Payday Loan help
Date: Mon, 04/10/2006 - 17:39
Thank You Stella, I appreciate it greatly. Hopefully, they can h
Thank You Stella, I appreciate it greatly. Hopefully, they can help.
Payday loan soon to be in default
I took out a payday loan in the amt of 1500.00 back in Dec. 2005, fell behind but I've been making payments to company "The Cash Store aka Argent aka Cottonwood Financial." Apparently, I'm not paying them off as quick as they want me to. They did say that after the check bounced that no more interest would accrue. I live in Illinois and they just passed legislation against payday loans, but they bi-passed it by making the loan more than 120 days. I was misled when I was told that the 120 day loan was the better loan. I can only afford the 500.00 a month I have been paying them. What can they do now, they say I only have 3 more weeks to get the debt paid? I am making an attempt to get it paid. Are you familiar with this company because I have a friend that said the sent her a couple of letters and then she never heard from them again and she still has not paid the debt and that was four years ago. If I could bide some time I could have them paid off in a couple of months. Also, they have never tried to clear my check again, should I be worried about that? The check bounced 2/28, my bank says they have called to see if it would clear, but has never sent it back through again.
Payday Loan Help
Could someone give me the info for T&C. I have 4 outstanding loans. 3 internet and 1 storefront. I just placed a stop payment on all 4 with my bank. At this time closing my bank account isn't an option since my paycheck is direct deposit. I did open a new bank account today but was advised by my employer that it will take 2 pay periods for my paycheck to go into my new account. don't know what else to do? I also faxed a letter to each company advising them I can no longer pay. I did advise them of a repayment plan on my terms. I need help! I live in West Virginia and none of the loans are based in West Virgina. The storefront loan is based in a bordering state of Kentucky. 2 online loans are based out of Delaware and the last online loan is based out of Utah and according to the website for the Utah loan they don't lend to people in the state of West Virginia. I need advice on consolidation.
Jamie, It sounds like they are trying to rush your payments a
Jamie,
It sounds like they are trying to rush your payments along because of the new legislation in your state. Do you have this agreement in writing with them? I would check with your state's consumer protection office to see if you can just continue the payments as you are and go from there.
Quote:??? Provides that payday borrowers cannot have payday
Quote:
??? Provides that payday borrowers cannot have payday loans for more than 45 days. Once they have reached the 45-day limit they must have at least a seven-day loan free period. ??? Creates a new 56-day repayment period with no additional interest charges for borrowers who have trouble repaying their loans; |
Nothing is mentioned here about 120 days loan term. Jamie, check the payday loan laws in Illinois carefully before making your decision.
http://www.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=1&RecNum=4024
http://www.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=1&RecNum=4750