I need help ASAP Please!

Date: Sat, 12/20/2008 - 03:17

Submitted by anonymous
on Sat, 12/20/2008 - 03:17

Posts: 202330 Credits: [Donate]

Total Replies: 2

We have a few payday loans and we are defaulting, which we never intended to do. We are in New Mexico and have store front loans at check n go (2) for 1500 each. One at the cash store for 1150. One at Speedy Loans for 500.00. These are the borrowed amounts. We needed the money for a new septic and now my boyfriend lost his job and we can't afford to pay these payments. We have not even made one payment yet!

I am so scared our account will be closed and it's a second chance checking as it is. One at check n go was due today which we didn't make. The Speedy loan one was also due today. The cash store is due on Monday and the other chack n go one is due on Friday the 26th. I am so worried. I don't want to get sued or be in any trouble! Please help us, please.

Check N'go will wait for while before depositing trying to your

Check N'go will wait for while before depositing trying to your check.(at least most store fronts will) I had one wait almost a month. That's not to say Check'n go will. Is it possible to close that account and open up a completely new one? Explain the situation to the branch manager? Then go into check and go and see if you can make monthly payments. I'm not sure what the laws of NM are.. but someone should be able to help more.

lrhall41

Submitted by beli2005 on Sat, 12/20/2008 - 05:19

( Posts: 882 | Credits: )

New Mexico State Information Legal Status: Legal Citation:

New Mexico State Information

Legal Status: Legal

Citation:
N.M. Stat. Ann. ???? 58-15-32 to 38

Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
apr for 14-day $100 loan: 417.14%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager

Seems check'n go violated the payday laws of new mexico by 500 if my numbers are right. I would talk to your Regulatory Contact and your States Attorney General

lrhall41

Submitted by beli2005 on Sat, 12/20/2008 - 05:22

( Posts: 882 | Credits: )