Need immediate help in Az please
Date: Fri, 01/16/2009 - 14:07
1) can we be criminally charged for having several (8-10 apiece between wife/myself) payday loans out at the same time?
2) will these lenders be calling all our references and bosses if we default? what about if we call ahead of time and tell them that we wont be in when due?
3) will most try to arrange a repayment plan?
4) also considering filing BK? how will this affect their willingness to work through options? or will this eliminate/force them to work out a repayment plan?
Let me just say that we've been stuck in this mode for over a year and have paid them 1000's of dollars over what we borrowed.
Any insight would be greatly appreciated. Thanks in advance.
1) no 2)yes 3) 4)if you file bK, they will will probably get
1) no
2)yes
3)
4)if you file bK, they will will probably get little to nothing. Threatening to file might make them more cooperative.
On 1), how sure are you that this is not possible? even though
On 1), how sure are you that this is not possible? even though we signed docs that stated we had no other PDL's?
PDL like all financial matters are covered under civil law, not
PDL like all financial matters are covered under civil law, not criminal.
First of all, thanks for your prompt replies Soaplady. As far a
First of all, thanks for your prompt replies Soaplady. As far as 2), is there anything that we can do ahead of time to, i.e. telling them not to call our workplaces, to keep them from calling our work? This could have significant impact on our jobs not to mention the humiliation.
guestfornow, have you sent any of them a cease & desist letter?
guestfornow, have you sent any of them a cease & desist letter?
No, I haven't since we are still current on our loans. But I kn
No, I haven't since we are still current on our loans. But I know I wont be for long. Is this something I can do before I default? If so, what do I need to state in the letter & who would I send it to (i.e. corp office or storefront)? Please advise & thank you.
Can you give us the names of the PDL companies, the amount you b
Can you give us the names of the PDL companies, the amount you borrowed, the amount you have paid back and if they are store front or internet PDLs.
Some may be illegal and those are handled differently than the legal ones.
In the mean time here are the laws of your state.
Quote:
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 |
Sorry but I dont know exactly how much Ive paid these loan shark
Sorry but I dont know exactly how much Ive paid these loan sharks since I've been paying off and reborrowing (all $500) immediately for a very, very long time (9mos-1.5yr). I've paid all, with the exception of one, 100s if not 1000s above what Ive borrowed. It would take some time to research exactly how much for each.
Storefront
ACE,Advance America,Check n Go,Loan Mart,PLS,Checksmart,Speedy Cash,Checkmate,Cash1, & Stop1
Online
PayDayMax, MycashNow, CashnetUSA, and ThinkCash
i know pls wont deposit your check. i also know they wont do an
i know pls wont deposit your check. i also know they wont do an extended payment plan. i had to buckle down and pay them off. checksmart and speedy cash will do an extended payment plan. as far as online the only one i've dealt with on your list is cashnetusa. they will do an extended payment plan after you default.
heres the deal on disecting what you've paid to whom. arizona only allows 3 extensions, so find out what extension you are on with each loan. say you've had 2 extensions with a loan for 88 both times. if the loan is illegal and the principle amt was 500 you've already paid 176 dollars and only owe 324 to pay off the principle. you have to find out who is licensed in az and who is not. there is alot of great help on this website so hang in there. good luck.
Store front lenders in AZ are licensed and legal. Of your inter
Store front lenders in AZ are licensed and legal. Of your internet loans CashnetUSA and ThinkCash are also licensed and legal. I know for a fact Ace, Loan Mart and Checkngo will do extended payment plans even though Ace and Loan mart are not CFSA if you have been a good customer in good standing. I know this because I just finished my EPP with Loan Mart and I have one more payment with ACE. 1 Stop and Checkmate are not CFSA and do not offer the plan. The others I am not sure of but if they are CFSA they must allow an EPP.
I dont see that Paydaymax and mycashnow are licensed to lend in AZ.
So what can I do immediately about getting Paydaymax and mycashn
So what can I do immediately about getting Paydaymax and mycashnow from ACH my account the end of this week?
For all other legals in Az, should I call them now and inform them that I will not be making the payments this week. Then try and setup an EPP with them or wait until I default?
I need direction on how to proceed. Thanks again.
Contact them before default about the EPP. Most won't give one o
Contact them before default about the EPP. Most won't give one once you have defaulted.
For the illegal internet ones you need to block the ACH from those companies at your bank. You will need to speak to the bank manager to have them place the blocks.
Is it better to contact the storefront or the corporate office?
Is it better to contact the storefront or the corporate office?
Try the storefront first. They will ask you to come in person be
Try the storefront first. They will ask you to come in person because they need to set up the paperwork and you have to sign it.
This is what you need to do for your illegal lenders. [qu
This is what you need to do for your illegal lenders.
[quote][quote=kfstaff24]What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]
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