PDLs - I'm starting to have problems!

DeeDee,

I think some other users here have consolidated storefront lenders through T&C. I would call T&C on Monday, before the checks start bouncing, to get their advice on your situation.

Have you talked to the loan companies to see if they will make a payment arrangement with you? have you also verified that they are licensed to loan in Ohio? Can't assume that because they are a storefront, that they are licensed. Are they charging the allowable fees under Ohio law?

title 13, chapter 1315, loans by check cashing businesses

I did consolidate store front payday lenders, they were actually pretty easy to work with. They accepted all of our proposals from T&C. Consolidate and get yourself out of the cycle. Don't be mad at yourself, we've all done the same thing. There are lots of us on here that can and will help you so don't be afraid to ask! :)

I second what Sue posted. Don't be mad at yourself, instead focus that energy into fixing the problem. No one here would judge you for something we have all done at one point or another. Be sure to call T&C on Monday to get started and I can almost guarantee you will feel a little better once you do. I know I did. Good Luck!

I am also from Ohio and worked with T & C. I did not have store front lenders, all mine were online. That's a different ball game entirely but I hear store front lenders with work with T &C. I'm sure the lenders are licensed, you can check the ohio division of financial institutions website to check if a particular lender is licensed or not. It will also provide you with interest and origination fees that are allowed in our state. You may also want to contact the lenders to see if you can make payment arrangments with them. They might surprise you. They cannot send you to jail but they can take you to court. I would keep up on this and know that you are not alone. I have been there myself and I'm still fighting with some online lenders who don't obey the laws. Keep us updated on your progess and feel free to ask any questions. You are surrounded by friends who have walked the road before you. We took the loans because we were desperate for the extra cash. I wasn't thinking clearly because I had bills to pay and thought this was an easy way out. We've all come to find that it isn't and we have learned our lessons on this. Don't beat yourself up.

Being turned down was probably the best thing that could have happened to you. AS many many members of this community can attest, Pay Day Loans are a vicious cycle. They eventually will consume more money than you can reasonably expect to earn and you still won't even begin to pay the loan off.

Look at this experience as a wake up call. Don't be mad at your self, put determine you will will over come this situation, and know that this whole community will be here to help and support you. Many people here, especially set4sail, the payday loan avenger sue, and pollynsay have done A LOT of work in their own situations, and have freely made the information they have garnered available to anyone who asks. If you have any question, please post them in the forum. Normally you will probably have a well thought out reply in fairly short time.

Once this situation has passed stay involved in the community . This community isn't just about payday loans. You can find help and advice on dealing with Collectors, Identity theft, cleaning up your credit report. Welcome to our community!

Hi DeeDeeNay,

First of all, welcome to the forum! This place is unbelieveably helpful for folks in debt, and lately we have been gathering information regarding payday lenders and their predatory lending tactics. Definitely call T&C on Monday, they have been helpful to so many people here. And stick around, you will learn so much here, and by the time your troubles are over, you will be able to help others with the knowledge you gain!!

~Mary

Thanks, everyone, for your support and advice - I'll be calling T&C on Monday. I'm also going to call the PDLs, and see about making payment arrangements with them. I'll keep you posted on what happens. Those of you who have dealt with store front PDLs, did the store fronts harass any of your references even though you were in contact with the store front lenders, and working with them to pay off the loans? I have an ailing father I used as a reference on all my loans long before he became sick, and I hope he won't be harassed by the lenders. I also have a couple of my friends as references, and I hope they won't be harassed, either. I'm planning to be in full contact with all of the lenders throughout this process, or have T&C in full contact with the lenders once I find out whether T&C can help me, so I hope the ledners will just harass me, and not my father and friends.

How soon should I start contacting the lenders to talk about payment plans? I guess I should wait until after I talk to T&C, and see whether they will be contacting the lenders regarding payment plans, or if I should contact the lenders. My first PDL will hit my checking account this coming Thursday, and because they won't be depositing the check until after close of business that day, it'll probably post to my account on Friday, my payday, so I'll have the money in my account to pay for that loan. The second PDL will hit on Friday, my pay day, but I hope to have my stop payments going by then to keep that check, and the four others from bouncing.

I'm relieved I don't have worry about jail (I hope that's really true, because my loans are on checks, not online loans, and I'm still not sure how Ohio, the state I live in, views that), but I am concerned about my checking acct. Can the PDLs still send my checks to the bank even if I work out payment arrangements with them beforehand? Should I put stop payments on the checks before they hit? My paycheck is automatically deposited into my acct., and my payday is this coming Friday - the same day my first PDL is due! I won't have the funds to pay for stop payments until my paycheck posts. What should I do? Apply as many stop payments as I can once my paycheck posts, or just let the checks go through and bounce? It's too late in the payroll period for me to change to a new checking acct.; I'll get a chance to do that later on. And borrowing money from family and friends to pay for stop payments and the PDLs is unfortunately not an option for me.

