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Layoff & The PayDay Loan

Date: Tue, 12/30/2008 - 09:32

Submitted by anonymous
on Tue, 12/30/2008 - 09:32

Posts: 202330 Credits: [Donate]

Total Replies: 6


I have been layed off.
I have 3 store front check loans and I need help bad.
I get unemployment, but it will not cover the fees.
I have had these check loans for a while now.
They are due tomorrow & I need to know if going in to thier offices to discuss it with them will do any good...like a pmt plan or something? What will happen?
1. A-1 Payday Advance
2. First American Cash Advance
3. Quick Cash
I live in South Carolina.
Please help
Thanks,
Nervous


You really should go into the store BEFORE you loans are due, ask them for the EPP ( Extended payment plan), you can make 4 equal payments on each pay day to pay them off. Store fronts are usually cooperative if you speak to them in person.

Quote:

South Carolina State Information

Legal Status: Legal

Citation:
S.C. Code Ann. 34-39-110 et seq.

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Regulatory Contact: C. Dean Bratton,, Commissioner of Consumer Finance


lrhall41

Submitted by Shazzers on Tue, 12/30/2008 - 09:38

( Posts: 17344 | Credits: )


From my experience, it doesn't help to go to speak to them OTHER then you can document that you spoke to them, what they said and what you offered to pay or try to set up.
Others have more experience with this then me at this point and this site is great for advice......in the meantime, check out the other postings and maybe search for "layoff". I was also just laid off though my issues have to do with id theft and PL's.
I wish you the best and hang in there!! And don't stop looking for an answer and also don't forget to stand by your rights per the FDCPA when they start to call you at home. There are great points on this website also and check out what they can and cannot do when they call you.


lrhall41

Submitted by on Tue, 12/30/2008 - 09:40

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If the original poster speaks to them before she/he defaults, she will be eligible for the EPP, if she waits until after she defaults, she will no longer be eligible and they WILL sue her.
CLICK HERE to read about the payday loan industries best practices.


Quote:

Extended Payment Plan *. Each member will provide customers who are unable to repay a payday advance according to their original contract the option of repaying the advance over a longer period of time. Such an extended payment plan will be offered in compliance with any requirement in state law to provide an extended payment plan or, in the absence of such a requirement in state law, in compliance with the Best Practice ???????Guidelines for Extended Payment Plans.??????? A member will adequately disclose the availability of the Extended Payment Plan to its customers in compliance with any requirement in state law for such a disclosure or, in the absence of such a requirement in state law, in compliance with the Best Practice ???????Guidelines for Extended Payment Plans.??????? (Amended 7/21/08)


lrhall41

Submitted by Shazzers on Tue, 12/30/2008 - 09:45

( Posts: 17344 | Credits: )


First let me say Thank you so very much to any of you who have or will reply to my plea for help. I genuinely appreciate it.
I do have another question.

My check loan amounts & Companies are as follows:

A-1 = $345.00...45.00 is the fee x 4 pmts= 86.25

First American = $345.00.....45.00 is the fee x 4 pmts= 86.25
$287.50.....37.50 is the fee x 4 pmts= 71.88

Quick Cash = $345.00.....45.00 is the fee x 4 pmts= 86.25
$287.50.....37.50 is the fee x 4 pmts= 71.88

My question is this, If I ask for the payment plan in 4 equal payments, that would pretty much exceed my entire unemployment check amount. I get a check for $247.00 a week and still have to pay rent & utilities.
The amount to make 4 equal payments to them & pay them each payday would be $402.51.
Is there another option?

Thank you,
Nervous


lrhall41

Submitted by on Tue, 12/30/2008 - 10:03

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I would probably choose one and go with the EPP, the other three I would send what I could when I could, it may not be much but I am willing to bet if they do decide to sue they won't get much more out of you than you could afford anyways. The judge is going to look at your wages and be fair about a payment plan. That's what I would do. Even if the payments are as little a 5 bucks a month it will show the judge you are making an effort, IF it comes to that. By the way, I would send them payments via money order through the mail, so you will have a receipt.


lrhall41

Submitted by Shazzers on Tue, 12/30/2008 - 16:05

( Posts: 17344 | Credits: )


1st American is about gone! out of business. Sold it's Florida operation to Community loans of America known as Fast Payday Loan and most are being closed due to not being able to support these added branches.Write Offs due to non payment continues to rise monthly as people lose their jobs and the abitity to repay. Won't be long before all payday loan companies are GONE! Thats a good thing, Next rent to own and imported credit card rates


lrhall41

Submitted by on Mon, 02/09/2009 - 12:19

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