The PDL advice to me.......

Most places will not work with you until the check bounces . . . Sucks, but that's how they work. The good news is that once you "default" on the loans, you (or should i say your husband) won't be paying that $1600 every two weeks. The money you pay will actually go towards the principle.

There are many users on here from Ohio that can probably give you better advice, but I have heard that checksmart is quick to take action - Read through some posts here and you will see that.

Bankruptcy doesn't sound like a good idea, not for 4 payday loans.

Thank you Goudah! I posted this topic and thought I was logged in. OOPS. I had a hrd time finding the topic again.

Well I forgot to add this wonderful piece of information as well. 3 of the 4 PDL places he pays every week he is using our old bank account that has been closed for 6 months. I asked him if he was out of his mind, and wanted to know why he didn't use our current bank account. I don't know what they can do legally for that if he lets the checks bounce.

Good Lord! $1,600 every two weeks!! No wonder you are honking mad at hubby! I was freaking out when we were paying like $350 every two weeks.

Ooh . . . If he took the payday loan out knowingly using an account that was closed, he could be in for some trouble . . . . . It's one thing to close an account after the loan, but to take out a loan on a closed account? That is fraud.

Won't that get them into some serious trouble? Since the pdl's are saying to let the checks go through once and then they can start a payment plan since they would be default - then they're going to find out that the account is closed. Is there any way to work with the store fronts BEFORE they put the checks through? Have them hold the checks until they're paid off? Just a question because this scares me. Maybe they could even go to the storefront and tell them the bank account information has changed? (For whatever reason they tell them!) Or is it too late for that???

I would think it would be possible to go in and tell them your account info has changed, but then you would have to refi the loan again and give them the good account info.

Redwolf - I would really suggest calling your dept of banking, and possibly and attorney. You don't want to be held responsible for any of his actions. What he did is possibly criminal.

Most of them won't hold the checks, once you don't show up to pay the refi fee, they put the check through. No amount of begging or pleading will work with most of them. It's just the way they do things.

Well for the sake of being honest here, I am smarter than hubby so my advice was to do NOTHING at this point! He needs to wait until he goes back in the 27th and then change all the accounts through the old ( closed) bank to our new account. Yes it is fraud and he doesn't think. I know he didn't do it fraudently because his mindset was I don't have time to change the account info but the checks never go through the bank so no reason to worry. Anything could happen between now and net week and that is scarey.

So he has to borrow for at least one more time before he can let the checks bounce. So he can change the checking account information first.

Yes I am mad, and disgusted and still divorce not being out of the question.

I think I may have read something somewhere about how Ohio now requires storefronts to do payment plans . . . Can anyone from Ohio confirm that?

Hi, I am in Ohio and Ohio does require that the pdl's let you do a repayment plan. The storefront pdl's will give you a really hard time at first and want payment in full, or more than you can afford. You need to be strong and eventually they will let you make payments to them without taking it into court. They will take you to court however if you don't make any effort to pay them at all. Cashland is going to tell you they need it all in 2 weeks or a month, however, tell them you just got your house out of foreclosure and you really want to get this taken care of but can only pay x amount every payday. That worked for someone I know that defaulted with them. They will eventually back down and as long as you make them the payments, they won't take you to court. I have no experience with Checksmart as they don't have one where I live in Ohio, but I think they are the worst storefront. They have been taking people to mediation for it. About the closed bank account.....I am not advocating lying but I recommend that your husband go to the storefronts in question and tell them that his account was overdrawn and the bank closed it. I don't think they will say anything. If they were following THEIR rules, they would ask for a new bank statement every time he re-borrowed so I think that is kind of their fault.
What Cashland told you is true. They will not let you make any payment arrangements at all until the checks bounce and go to their corporate office. All their collecting is done out of their home office in Cincinnati, as far as I know. Once you set up arrangements, you can make payments over the phone or go pay the store. I made them payments with my debit card to get them paid off, which probably wasn't the smartest thing to do, but I never had any problems with them doing anything unauthorized. Good luck and feel free to ask more questions. I have dealt with almost every storefront pdl in Ohio except Checksmart but lots of other people here can help you with them!

By the way, please do not file bankruptcy just because of these four payday loans. That is not worth destroying your credit for the next 7-10 years.

Oops I messed up on the calculations of interest. He pays out half of that every month. So he loses about 800.00 a month in interest. But still 800.00 is plently that we could to pay down the little edbt we have without PDL. You guys probably think I am nuts!

