Please Help! Storefront PDL's default

Hi rachellowe1967

I am sad to hear about your present situation. Don't feel alone in this. Close your checking accounts before the payday loan companies hit your accounts further. Use a consolidation company that will be able to make arrangements with your lenders if you are unable to do so. It might take some time for the plan to get set with your lenders, but once it is done, make sure that you make the payment regularly. I hope your counselor will be able to shape up this situation to your favor.

RachelLowe~
I am so sorry for your situation also. I was in the same place not too long ago, to the point that I was served a summons from one of the places. I have never had one of them show up at my home, that's a first. I got help from T&C, as did many of the people in this forum. They are great and they aren't too expensive. The pdl companies seem to trust them and they are willing to work with T&C, I would definitely recommend getting in touch with them.

Hi, rachellowe1967!

I live in Ohio, too, and if you've read any of my posts, I'm having storefront PDL problems, too! None of mine have gone into default yet, but will later this week. However, I contacted T&C this morning, and they said they are able to help me with my PDLs. I had no idea PDL lenders here in Ohio are going to people's doors demanding payments for defaulted loans! Now that's scary! From what I've been able to find out from the wonderful, supportive people here at this fabulous forum, lenders cannot have you arrested for defaulted PDLs. I know here in Ohio the laws for defaulted checks seem to be more strict than in other states, but I think because the checks are PDLs, the lenders cannot criminally prosecute customers, but they could sue the customers in court. Anyone who could expand on this further so that I have a clearer understanding, please do! I'm still have scared of criminal prosecution even though I'm now going into debt consolidation!

God bless you, rachellowe1967! I hope things get better for you soon! Please keep us posted!


DeeDeeNay

As far as I know, they can't have you arrested for defaulting on your loan. I have had some loans out there that had been defaulted for almost a year! As long as you talk with them, though some are nearly impossible to work with, and get into some debt consolidation program, things will work out. The main thing that these companies can do is sue you for the amount of the loan, court costs, attorney fees, etc. But even if you are served a summons,(like me), it's still not too late to work with their attorney and set up a payment plan.

I am so thankful that I have found this site. It took almost 2 weeks to find it. I know I should stop making myself sick over this. I did go out this morning and go to the one my husband is in default to and actually made payment arrangements with them. We've been on their roller coaster over 2 years now so they were very happy to help us out. That was Check Into Cash. Mgr did have to get district mgrs approval but at least they are willing to be civil.

I know I was quite shocked when they showed up on my door step... I was like what if I didn't come in to pay I didn't hvae the money... what makes u think I have it now. One company (the one I did manage to pay back) actually had their district manager come out.

I can deal with phone calls... thanks to caller id and ringers that turn off. But I'm definately not good in face to face situations.

Now I won't have to worry about hubby's account. the joint acct that I had used for mine is now closed. Sent out for my paycard today so that I will never be able to get into this again.

I'm also going to fax letters to the remaining ones and inform them that they are not going to get paid by me directly that I will be in contact with a consolidation company and not to contact in person or phone any longer. That further contact will be from my consolidation company. Then contact T&C.

Does anyone see problems with me faxing them to tell them to stop? Then contacting T&C.

I did find out from the pdl Check Into Cash that you can fax/mail a letter to the PDL store front and demand that the account be closed and never to be opened again under any circumstance. They will put it into their system and you will not be able to go back to any of their branches and reloan again. This I will be definately be doing later on after T&C and I get these paid off.

Rachellowe~
Well it sounds like you are on the right track to getting this all squared away. Though keeping this a secret from your husband doesn't sound too good!! Maybe you should just fill him in on the situation and how you have it all under control.
I would contact T&C first, make sure you have all the information you may need for the lenders, and then contact them, via fax. That way you will have all of your t's crossed and it will look better on your part.

They came to your door???
I'm not sure if that's legal. Any one here know anything about that?
You might want to check into your state laws about collections....

I have never heard of store front lenders coming to your door. I know that they can call and send letters, but I think they are crossing the line here.

That's what I thought... but yup I have had 2 different business have sent out the store mgrs. Do you think I should call the state and find out if they are allowed to do this? Also my store fronts are charging me a flat fee so to speak... they are charging like 300% (not exact for all of them but like that) for finance charges are they allowed to do that in Ohio. All the ones we are dealing with are licensed. Checked that out.

The rates of interests and financial fees should be within the permissible lines. Check the rates from the attorney general's office. Don't pay anything extra.

Also, report the conducts of the store front lenders to the attorney general. They will put them in the best of their behavior.

It's my understanding from Ohio law that they can't charge a flat percentage rate. It's supposed to be $5 + a scaled fee ($5 per $50 borrowed up to $500, then $3.87 per $50 for the loan amount from $501 to $800).

Quote:

I think it depends on the store manager with the store front lenders. I know that when we were in the cycle one of the store front lenders (Advance America) had this manager that would go out and drive around looking for people and go to their houses trying to collect - I heard her talking about it once. She was definitely not the professional type but I don't know if it's legal or not. I've found that the store front lenders are usually fairly easy to work with in a consolidation plan.

I keep seeing T&C mentioned above. Is that a credit counselor or debt consolidator? I owe several..like 10 PDL and am on the verge of bankruptcy due to those and unpaid medical bills. Can somebody give me contact info for T&C. I live in Ohio

What is T&C...I need help due to numerous payday loans in default..some even from afew years ago. Are they a credit counseling company. How can I contact them or find out more?

Shavon, you don't have to file for bankruptcy if you can send small monthly payments towards your payday loan accounts. A consolidation company will call you after you have registered in this site. Discuss the accounts with him and frame out your payment plans. The total amount of debt will be reduced to a lower amount after the late fees and other financial charges are wiped off. Take the free counseling and frame out your repayments. You will become debt free sooner after taking some control.

pursleylov, if you haven't heard from someone yet, you will. Be regular in your payments in the consolidation plan. In the meantime, check your debt accounts and review the date of last payments. Some of them might have gone past the SOL period. If the statutes have expired, you won't have legal obligations to do the payments.

Hi Shavon and pursleyluv---T&C is a debt consolidation company. Have either of you taken advantage of the debt counseling that comes free when you register here? I would advise doing that first and then see what the counselors have to say. Good luck.

I also keep hearing about T&C. I have several PDL's that I need to consolidate. I'm in desperate need of help. Can someone please point me in the right direction?

Smith, a counselor will call you soon if you have not heard from anyone yet. Take his advice, he will offer you assistance in the right direction

Your call will come soon, I got a call within a few hours after signing up. In the meantime, if you don't already, you should make sure you have all of your paperwork and contact information for the PDL's ready to go.