Any additional advice you could give will be much appreciated. Thanks so much for your support and advice thus far. It's really helping me through this nightmare!


DeeDeeNay :)

OMG...I just looked at one of my PDL forms, and this is what it says about defaulting on their loan:

The name of the lender is Bur-Mar Enterprises, Inc. DBA Check Land

"Borrower understands that this issuance of such check was a condition of Lender making this loan, and that in the event such check is issued in violation of the Ohio Revised Code Section 2913.11 (Passing Bad Checks), Borrower can be held criminally and civilly liable. Lender shall not cash and shall not deposit Borrower's check until the end of the borrowing period. Borrower agrees to pay interest rate of five per cent per month or any fraction of a month on the unpaid principal of the loan made under this Agreement (in accordance with Ohio Revised Code Sections 1315.35-44)."


Now, does that mean that in Ohio, a PDL lender can prosecute a person that defaults on a loan? Does this mean I may have to worry about jail time after all? If so, I gotta find a way to pay back these loans before the due dates, and just be caught in this cycle! I don't want to use them anymore, but I don't want to be sent to prison, either! Helpful advice, please! I'm in tears right now; scared half to death! I'm sorry for being so emotional and for spazzing out, but I'm so scared right now! :cry:

DeeDeeNay

Hi DeeDeeNay

We all are glad that you are now roaring up with positive thoughts and see light at the end of the tunnel. Just stay calm and monitor your bank account closely. Since there is not enough time from your payday to close your checking account, try to arrange for some money so that you can put the stop payment. I will also insist you to talk to your lenders and explain the problems. It might be possible for them to work out an arrangement with you since you are taking the responsibility to pay them back. It will be good if you can borrow money from your friends for a very short time. That will be a great help!

No, you can't be sent to jail for any such reasons. The federal as well as the state laws sentence jail for very serious violations which are nowhere related to your issue. Don't cry! Try to arrange some money from someone close to you for a very short time.

I'm posting this again because when I tried to edit this earlier, it wouldn't let me edit it.


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OMG...I just looked at one of my PDL forms, and this is what it says about defaulting on their loan:

The name of the lender is Bur-Mar Enterprises, Inc. DBA Check Land . Has anyone here dealt with this lender before???


"Borrower understands that this issuance of such check was a condition of Lender making this loan, and that in the event such check is issued in violation of the Ohio Revised Code Section 2913.11 (Passing Bad Checks), Borrower can be held criminally and civilly liable. Lender shall not cash and shall not deposit Borrower's check until the end of the borrowing period. Borrower agrees to pay interest rate of five per cent per month or any fraction of a month on the unpaid principal of the loan made under this Agreement (in accordance with Ohio Revised Code Sections 1315.35-44)."


Now, does that mean that in Ohio, a PDL lender can prosecute a person that defaults on a loan? Does this mean I may have to worry about jail time after all? If so, I gotta find a way to pay back these loans before the due dates, and just be caught in this cycle! I don't want to use them anymore, but I don't want to be sent to prison, either! Helpful advice, please! I'm in tears right now; scared half to death! I'm sorry for being so emotional and for spazzing out, but I'm so scared right now!

DeeDeeNay :cry:

DeeDee,
as others wrote, they will not put you in jail. The companies can pursue civil action to recover their money, but hopefully all of them will work with T&C and it won't come to that point.

Thanks, everyone, for the support and help. I'll try not to spazz out anymore, and believe that jail isn't something I have to worry about. It's just that I've never been in a situation like this before, and until I found this site, I thought I was the only one trapped in the payday scam the way I'm trapped in it right now. I know it's going to be a long, difficult road for me to travel for awhile, but I pray that T&C can help me with this situation so that I can pay off these loans, and never get caught up in them again.


DeeDeeNay

DeeDee,

It is very hard to walk away from it. I think many of us get trapped because we are looking at it from the standpoint that we can't default on this legal obligation. But at the same time, it will keep getting worse unless a drastic measure it taken, and for the pdl I think the default and debt consolidation is about the only way to get out of that trap.

I'm glad you are feeling better. I remember the first day I came back to the forum, I had such a horrible panic attack at the overdrafts and NSFs that had resulted from the pdl debits that day. I realized I had enough, and something had to give.

It appears under Ohio law there are two definitions of lenders, is the business in question a Check Cashing Business or a single Location for obtaining loans?

Here is the link from the Ohio Legislature to look up their Revised codes. Start by looking up the3 cited code and then work your way back wards. Try an advanced search for payday loans...
http://www.legislature.state.oh.us/ Click on "Laws, Acts and Legislation"

It's a check cashing business, with several stores in the area.


DeeDeeNay

Ok, then they are Specifically addressed. I need to go to work , and wont be able to do more till Monday some time, but I think your are safe. I'll check some more when I get home, but in the mean time check out that link above, and you may find the answer you are looking for... do a advanced search for something like Loans by check cashers.... hope that gets you started.