logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Virgina Help

Date: Wed, 12/26/2007 - 13:42

Submitted by fthflshp12315
on Wed, 12/26/2007 - 13:42

Posts: 18 Credits: [Donate]

Total Replies: 6


I need advice on help with payday loans. My parents and I got the loans this time because of emergencies that came up and now we can't even afford the refinance fees. We were so desperate, that last payday we had to transfer money between accounts so the fees would bounce. Otherwise, we wouldn't have had the money for the rent (which was already 2 weeks late.) and the car payment. (we only had money for one payment, we're still behind by three months.) My father has 6 payday loans and I have four.
Mine are:
Advance America--Storefront--$575.00 (including finance fee.)

PayDay Services--Online--$400.00+$118.75 refinance fee

Ameriloan--Online--$300.00+$90.00 refinance fee

AIP-- online--$200.00+$89.00 refinance fee.

These are just mine, so far neither my father or I have paid anything towards them except for the refinance fees because we haven't been able to afford it.

Can anybody please help?!!

Thanks in advance.

Sincerely,
Sheep15

[color=DarkRed]Email address removed as per forum rules - Mike[/color]


The minimun loan term is 7 days. Meaning that the loan can't be for a shorter term.

But - Yes, they cannot rollover the loans. This means that for them to be acting legally they would have to make you pay off the entire loan, then take out a new loan. If they are only making you pay the fee, not the full loan, then they are rolling it over and breaking the law.

I'm sure that the internet companies you are dealing with are doing this, but what about Advance America? Do they make you pay the full loan, then turn around and immediatly reloan and write a new check to them? Or do they just let you pay the fee?

The internet companies will try to tell you that all you've been paying are the finance fees. But they are not operating legally. All the money you've paid in fees but the first fee should be applied to the loan.


lrhall41

Submitted by goudah2424 on Fri, 12/28/2007 - 12:09

( Posts: 7935 | Credits: )


Wow! I didn't know that. And, yes, you guessed correctly as to what Advance America is doing. both my father and I have to go in and pay off our entire loans and immediately get another one because we can't afford it. But we are so low, that we couldn't afford to pay Advance America this time.:(


lrhall41

Submitted by on Fri, 12/28/2007 - 12:18

( Posts: | Credits: )


Well, Advance America is really the only one you need to focus on right now. Since the other loans are not lending legally, they cannot do much to collect. Advance America can. If you really owe anything to the other's you can work on paying them once Advance America is out of the way and paid off.

If this is something you can afford, Advance America will give you an Extended Payment Plan. Unfortunatly it's set at 4 equal payments over 4 pay periods, which is a lot for most people. It's something that you must ask them for at least 1 business day before the loan is due.


lrhall41

Submitted by goudah2424 on Fri, 12/28/2007 - 12:24

( Posts: 7935 | Credits: )