I have defaulted on 4 storefront loans - please help!

Adria, Welcome....there are several members who know storefronts really well...they should be along to help soon. Please hang in there.

adria1971, I can help you. You've already defaulted on them all? Don't freak out. I've been there. I am still alive and I am not in jail, okay? I'm going to post the Kentucky state pdl law for you. What it basically is saying is that they can not criminally prosecute you, which means they are not going to come and handcuff you while you are at work! I know the trap/cycle all too well. I had 5 at one time. However, I did take advantage of the CFSA with the EPP, but if you've already defaulted, you can't do this. It's too late. But that's okay. We can work on this. First of all, which Quik Cash did you default on? You don't have to go into major detail - just the road it's on, okay? I've dealt with one Quik Cash. Just wondering if it's the same one. Now, I can tell you that since you've defaulted, have you been in contact with the storefronts? Whatever you do, do not ignore them. If you ignore them and they can't get in touch with YOU, they will call every reference you put down and bug the crap out of them. Also, you need to keep in contact with them so that they won't just send your loan to the courts (it would be civil court, not criminal court). My advice (without knowing all your details yet) is to contact each storefront and speak with the manager. Tell them you can not pay your loan. You can't. Period. I see one has already tried the game of "pay us and rewrite and you'll be fine". No. I had one bully me into borrowing from a friend of mine to pay them and rewrite. There I was, still in the same hole. I finally stood my ground. If you can't make any headway with the storefront managers, call the corporate office. Explain that you've defaulted, the storefront manager will not work with you, that you want to pay the loan, and can they help you set up payment arrangements. The storefronts here will either hold your check for you at the store and you go in and make payments until it's paid in full, turn your check over to a collection agency in which you can then make payments, turn your check over to their corporate office in which you can then make payments, turn it over to an attorney for collections in which you can make payments however the attorney will add his fees to the amount. Some will tell you that they have to turn it in to the bank to have it returned as NSF before they can set up payments, but then you can make payments. If worse comes to worse, they can take you to civil court in which you would set up payment arrangements. So, in a nutshell, you can make payments no matter which road they decide to take. However, the best thing to do is try to work with them in getting payment arrangements. That will show that you made an honest attempt to pay your debt. That'll look good on you. Please post and let me know the status of each storefront, if you've talked to the store managers, what was said, etc.... I can help you with this. In the meantime, I'm going to post the KY state law for you.

You will find the Payday loan laws for Kentucky here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks for the information. The Quik Cash I have my loan through is on Preston Highway. Yes, I have defaulted on all 4 loans. For the first couple of weeks I did ignore their calls because I didn't have any money to pay them. I have since been in contact with all 4 and they want me to make arrangements to pay them off in 3 pay periods. That's impossible. I don't have that much extra cash. They keep saying that if I can't meet the arrangements they will turn it over to an attorney/corporate. I had to put stop payments in place because they have continued to try and run the check through. I am so frustrated. Is it better to just wait for it to go to an attorney/corporate? If it reaches that stage, will I be able to make arrangements to pay the outstanding loans without having a wage assignment issued? That's my biggest fear. Do these places typically turn it over to a collection agency or do they take you to court to garnish your wages? My job could be in real jeopardy if that happens.

adria, don't worry. I defaulted on a couple of mine. I was just wondering if we were dealing with the same Quik Cash, but we're not. The store manager at the one I was at was a total horror. I hope the one at Preston isn't. Here's what you can do - you can tell them (again) that you can't pay it in 3 payments. Not possible. If they want to still say "too bad", then let them turn it over to corporate. I had two turned over to corporate and I swear to you, they are WAY nicer than the storefronts. They actually asked ME when could I pay and how much could I afford. I was floored. They were VERY pleasant to deal with. I paid them 50.00 every two weeks until they were paid off. That was my call. They asked me what I could afford. One storefront just held my check at the store and I went in and gave them what I could. If it was 50.00, fine, if not, fine - just as long as I was paying on it. Just if they keep calling you (and they will), keep telling them that you can NOT pay them in that short of time. Eventually they will either work with you for a better payment arrangement or they will turn it over to corporate or a collection agency. Take their calls if they call you. This will at least prevent them from calling your job or your references. Don't dodge them. But just be firm and tell them it's not possible. I honestly don't think they'll take it any further than sending you to collections. Hell, I had FIVE and dealt with the crap and no one ever took me to court or said anything about my wages. I just worked with the corporate offices. If it would make you feel better about the whole thing, you could call the corporate office of each storefront and ask them what you can do. They might be able to help you. One of mine, when I called the corporate office, they called the storefront and made all the arrangements for me. They were ready for me when I walked in.

Don't get discouraged as long as you are proactive with them and tell them that you have xx amount of dollars to pay you pay back with you and how long it will take it should be okay. I would do as cannr suggested and follow-up with a letter confirming your agreement. It worked for me and hopefully it will work with you. :lol:

I had a loan with Quik Cash also but I'm from Ohio. Just like what Cannr said, Quik Cash corporate office was very nice to work with.