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I have 10 payday loans out. Wait, it gets worse. I never told my husband, the person who is supposed to be my partner, I have been paying on some of them for 2 yrs. I guess the real reason why I never told my husband is because of his temper and illness. I have 3 small children and just wanted to avoid a fight. I seriously thought I could get out of them and I came close several times, but something always comes up. I went to the bank today and placed 2 types of stop payments on them, one against the company and one for the check itself. The tell actually told me about the one against the company, they are normally $25.00 per stop payment but since I had sooooo many she said she would just charge me $75.00. I fessed up to my husband, which was the hardest thing I have ever had to do. He is beyond mad and not sure if he wants a divorce over this. I tried to explain the reason I did not tell him is because at the time I started taking these loans out he was in the hospital and I couldn't bring myself to put another worry on him, but he is right that is no excuse. Anyways, my question is can I go to jail for placing a stop pay on these checks. Please, please, please, pray for me. I am planning on filing bankruptcy in the next couple of weeks because of medical bills, payday loans, etc. Thank you for being here, I just need to vent and make sure my children are not at stake here. I know you reap what you sow, but like I said I cannot live without my babies. Thanks again and God Bless.
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What state are you in? Did you take out loans with internet lenders or store front lenders?

Sub: #1 posted on Thu, 08/21/2008 - 15:46

polly polly

(Posts: 1709 | Credits: 253.21)

Wow! Let me be the first to say that I understand what you are going through right now. But please list your state and the payday lenders name. Also list the amount that you borrowed and how much you owe as of today. Depending on the state you live in you may be only responible for the orginial amount that you borrowed. If for some reason that you do have to file bankruptcy, please make sure that you get a good attorney that can advise you. I know that there will be someone here to help you soon. Good luck and God Bless.

Sub: #2 posted on Thu, 08/21/2008 - 16:04

wssu92 wssu92

(Posts: 510 | Credits: 31.64)

I live in Washington State and they are all storefront.
I owe (the fees are included)
Check into Cash $488.00
Advance America $595.00 - I did owe $795, but paid $200.00, they don't give you back your original check until the full balance is paid (I was on the payment plan).
Ace Cash - $795.00
Check N Go - $765.00
Cash Express - $287.00
Allied Cash - $575.00
Cash in a Flash - $787.00
Qwik Cash - $460.00
Fast Cash Loans - $565.00
RENT A CENTER - $575.00
I spoke to an attorney, she said I can't go to jail, but they may try to sue me. Any advise you can offer would be appreciated.

Sub: #3 posted on Thu, 08/21/2008 - 16:54

Unregistered


Well first of all I will post your pdl laws. The only advice I can really give you is this, if these lenders are members of the CFSA you would be eligible for the EPP plan, the thing is, you need to ask for this BEFORE you default, at least one day in advance of your next payment. How it works is after you request the EPP (Extended payment plan) you will signe new loan documents and pay off each of these loans in foru equal payments on each payday. I realize you have several payday loans here and you may not be able to handle all those payments, but store fronts will sue you, and they will also attempt to cash your post dated check which will result in NSF charges, so you could end up paying a heck of a lot more if you don't take advantage of the EPP plan. I happen to know that the rent a center IS members of the CFSA, but I'm not sure about the rest of them, you can always call each one anonymously and ask.

Sub: #4 posted on Thu, 08/21/2008 - 17:27

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

Whoops, I forgot to post your laws. :?
Quote:

Washington State Information

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Citation:
Wash. Rev. Code Ann. ???? 31.45.010 et seq.

Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.

Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services
Regulator Website

Sub: #5 posted on Thu, 08/21/2008 - 17:28

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

Victoria - are these all PDL's or are they installment loans?

Shazz - in reading the WA laws, am I reading this to mean that the total amount of the PDL's cannot exceed $700? If so, then is the OP in compliance (because her loans are more than the $700)?

Sub: #6 posted on Fri, 08/22/2008 - 10:14

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

They are all pdl's - I borrowed, $700 from 2 and the fee is $95.00. Thanks again for your help. I just read the blog about the person's brother who was arrested and now I am in a panic all over again. I did speak to an attorney and she said you cannot go to jail for putting stop pays on a pdl - boy I hope she is right!

Sub: #7 posted on Fri, 08/22/2008 - 22:22

Unregistered


Seems to me, in reading your state laws, that you are only allowed to have 1 loan out at a time up to $700 max. The fact that you have several, makes me curious if the others are technically legal.

I am not 100% sure about this. Can someone here please help?

Sub: #8 posted on Sat, 08/23/2008 - 10:29

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

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