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Payday Loans

Date: Fri, 08/08/2008 - 16:05
Submitted by cooperbrock88 on Fri, 08/08/2008 - 16:05
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I live in South Carolina and have three store front payday loans and two internet loans. I am struggling on making payments and are unable to make the payments. I currently have three extensions but know when they come due I will not have the money to pay them. Here is a list of them.
Internet
Magnum $450.00/$171.00 every two weeks.
Think Cash $908.58/ $98.43 every two weeks.
Advance America $600.00 plus $90.00 in intrest.
Check n Go $600.00 plus $90.00 in intrest.
First American $600.00 plus $90.00 in interest.

What options do I have?


Here are your laws:

Quote:

South Carolina State Information

Legal Status: Legal

Citation:
S.C. Code Ann. 34-39-110 et seq.

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15%
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: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Regulatory Contact: C. Dean Bratton,, Commissioner of Consumer Finance
Regulator Website

Licensee Database

Complaint Instructions Note: File complaints with Department of Consumer Affairs, through State Board of Financial Institutions is the regulator

Complaint Form Link

Online Resources:


Submitted by alias1958 on Fri, 08/08/2008 - 17:03

alias1958

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Thank you. But what does all of that mean for me and my debts?


Submitted by on Fri, 08/08/2008 - 17:06

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I'm not a PDL expert, and I don't want to give you wrong advice. I'm sure someone with more knowledge will be along with advice for you, but in the meantime, here is another thread about PDLs in South Carolina that you might want to read:

http://www.debtconsolidationcare.com/paydayloan/moneystore-advancepay.html


Submitted by alias1958 on Fri, 08/08/2008 - 17:11

alias1958

( Posts: 1230 | Credits: )


Cooperbrock which of these loans are store front? It looks like you are reloaning every two weeks? Do you know if the store fronts are members of the CFSA? If you haven't defaulted on the store fronts yet, and they are members of the CFSA, then you are eligible for the EPP plan (extended payment plan). The store fronts will not tell you this, you have to ask for it one day prior to the due date of the loan. How the EPP works is, you will have to sign another agreement which will allow you to pay off the loans in four equal payments coinciding with your paydays. There will be no more interest added to it, only what you have accumulated up until now. From the looks of it, it would be much cheaper in the long run for you to do it this way.

As far as the Internet loans, you need to do some research to see if these are legal, if you type the name of the Internet pdl's in the search box in the upper right hand corner of this forum, you can read some previous posts to see if they are or are not operating legally in your state, or anywhere for that matter. Also, I wouldn't advise you to close out your account until after you have made arrangements with the store fronts, you can however place a hard debit block on your account to prevent anymore withdrawals from coming out until you can figure out a good course of action for yourself. You will need to speak with the Branch Manager to have a block placed on your account because most banks do not give that authority to regular employees. If you have any further questions, please feel free to ask. :)


Submitted by Shazzers on Sat, 08/09/2008 - 06:53

Shazzers

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