Arizona Payday Stores to Shut Down
Date: Mon, 05/17/2010 - 13:03
Submitted by Donna1264030061
on
Mon, 05/17/2010 - 13:03
Total Replies: 6
Advance America: $588.23
Ace Cash Express: $580.00
By the way, I'm glad they are shutting down. This has been a nightmare and I wish I never took out the loans in the first place. I plan on making good on my debt, but need more time than 1 month to pay the total $1,168.23.
Unless the law states otherwise, it should not affect loans that
Unless the law states otherwise, it should not affect loans that were made before the law is enacted i.e. July 1st. This means that you will have to continue making payments according to the loan agreement until you've paid in full. It sounds to me like your lenders are trying to scare you 'cause they don't know what the new law's full effect will be either.
I recommend you continue to pay what you can, and wait to see what the law actually says. Sometimes the legislature is kind enough to provide an explanation as to how they intend the given law to work. If your lenders take you to court, at least you'll have the doubtful privilege of creating precedent for other people in the same situation.
Both of your lenders are members of the CFSA (Community Financia
Both of your lenders are members of the CFSA (Community Financial Services Association of America ), see the link below:
http://www.cfsa.net/MemberList.aspx
This means you are eligible for an epp (extended payment plan), see the link below to read about it. The EPP will give you time to pay them off in 4 separate payments on each of your paydays, and the interest stops as soon as you sign up for it.
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html
This is not a NEW law to ban PDL's, but the expiration of a law
This is not a NEW law to ban PDL's, but the expiration of a law that allowed them. This date was in place when PDL's came to AZ, but no new law was passed to extend the expiration date. You will need to pay as agreed or work out muyually agreeable repayment terms.
The above poster is giving bad advice as the courts will decide if you owe the money or not and MAY impose a payment plan. This will vary from judge to judge. Do what you feel comfortable with, but try to work out sooner, not later.
If you contact your States' financial regulatory agency, they ma
If you contact your States' financial regulatory agency, they may be able to advise you on how to handle you outstanding PDL payments as well.
Quote:Originally Posted by PDLOwnerThis is not a NEW law to ban
Quote:
Originally Posted by PDLOwner This is not a NEW law to ban PDL's, but the expiration of a law that allowed them. This date was in place when PDL's came to AZ, but no new law was passed to extend the expiration date. You will need to pay as agreed or work out muyually agreeable repayment terms. The above poster is giving bad advice as the courts will decide if you owe the money or not and MAY impose a payment plan. This will vary from judge to judge. Do what you feel comfortable with, but try to work out sooner, not later. |
Why is asking for an EPP bad advice. The poster said they had until the 30th of June to pay it off, therefore, I see no reason why requesting an EPP is bad advice.
Quote:Originally Posted by ShazzersWhy is asking for an EPP bad
Quote:
Originally Posted by Shazzers Why is asking for an EPP bad advice. The poster said they had until the 30th of June to pay it off, therefore, I see no reason why requesting an EPP is bad advice. |
Wrong "poster above", Shazz!!! Unfortunately, there are some "legal experts" that want to provide guidance that may be correct for a major trial, but a small claims case is a simple yes or no case.
In the case of a PDL, the questions boil down to:
1. Does lender have a license?
2. Did borrower provide check?
3. Did borrower sign contract?
4. Did borrower pay back money?
After these questions are answered, the judge will rule in favor of the PDL and MAY set-up payment arrangements.
I have appeared before different judges in the same room that have different philosophies on resolution. In fact, I have had the same judge go to opposite ends of the spectrum!
The end result is that we just want our money back.