I have a question concerning the laws for PDL, I thought I read somewhere that you can only take out one loan per place. So my question is this. If Advance America & National Advance America are own by the same people but have two different names didn, t they screw up by not checking to see if he had a PDL through one of their other companies. Not saying I want them to leave us alone because bottom line he borrowed and feel like he needs to pay them back. But could the fact that they screwed up be used as leverage to get them to let us make our monthly payments?

I think that since they are different names, they are considered different places. Just because they are owned by the same parent company wouldn't come into play . . . .

I had loans from both of them at the same time, also. I think because they are two different companies and I am assuming two different licenses, that they can loan legally even if you already have a loan with the other. It sounds good in theory but unfortunately, I don't think it would give you much leverage.

You are correct Goudah, they are considered two different companies.

Advance America was good to me in setting up payments. They will wait until your check bounces before they will set it up. Checksmart was something else to work with, but I believe since they are a CSFA member so they should allow you to repay them in 4 payments. Cashland collection agency was a pain for me but sending a cease letter stopped the calls and I haven't seen any letters.

They will wait until your check bounces before they will set it up.

I don't want the checks to bounce, I thought that them setting up payments arrangments menat that they knew I wanted to pay off the loan wihtouot letting the checks bounce

Unfortunately, the second they find out that you aren't going to fulfill the agreement, they will take those checks right to the bank and try to cash them or deposit them even if you tell them you want to make payment arrangements. Cashland, especially, won't do anything until those checks bounce. I have tried this with them before.

So here is where we stand. I had a long talk wiht hubby last night. We can't do anything until the 27th. He has to go back in to these places Cashland & Checksmart and change all of the account info to our new checking account.

After that we need to figure out how to do this with our checking account to keep us from paying all these fees.

He doesn't have DD with his paycheck so we are safe there. But I want to know what I can tell my bank specifically that is legal to close the account without incurring all the bank fees.

Whatever you do, do not give them your new account info. All that will do is get you a bunch of fees on your current account. Next you need to lock up your old account so it will not honor any check and it will not get you ISF fees. You might have to pay a fee to block the outstanding checks but you still need to lock up the account because they can ACH if the checks bounce. It sounds like he has had these loans for a long time. You need to calculate the total amount that has been paid to these guys and compare it to your state laws. It is quite possible that you have paid them what you legally owe. It would help if you listed what you borrowed and the date it was borrowed and the total amount paid over time. I think but am not positive that Ohio is on the verge of passing new laws to cap the interest rate to 36% apr too which will help you immensely.

Problem is - Her husband took these loans out on an account that was already closed. So if she were to take your advice, Dollarand since, her husband could be facing criminal charges. These are all storefront loans he took out, and they are all operating legally.

That's why they are planning on rolling them over one more time, so they can "update" the account info, and then default. If you read the first post she made, you will get more of the story.

Here's some advice that has nothing to do with PDLS..Please do not let this interfere with your marriage. It is obvious that you are going to have some trust issues to work through, but there are worse things in life than this mess. I know, I have been in this mess. Once the smoke clears, please try to salvage what you have.

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

I think all they would see is a bounced check if you let the check go through the closed account. I am not a lawyer but I really do not see any difference from locking up a closed account or letting one payment go through a new account and then locking it up and closing it. I suppose it would not hurt to update your information but it gives them ammunition to screw up two accounts and you will be fighting with two banks trying to get ISF fees refunded. I think the key is the loans were taken out over a year ago and you have been paying roll over fees on them it sounds like. I could see them having a claim maybe if you took the loan out last week on a closed account and then paid them nothing. The reason I linked the laws is because it says roll overs are not permitted and I think they have been charging you roll overs unless they have adjusted your principle amount or you paid minimum interest only.

No, the account was closed BEFORE he took out the loans. That is fraud. If the account was closed during the loan term that is a different story, but to knowingly take out a payday loan on a closed bank account is not legal.

And it isn't really a rollover, i used the wrong term. I believe he has been paying off the loan each time, then reloaning. Since there isn't a cooling off period they can do that - If I'm wrong please correct me because DollarsandSince is right, it would make a huge difference.

The way I read her post was that her husband went in each pay day and paid off the checks and then re-loaned. That's the way we have to do it here in my state. You have to pay the whole loan off, write another check, which is considered a new loan. At least, that's what I got out of her posts. So her husband was re-writing checks on that closed account and getting a new loan each time.

