Payday Loan Nightmare

Are you aware of the EPP plan?

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Advance America and Check Mate are members of CFSA. They offer an EPP, Extended Payment Plan.

Here is more information about the EPP.

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The internet loan is MyCashNow.
The thing with EPP is that you have to wait until you have had four successful roll-overs. If your check gets returned from the bank then the clock starts all over again.

If I close my account can I be prosecuted for writing a bad check? I've already had problems with this about 6 months ago and the information that I received from the DA said that another bad check could land me in jail. Should I call the DA's office to inquire?

I dont know about Oregon but CheckMate in AZ is not a CFSA member and will not do an EPP. They will only let you buy down the loan, I am still working on them myself.

Do storefront payday lenders have to adhere to the state that the person lives in? I live close to Washington so used storefront options there but I live in Oregon. Are they legal to rollover?

If you physically crossed a state line to get the loan, the general rule is that the lender's state law applies. If rollovers are allowed in Washington, then the answer is probably yes.

I read this in a thread from a Moderator:
To Whom It May Concern

It has come to my attention that you a payday loan I have with you was made in violation of Washington State Administrative codes governing Check Cashers/Sellers and Payday Lenders (Chapter 208-630 WAC Check cashers and sellers - regulation of), wherein it states that payday lenders are required to be licensed by the State of Washington. This law applies to any payday loans made to Washington State Residents regardless of the state of origin or contractual jurisdiction agreements.

Because you were conducting payday lending business in violation of this administrative code and the governing law directing its creation. This violation renders our contract illegal in the State of Washington, rendering ay terms agreed to therein null and void. Under the above noted law, loans made illegally are not collectable.

Effective immediately, I hereby permanently revoke any and all authorizations, assignments or rights, including assignments of wages, income and/or accounts granted to INSERT PDL NAME HERE, its successors and/or assigns to electronically access any account owned by me.

On advice of counsel, prior to either initiating civil action and/or requesting that Washington State authorities investigate your business practices (including those of any potentially related businesses) I am requesting a refund of fees paid in the amount of $270.00 Understanding that this request is an attempt to avoid pursuit of other remedies, I am willing to agree in writing not to pursue additional civil action to seek redress.

I may be willing to explore other options to resolving this situation and I look forward to your written reply

_________________________________________

This is the situation that I am in. I have figured out that I have paid The Cash Store and CheckMate more that the principal balances. Should I send them this letter and request a PIF letter?

Forgot to add....
I would change the lingo to Oregon and get the proper information but Oregon law, if I understand it, requires that the payday lender be licensed in Oregon.

Did the PDL know you lived in Oregon?

Rollovers are allowed in Oregon.

Yes - they have my home address and I have talked to several different people about the drive from Oregon.

Well Oregon does require a license for internet lenders but these are store fronts.

I'm sorry, I misunderstood.
If only 2 rollovers are allowed in Oregon then does that mean that any rollovers above and beyond that are illegal? I'm just trying to find out what my best approach is? If I don't owe the money then I don't want to set up payment plans with them.

I would say yes but store fronts rarely break the law. Were they actual rollovers or did you pay back and re-loan?

They did require me to come in with the principal amount and the interest. So, I guess I paid back and re-loaned. I guess that's legal, huh?

Yes that is legal and not a rollover. A rollover is were you just pay a fee like $50 or $75 dollars to keep the loan open and don't have to pay the principle amount.

Shoot an email to the Oregon Department of Consumer & Business Services , or give them a call at 503) 378-4140 and explain your situation, that's really the only way you can be absolutely sure. Or call your own states, or both.

so what should I do now? Pay the ones in Oregon first, and then Washington, and then the illegal internet one?

Oregon Storefronts:
Rapid Cash
Cash Connection

Washington Storefronts:
Advance America
The Cash Store
Checkmate

Internet:
My Cash Now

I have not defaulted on any of these yet but cannot afford the EPP on all of these. Can any one give me any advice on how to handle these?
I am closing my account this week, if I can.

Sorry, I didn't see the reply above. I will give them a call.

This is what I've found out from the Oregon Department of Consumer & Business Services. I hope this helps someone. I know it is helping me.
This is from the rep that I contacted:
If your address is in Oregon and your bank account is in Oregon, they should not have made the loans to you unless they were licensed to do so.


Since the loans are illegal in Oregon, you only need to repay the amount borrowed. They cannot charge any interest or fees. If you have repaid the original amount, you may want to notify them to stop debiting your account, and if they continue to debit payments from your bank account, you will need to close your account.

Yay! I will have to work with them but this will wipe out two of my loans if all goes well.