PDL TROUBLE - ACE, Cashland, Checksmart, Valued Services

Well, let's start off by saying that I do not plan on "talking down to you".

It looks like atleast 3 of your loans are in fact legal loans, but not PDL's. They appear to be installment loans and work via different regulations. The only one that I am not sure of is Purpose Money. If they are a storefront, they would fall in the same group as the other three.

As for resoloving these, you are doing the correct thing by getting the funds to PIF. It may not be the ideal situation, but atleast they will be gone. Make sure that you get a PIF receipt from each of the companies and hang on to it for your records.

As for your comment about voting against any bill that allows PDL's to continue, you do not have that option. Your state has already essentially eliminated PDL's and inturn have forced individuals to installment loans or to the unregulated world of the internet.

I am really confused now that these are no longer PDL loans and really not sure what the installment loan scenerio's are.

Could you tell me the differences between the payday loans and the installment loans that you ae now calling them?

PDL's essentially were a short-term loan that was required to be paid in full each time. In Ohio, a borrower would then have to wait until the next day to borrow any money back, so there were not roll-overs and unless late, no payments.

An Installment Loan is a larger amount that is paid back in small pieces. For example, I am guessing that your $800 loans to ChecksMart was set-up for 6-12 payments in order to pay it in full.

The regulations are different for the installment loans than the old PDL regs that I worked under, so another poster will have to get into more specifics when they come along.

No --- none of the loans were set up to pay back in pieces. They are all due back on your pay date just as the payday loans are set up.

The fees are no different either. Costs the same amound of $ if not more for them.

So now I am really curious if they are payday loans or installment loans?

So unclear now.

Read your contract and see if they use the verbage of PDL's or Installment loans. It was my understanding that for a company to try to continue with "PDL's" there was still a cap on the max amount and it is lower that $1000 I think.

OK --- Thank you. I think I have one of the contracts in my purse. The others are at home --- so I will have to check those out.

I will post again.

Doesnt say installment loan. Does say that it is goverened under Mortgage Loan Act, Ohio Revised Code Section 1321.51 to 1321.60.

Doesnt specify ---- just says consumer loan at top.

That is what the state said to change licenses to in order to stay in business. What are the terms of repayment?

Term conditions are to be paid on my next pay date for ALL of them.

No deviation or anything. I get paid once a month so it is monthly. But if you are paid weekly... you pay it weekly. They all have loan origination fees which make up the majority of the fees and credit investigation fee. So the $800 loan with checksmart has a payback of $912.50

I am betting that it is an installment loan with just one installment.

So what are the differences between the two? Then I am assuming that all the payday places are installment loans. Isn't listed black and white that is for sure

Were these loans storefront or internet loans?
Also, is purpose money the credit card? And, is it Ace Cash Express?

Not all PDLs are installment loans. And then there are also CSOs to deal with :)

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All I can afford each pay is $90 to each of the four (4) companies listed. Of course as I can accrue some overtime I will pay more --- I jsut hope this holds them off from sending me to court.

I have been so stressed over these I think I am getting Alzheimers! I just want them gone and I will NEVER take out another payday loan ever. It is a cycle you just can't get out of.

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First payments will be made tomorrow of $40 each to all four loans. then in another two weeks I will pay another $50 each on them. That is the best I can do. I just hope it works. I need some good sleep too --- and it will be nice to have the stomach ache gone! I too will never take out another payday loan.

I also am in Ohio and confused by the new legislation that was supposed to allow us to make payments like an installment loan. I currently have 4 store fronts:

Cash America
National Cash advance - will work out payments.
Cashland - will take 4 payments But be aware that is only once a year!!!
First Cash Advance (Valued Services) - I am scared of them because everytime I go in, they are on the phone with the court house put garnishments on people!

I plan to go down $50 on Valued Services as thier loans are in $50 increments. In December I am eligible for the payment plan at Cashland and I have worked out to take in $50 a pay to national cash advance.

I have been in the same boat as you!

JUST PLEASE RESIST THE TEMPTATION TO GET AN INTERNET LOAN TO TRY AND PAY OFF THE OTHERS!!!!

Hi. First of all...take a breathe. Everything will be just fine. I know its scary to default. I have defaulted on several two years ago and nothing happened save lots of collection calls. They never sued me. You may not be sued either but considering you have a steady job you may. The first thing you need to do is protect your income. If you have direct deposit change your bank or have it deposited onto thr Walmart moneycard. This card is pretty awesome. You can even cash your paychecks with it at the customer service desk in Walmart. Ohio defaults are a civil matter. Not criminal. All they can due is sue you.and damage ur credit....which may be damaged anyways...if you have lots of other debts you may want to think about filing bankruptcy. It may be more worth your while to use ur retirement money to get rid of all ur debt. If you have to file a chapter 13 bankruptcy which makes u pay back some debt you might not want to do that. Don't close your bank accounts. Let the accounts go. It is illegal to close your account with a love check out but nobody really prosecutes that. Make arrangements with the companies via certified mail (so u have proof) that you want to work with them on the loans. And, that u will pay a certain amount per month. Make this amount realistic for your budget. If you think you can afford $150 just offer like $25 to give urself some negotiation room. If they do sue you you are pro bly a few months away to a few gears away. So I think u have a little time. They pretty much know they are getting screwed for the money they aren't going to be super happy to move into a lawsuit where they have to pay court filing fees, fees to have the post office deliver tbd summons, and a $300 an hour lawyer...so it don't be immediate. Shut off the fear and intimidation you are feeling. Feel free to send all the offices certified mail expressing that you cannot be contacted at work and that you don't want anyone contacted about your accounts. The worst thing these companies do is try to embarass you in front of your people. If they violate your do not call request you can counter sue them in court and win. So, keep track of when they call, etc. Mention the do not call rule in the fair debt collection act. Before making any payments get them go agree in writing to waive the interest and penalties and make it clear to you in writing what the payments will be. If they dobt agree when and if you go to court thr judge will set up a reasonable payment plan and you.can probably negotiate from there. It will work in your favor to shoe you at least attempted to work this out. But, nobody likes these businesses. They are considered the scum off the earth. You don't go to jail or be punished other than possibly ur credit going down a little. Don't let them scare you. Their bark is worse than their bite.

Why are you responding to a post from 2 years ago?