These places don't do rollovers since rollovers are illegal in Ohio. I have dealt with many pdl places in Ohio including Cashland, Advance America, and National Cash Advance. cannr, you are right. That is what he was doing-getting new loans every payday. I still think that they could tell them that the bank closed their account because it was overdrawn. The pdl place isn't going to find out otherwise because the checks will just come back account closed if they deposit them. My coworker's account really was closed by the bank and she worked out payments with National Cash Advance and Advance America. Nothing was ever said about her writing checks on a closed acct, when it was closed, etc.

I agree, sass. And you're the expert since you're in the actual state. For all they know, the bank closed the account. However, is there a way they could find out when the account was closed and then they would know this man had been continuing to write checks on the closed account? Or are you saying that you also agree they should go in there and give new account information? However, dollars says not to give them new account info. Confusing! He can't continue to write these checks on the closed account, can he? Or will they just never know since he goes in and picks them up each pay day?

Thanks cannr...but I am far from an expert on anything!! I just happened to have pdls from every storefront in town at one time or another!!! I would absolutely not give them any new account information. Then they could do ACH debits in case they deposit the checks and they come back as NSF. I think that the only way the pdl places could find out when the account was closed would be with a court order. The banks are not allowed to give out information to any third parties without a court order except to tell someone if the check is good or if the account is open.

The reason the pdl places do not know this account is not opened is because they are not doing what they are supposed to do and getting new bank statements whenever he goes in there so in a way it is the storefront's fault, you know what I mean?

Ahhh, yes. I see. The store fronts that I've used here are STRICT about that kind of stuff. You better have a recent pay stub and a recent bank account or they won't let you re-write. So, I guess that would be an error on the pld's part. So they would never know the account is closed since they're not getting the documents they're supposed to have. So in other words, this dude can keep on going in there and writing checks off an old account? But I see what you're saying about not giving the new account information. Didn't think about that. Damn. I hate pdl's.

Yeah, technically he could, until the pdl's actually ask for the most recent bank statement. Some of these pdl places are more lenient than others. I know the Cashland I used would want a new bank statement at least monthly. National Cash Advance and Advance America hardly ever asked me for new ones. There was another one called US Cash that would not let anyone borrow without an updated bank statement, no exceptions.

Here's some advice that has nothing to do with PDLS..Please do not let this interfere with your marriage. It is obvious that you are going to have some trust issues to work through, but there are worse things in life than this mess. I know, I have been in this mess. Once the smoke clears, please try to salvage what you have.
FF,
Trust issues for quite some time because I have not got over him doing this a year and half ago. Some of the trust issues I had with him was starting to fade and then this happens. Its like everything we even discussed about honesty and supporting each other no matter what a year ago fell on deaf ears and that is what is disappointing to me. But we will get through this part and he has agreed that once this is over ( wiht the PDL) I am taking over all finances and we are attending some credit counseling courses.

The way I read her post was that her husband went in each pay day and paid off the checks and then re-loaned. That's the way we have to do it here in my state. You have to pay the whole loan off, write another check, which is considered a new loan. At least, that's what I got out of her posts. So her husband was re-writing checks on that closed account and getting a new loan each time.

Cannr,
You are right this is what he does every two weeks. He has had the PDL with AA and CS for over a year so when he started with them the checking account he is using was open. Back in January we had some bounce checks that overdrew that accouont and had to close it and then pay the bad checks and bank fees. So we never opened up the account again. He just recently opened a new account in May wiht a different bank.


So Sass was right we can't do anything right now as far letting the loans go into default because legally I do not know what the PDL can do to him. I don't want to risk him facing criminal charges for writing checks on a closed account. He has to go back in next week on the 27th to pay them back and then borrow again giving them the recent checking account info. After he does that then we can let the PDL's go into default or stop payment.

I am so sorry if I confused anyone.

Now I have another question about opening a new account. So seeing as this recent accoutn he opened in May will be the one we have to use for the PDL and then close or stop payment on, should we open a new account somewhere else next week? I am confused because I thought someone said in another thread that the bank could come after us and withdraw their funds we owe them form the new account. I hope I making sense. I thought I read that the banks can do a sweep on new account opened later than six months old. Will we just be waisting our money putting it into a new account?

