Pay day advances

WElcome to the forums. What state are you in? Are these storefront or internet advances? KYSIDE38

Please review the laws of your state and check whether the companies are licensed in your state. If they are legit, then only you are supposed to pay their interests and fees. Most IPDL companies are not licensed anywhere in the US. If you are dealing with one of them, you need to report them to the AG of your state.

If you want to post a bit more about your situation, like what state you are in, who you've borrowed from, how much, and how much you've paid back so far in fees we can give you better advice.

Most of us have been in your shoes, so we know exactly what you are going through.

I live in the State of Michigan. I borrowed from Advance America and i own them appox. $1250.00.

Here are the lending laws for Michigan (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html



There is no criminal action and you are entitled to a payment plan. I would send them a letter proposing a payment plan of what you can afford. It might help to include the first payment with the letter. Is this the only one that you have?

No. I have 2 with the same company.

One good thing about Advance America, if you default on the loan, you stop paying the fees every two weeks!

They will put the check through though. So once it comes back nsf you will be able to set up payment arrangements. But you have to make sure the check comes back nsf. They are the biggest payday loan company out there, so they are probably following the laws of your state.

I agree. Just to get some peace of mind and to regain control of my money, I had to close my checking account and open another. The simple act of getting to keep all of my money did so much for my self-esteem. It also helped me to realize I am in control of the situation...not them. All in all, my pdls have been pretty good to work with. I'm down to one now that I'm still dealing with. BUT, none were willing to make arrangements at all until they realized that my account was closed and they no longer had access to the money.

I called Town and Country Acceptance in Alabama and they are great! They said that they handle pls and all I have to do is send them the start up fee and I pay $33.00 a week. My only worry is that Advance America will garnish my wages. Can they do that?

They would have to have a court order to do that, so you would get sued, then go before a judge. I had a loan with advance america, and defualted. They didn't send me letters saying they would take legal action for like 5 months.

Plus, if they are receiving regular payments, I seriously doubt they will try to sue.

Once I realized how much intrest I was paying a month I decided to close my bank account. I asked the branch mgr once I close my acct will they open it back up it a check tries to post. He told me no and he was correct. I am very lucky. I am glad I closed my acct before advance america tried to collect the funds again.

Goudah2424 or anyone... Do you think that T&C is a good way to go or should I just pay advance america like $50.00 per month

When you go to close your bank account, ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then you end up owing the bank $1000's. If your bank does do this, tell them the whole situation, and ask them to put an ach block, deposit only, or a hard hold on the account before they close it. That will stop the pdl's from force opening the account.

It's really up to you . . . . If you only have Advance America, then I'd say do it yourself. If you have more pdl's, then maybe T&C would be a good way to go. It's really about the amount of time vrs amount of money you want to put into it. With the help on this forum you can sucessfully do it yourself. But it's always a relief to have someone else do it for you . . .

The bank does not re-open accounts. They send the check back to the "business" with a stamp on the check that says account closed.

It's the ach transactions that some banks will reopen accounts for . . . . Checks are always returned. It's any ach transactions that I was talking about.

Ok lets's say that I decide to handle this on my own. Does Advance America let me decide on how much I want to pay back per month or do they tell you how much to pay?

What does ach mean? Never mind I remember now dudh!

Ok lets's say that I decide to handle this on my own. Does Advance America let me decide on how much I want to pay back per month or do they tell you how much to pay?

Well, how it normally works is you say you can pay $X, and Advance America will say, no, you have to pay at least $X (which will be a huge amount). You have to keep working at them and eventually they will agree to the payments. Just be honest about what you can realistically pay, and don't let them pressure you into paying more.

Don't agree to pay back more a month then you can handle. You don't want to defualt on the payment arrangement. If you can't afford what they want, say so. Also, get the agreement in writing. That way they can't come back and say you agreed to pay more.

Does your state allow repayment terms? You might want to discuss the situation with your attorney general's office. They could give you a better understanding of it.

From what I understand I can start a re payment plan with advance america. I'm just afraid that they are going to force me into a payment plan that I cannot afford. I mean come on. If I had the $$ to pay I would of never defaulted on the loans! I will call the attorney general's office to see what information I can get.

Check this out! I saw this on one of the fourms for my state...."Lender shall not enter into a transaction with the customer who already has an open account with them or more than one open loan with other licensees." I saw this information and it made me think. I have 2 pdl's with the same company(different locations) Now does this mean that I only have to pay one back instead of two?

I would do as Mishele suggests and contact your Attorney Generals office. They are very sucessful medaitors in situations like these. Many people are afraid to call them afraid they will be looked down on. That sure isnt the case. The consumer divsion is there for problems like these. Best Wishes KYSIDE38

Ok! i'm going to call them today!

ACH stands for Automated Clearing House. That is how the electronic transactions are processed between banks and companies, from the way I understand it.

Absolutly call your AG's office! If you have 2 loans with the same company they are absolutly violating the law. The best part is if they are storefronts they are licensed. They could lose their license for violations.

I nervous! What information would they need from me?

I DID IT!!!!!I just send my complaint via internet to my AG"S office. I feel beter already!

Good for you! That is one of the first steps and if everyone files complaints with the AG, that is one more step in getting these places shut down for good. Glad you are feeling better :)

I am proud of you. The Attorney General in many states are a great help. I hope everything works out ok for you. Best Wishes KYSIDE38

Now that I have contacted the AG's office. What is going to happen next?

Now that I have contacted the AG's office. What is going to happen next?

You need to give them a couple of weeks at least to respond to you. Most of the time they are pretty sucessful mediators and they can really help in situations like these. Hope everything works out great for you. Best Wishes Kyside38

Has anyone heard of TCF Bank??? I have a question about them and these internet pay day loans. Now, if I close my current checking account with TCF and open a new accout with TCF can the pdls companies go into my new acct and take my money??????

Has anyone ever heard of cash borrowers? If so,do you have their address? I am going to consolidate.