Missouri PDL's and closing accounts
Date: Wed, 06/23/2010 - 04:20
Lots of great info here. So much so, i am having a tough time finding the stuff that applies to my particular situation. We live in the KCMO area and i work in KS, one of the loans is from a company that operates on both sides of the state line, and from a KS location.
My wife and I have several PDL's. Stupid as we are, we cant seem to break the cycle. I was thinking of closing the account but found this on the MO laws page:
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Our loans to the best of my knowledge are:
Speedy Cash (wife): $500, Recently increased from $200 to $500 to try and pay towards another listed below (Stupid i know)
Quik Cash (me): $500, renewed several times with a $75 interst payment each time and nothing towards principal, just signed up for EPP -also, this i the one that is in KS.
Payday Money Store (wife): $500 - Not sure how many paydowns or renewals, but there have been several.
Missouri Title (wife): $500 - same with this one
We both have loans at Cash America, however those are in EPP and almost paid off.
First Bank of Delaware (ME (internet)) - 600, new loan, 12 month payment plan @ $110 every 2 weeks.
All are store fronts except the last one.
The MO Title, Payday Money Store, Speedy Cash and Quik Cash have all been active for close to a year, just paying off or paying down then renewing. Ugh. this is killing us.
We just moved and incurred more expenses doing so then expected, which madr our account short. Yesterday Cash America processed an EPP payment and made us negative, then last night we had 4 more checks hit. We are currently overdrawn by $231 and can expect 5 o/d fees of $35 each by tomorrow. Both of our paydays aren't for another week.
Anyone have any advise for us? It looks like the whole closing the account thing may not be an option, due to the statement i pasted in above about criminal prosecution.
TIA - D
A couple more peices of info, A couple of years ago, I had other
A couple more peices of info,
A couple of years ago, I had other loans and our account got closed by the bank,
these 2 compaies, "Just say Ca$h" and another i cannot remember right now, sent my returned checks to the Jackson County Prosecutor, bad check division. I ended up having to pay the prosecutors office $400 each for fees. I ended up paying off one of the lenders, but not the other. AND i had to go to an all day check school class that cost me $150
anyways, any advise will be greatly appreciated.
No, you are right, you can't close that account due to the payda
No, you are right, you can't close that account due to the payday loan laws. This is the one time I might recommend debt consolidation, but finding a good one is going to be a challenge for you.
You definitely need to contact these lenders to let them know your circumstances, especially since the withdrawals bounced back to them and you have a prior incident with post dated checks. If any of these lenders are electronically debiting your account you can place an ACH block on them, per the EFTA law, that is your right. But, as you know, a paper check that is stopped can develop into criminal charges.
