Payday loan trap
Date: Mon, 10/04/2010 - 20:14
First of all, please list the following information so we can he
First of all, please list the following information so we can help you.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.
Payday loan trap
My husband and I live in Ohio.
We owe each of these places on our next paydays. We have to pay the full amount. So once we get our checks they are gone. We have to pay loans and re-borrow them so that we can pay the other loans. Each time we pay and re-borrow it???s about a $30 finance charge and sometimes if our bank is negative we have to cash the check there and they charge another $20 just to cash the check.
I owe the fallowing stores on my next payday:
Checksmart-$800
Check N go- $545
Cashland- $545
First American Cash Advance-$350
My husband owes the fallowing stores on his next payday:
(Not exact amounts I am not positive on his exact amounts he owes)
Checksmart-$600
Cashland-$545
First American Cash Advance-$550
I had Fist American Cash advance and Check N go, before I defaul
I had Fist American Cash advance and Check N go, before I defaulted, I told them about my situation and told them i could not pay on time anymore, and if they submitted the checks, it would bounce, that is how i got them not to submitt the check i had placed as collateral, then they came up with a repayment plan in lower payments without the interest adding up, as soon as you default and don't tell them in advance, they will submitt the checks the next few days, so beware! talk to them and explain the situation, its better than defaulting!!
Payday
But if I let that many checks bounce in my account won???t it get me in trouble with the law? Check fraud or something? I mean it would be 8 or 9 checks bouncing all at the same time. That???s a lot of checks because some places make you write 2 checks so the check will clear and then my account will be negative plus all of the bank fees and everything add up quick!
Quote:Originally Posted by AnonymousBut if I let that many check
Quote:
Originally Posted by Anonymous But if I let that many checks bounce in my account won???t it get me in trouble with the law? Check fraud or something? I mean it would be 8 or 9 checks bouncing all at the same time. That???s a lot of checks because some places make you write 2 checks so the check will clear and then my account will be negative plus all of the bank fees and everything add up quick! |
Find out if any of these stores offer the EPP (extended payment plan), if you sign up for it they SHOULDN'T even attempt to cash your checks, because it would be a whole new contract.
Quote:Originally Posted by AnonymousHow do I find out? Do I just
Quote:
Originally Posted by Anonymous How do I find out? Do I just call them and ask them if they have it? |
First ask them if they are members of the CFSA (Community Financial Services Association of America), then ask if you can sign up for the EPP. Read about the EPP at the link below:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html
Ok so if I sign up with the EPP.. and all of the loan places tha
Ok so if I sign up with the EPP.. and all of the loan places that I have loans out at are members will it be one big payment or will it be a bunch of little payments depending on each company? Thanks for all of your help by the way!