need help in tennessee
Date: Thu, 03/08/2012 - 21:03
first let me say i am so glad to have found this site. i have learned alot by just reading the posts.
i have 4 pdl out from local storefronts here. i also have a loan from plain green. i borrowed $700, and have made 3 payments of $235 each for a total of $705.
i plan to close my checking acct in the next few days. i am drowning here. i had to stop getting one of meds to keep up with the payments on these loans. i cannot do this anymore.
my question however is: if i close my acct and the local storefronts deposit my check, which would be returned as account closed not insufficient funds, can i be arrested for check fraud? one place i read said no another place where i read some info says yes in tennessee you can be charged.
what do i need to do? help please
i have 4 pdl out from local storefronts here. i also have a loan from plain green. i borrowed $700, and have made 3 payments of $235 each for a total of $705.
i plan to close my checking acct in the next few days. i am drowning here. i had to stop getting one of meds to keep up with the payments on these loans. i cannot do this anymore.
my question however is: if i close my acct and the local storefronts deposit my check, which would be returned as account closed not insufficient funds, can i be arrested for check fraud? one place i read said no another place where i read some info says yes in tennessee you can be charged.
what do i need to do? help please
No you cannot be charged. Tennessee laws.... Tennessee Payday
No you cannot be charged.
Tennessee laws....
Tennessee Payday Loan Laws
State Legal Status
Lending of payday loan is legal in the State of Tennessee.
Loan Specifications
- Maximun Amount of Loan - $500
- Term of Loan - Maximum 31 days
- Maximum Rate of Finance and Fees- $30 or 15% of the check (whichever is lesser)
- Finance Charge on $100 loan for a 14 day period - $17.65
- APR for $100 loan for a 14 day period - 459%
Debt Limits
- Maximum Number of outstanding loans permitted at a time - Three (Two per licensee)
- Permissible number of Rollovers - None (cannot be renewed or consolidated otherwise)
Limits of Collection
- Collection Fees - 1 NSF fee of $30; Costs of Court
- Criminal Action - Prohibited
File your Complaint and get Information
- Regulator - Tennessee Department of Financial Institutions
- Address - 511 Union Street, Suite 400 Nashville TN 37219
- Phone - (615) 741-2236
- Fax - (615) 532-1018
- Regulatory Contact - Bart Daughdrill
You would be better off doing an ACH revocation ....that is your right under federal law. Then close your account. Follow ohio gals link in my signature line.
Plain Green Loans is an illegal tribal lender. How much interest
Plain Green Loans is an illegal tribal lender. How much interest are they charging you? Have they offered rollover/refinance?
steven,steven
the OP posted that they paid 705 on a 700 loan.they owe nothing on it,and therefore should do the ACH revocation as soaplady advised here.
