywhere and Impact Cash is licensed in Utah. With Impact Cash, you will need to follow Utah law. You will need to work out payment arrangements with them. MTE, you should pay back what you borrowed but, your electric, food, rent, etch should come first.

As for your storefronts.... I believe two are members of CFSA. Fast Cash and Cash 2 U - what this means is that you can go in no later than the day before your loan is due and request and extended payment plan. They are supposed to break up the ammt owed into 4 equal payments. Here is the member list you can check to see if the two storefronts are infact the storefronts on the list.

http://www.cfsa.net/memberlist.aspx

Also, here is their home page so you can read about who they are and what they do...http://www.cfsa.net/about_cfsa.html

As for A-1, you will need to work out a payment arrangement with them. Basically you go into the store, explain your situation and ask for a payment plan. They more than likely will tell you no...you need to stand firm, be strong and do not give up. You may have to go to their district manager or to their headquarters.

I know I have posted alot of information for you so I am going to let you digest this and come back with any questions you may have. I am also going to post pdl laws for Utah since you will need those for Impact Cash.


lrhall41

Submitted by RoxyNY on Fri, 08/08/2008 - 05:36

( Posts: 4178 | Credits: )


Here are the laws for UTAH....

Utah State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Utah Code Ann. ???? 7-23-101 et seq.

Loan Terms:
Maximum Loan Amount: No Limit
Loan Term: May not exceed 12 weeks
Maximum Finance Rate and Fees: No usury limit
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit
Rollovers Permitted: Not Specified (cannot extend or renew loan more than 12 weeks from original loan date)
Cooling-off Period: None
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Utah Department of Financial Institutions
Address: 324 South State Street, Suite 201 Salt Lake City UT 84111
Phone: (801) 538-8830
Fax: (801) 538-8894


lrhall41

Submitted by RoxyNY on Fri, 08/08/2008 - 05:38

( Posts: 4178 | Credits: )


Mis, Welcome,and we will do everything we can to help you with this. Please list for us who your pdls are with, whether they are storefront or internet, how much you borrowed from each and the total of what you have paid back to each. We will look at this and your state laws and help you determine what you need to do next. When you post this would you please start your own thread. It makes it easier for you to find you again and for us to find you again and make sure we are answering your questions and helping you. If you need help with this, just post and let us know.


lrhall41

Submitted by RoxyNY on Fri, 08/08/2008 - 05:44

( Posts: 4178 | Credits: )