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My Store Front PDL

Date: Tue, 05/09/2006 - 13:49

Submitted by c_stephanie
on Tue, 05/09/2006 - 13:49

Posts: 92 Credits: [Donate]

Total Replies: 14


I have a loan with Advance America and through going in there every 2 weeks I established a relationship with the 2 girls that work in my local office. They, by far, have been an absolute delight to deal with through all of this. I know that they will not accept lower than $100.00 payments a mo. and I guess I can live with it, I'll have them paid off in 4 mos. and they will be gone. I was just wondering if others have had similar experiences with their local pdl's? Has Advance America been this nice to everyone?


My one and only store front pdl here in florida were absolute idiots. I never defaulted on them until a few weeks ago, and they demanded payment in full. I was able to pay half one week and had to pay the other half the next....at least I'm done with them. I called them beforehand to try to make other payment arrangements, but they went ahead and charged me the nsf fee and late fees...


lrhall41

Submitted by erzeke1 on Tue, 05/09/2006 - 13:53

( Posts: 1145 | Credits: )


Some loan companies that are not licensed in a state partner with banks. This happens in places where the laws are not strictly enforced or the consumers are not aware about it. I have heard this happening in Delaware where the marketing loans are offered by toll free numbers and sent through electronic funds transfer. The illegal activities of the payday lenders didn't come into focus because of the involvement of the bank in between the process. The state laws are preempted using the bank's authority.

Some store front lenders also do the business by marketing the loans of the banks located in permissive states. We need to watch if the FDIC will investigate these banks for sound compliance of the state usury laws.

While researching on the payday loan laws, I found that the goal of the payday lenders is to authorize check holding for quick cash and charge triple digit interest rates. The consumers are disguised with an affordable finance charge percentage. Later, the borrowers are threatened for writing bad check if they are not paid within the next payday


lrhall41

Submitted by john on Mon, 05/15/2006 - 13:50

( Posts: 1231 | Credits: )


I had a PDL through Advance America. Unfortunately I did not get an opportunity to see if they would work with T&C as they were able to sneak the check through my bank even though there was a stop payment on it. I guess I am just glad that I am done with them. It is one less PDL to worry about. Its great that they were willing to work with you.


lrhall41

Submitted by celticlass_4 on Mon, 05/15/2006 - 17:20

( Posts: 134 | Credits: )


You can check with your division of financial institutions or bank commissioner's office regarding state payday loan laws in your state. You might also be able to check to see if the company is licensed online, I can do that in my state. Store front lenders are usually required to be licensed and to follow the state laws regarding interest and length of loan. I'm glad they were able to work with you and that the situation will be taken care of in a few months. :)


lrhall41

Submitted by Cow & Chicken on Wed, 05/17/2006 - 03:00

( Posts: 3571 | Credits: )


is pinion management licensed in south carolina


lrhall41

Submitted by on Sat, 07/08/2006 - 19:04

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Help! I 'm currently in a debt consolidation program and have been for 2 1/2 years. Since Oct. 2005, I been using pdls and currently have 6 store front pdls that I owe. I have gotten a few small raises on my job this year, but nothing significant enough to get me out of this dreadful cycle, which causes sleepless nights, stress, and sometimes problems with my roommate. Is it possible that I can include the pdls in my debt consolidation program? Does anyone know OH law with respect to pdls? The obvious solution would be to get enough extra money to pay these companies off. I do get overtime at work, but it never seems to be enough to get me out of the cycle!

Please help! All suggestions are welcome! Thanks in advance!

Desperate in OH


lrhall41

Submitted by on Sat, 07/08/2006 - 20:32

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Hi,
Some debt consolidation programs accept pdls, most don't. Ask yours if they do.
If you register with the site a counselor will call you within a few days and can help you decide what to do. I know that storefront loans are widely considered easier to deal with because they are more willing to make payment arrangements. However, they generally follow the law, so they can actually sue..It doesn't need to come to that, though. Talk to your counselor at your current debt consolidation company. even if they don't work with pdls they can give you advice. And please register! Not only will you get the phone call, but you'll find a terrific place to vent..and learn.
Good luck, please let us know how things go for you.


lrhall41

Submitted by finsfan13 on Sat, 07/08/2006 - 20:49

( Posts: 6919 | Credits: )


Thanks, finsfan! Are there any fees involved to have a counselor contact me? Will there be some sort of conflict if I'm already working with a debt consolidation company?

I've read several of the posts on this site. It seems like a very knowledgeable and supportive group.

Thanks again!


lrhall41

Submitted by on Sat, 07/08/2006 - 21:10

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You're more than welcome, Ohio! I've been right where you are, and I've lived to tell!
Nope..No fees for signing up and getting the call. And no, there wouldn't be any conflicts, you're under no obligations, it would just be a knowledgeable person who can answer any questions you'd have.
Thanks for the kind words..We are very supportive of each other here. We are an incredibly close-knit group who have each others' backs..It's an amazing place to be! I hope you join us!


lrhall41

Submitted by finsfan13 on Sat, 07/08/2006 - 21:17

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