No, absolutly open a new account. I think you are raeding information about chexsystems, a reporting agency banks use. Some of the banks that use it do sweeps on new accounts for the first 6 months, and if they find a new chec report, they will freeze and close the account.

Another bank cannot withdraw funds from an account without a court order, with very few rare execptions. I would not worry about that.

Listen to goudah. Open a new account. Go to a completely different bank. Then use your "existing" account as the new information for the pdl - it's an open active account. However, your "new" account, don't give that information out. And, I just say, go to a completely different bank for the new account. Some people open a new account at the same bank and they're okay. However, I'm so very paranoid, that I suggest going somewhere completely different. Open one as soon as you can. Just make sure your husband gives them the "updated" account information when he goes in there. That way the checks he writes will then be on an open active account.

Yeah, I agree with Cannr - Going to a different bank is always safer. Some banks will link the accounts in the system, so when the old account gets hit it will automatically transfer to the new account. And some banks will allow a business with a contract to debit using a social security number! So going to another bank is always advised . . . . .

Since these are not roll overs and a new loan everytime I think I would go the new account route too. That????????s BS by the way and absolutely no different than a roll over. I would not use my existing account or bank either. Go to a new bank and get a new account just for this. Try to set it up from the beginning as deposit only and no ACH. You might as well block the check too. I know in KY they can not file criminal charges for any of this by the way but I do not know how OH is. I feel for you. My wife has pulled similar crap on me. I had perfect credit and was debt free except the house and she opened 100k worth of credit cards in my name and signed up for that stupid GFSIL loan. I have since paid off 85k worth but still have 15k lingering around that needs to be settled when I get some money saved. My credit will need to be cleaned again too since there is charge offs on it now. I just hope I don????????t get sued since what remains is on 2 cards and is in the range of being sued plus I have assets they could go after.

Wow - That sucks D&S! That's a whole lot of debt! Congrats on clearing up so much of it!

My question is...How in the hell did these places let him write checks on an account that was closed in the first place. You need to have a "Current" bank statement to even open an account...and shouldn't the store cal or check with the bank to make sure it's a valid account before funding the loan?

That is a good point...I had some storefronts, and i had to have a cureent bank statement. I even had to sit there while they called my bank to verify the account was valid. Maybe they only do that in TN, though. Still, seems like the store shouldn't let people lend on a closed account.

Actually, this is in part an error on the store fronts part. Yes, they are supposed to get current documents from you. We have to take in a current pay stub and also a current (within last 30 days) bank statement. The store front was not asking him for these documents. Maybe because he was a long time customer? However, they should have asked for documentation. That's how they keep their licenses, by abiding by the law.

I know that when I had storefronts, they would keep telling me to bring in my bank statements each time I renewed, but I would "forget" each time, and they still loaned to me. I just didn't want them to see all the internet pdl's taking money out of the account because I thought they might not lend to me if they saw that. Everytime they would ask me, everytime I would forget.

It wasn't a requirement for them to have it, but it was company policy. It's a good thing for a pdl to do to verify the account is open.

Oh, goudah! I'm cracking up! I was afraid of the same thing. I would think "Oh my God. They're going to see all these debits on my account!" Hell, they don't even look at it. They just would check the account number and make sure it matched the check! But, I do know the feeling!

That is ironic that the storefronts didn't check. Since I was a repeat customer, they didn't check mine either. Ironic because some of the online pdls turned me down because of too many debits from other companies (I guess it worked for my good in the end though)

My question is...How in the hell did these places let him write checks on an account that was closed in the first place. You need to have a "Current" bank statement to even open an account...and shouldn't the store cal or check with the bank to make sure it's a valid account before funding the loan?

Guest he strted borrowing fomr the same places a year ago, at the time the account was open. Back in Jan of this year he bounced some checks due to the bank doing away with our overdraft protection ( no notification either) and we had to close the account to stop the fees from accumulating. We paid the bank 783.00 in fees plus 4 checks that were bad. All of the places we wrote the checks to were very understanding and let us take care fo them.

So we did not open a new account for quite some time and especially not with First Financial again.

We just recently opened ( well he did I am not on the account) up a new account in May and he just never had or was asked for new banking info through the PDL.

He didn't think it was a big deal because the check was nothing more than an IOU in his eyes because the checks NEVER went through the bank. He always walked in on his due date and paid them cash and they gave him the checks back.

I hope that made sense?

Now another question.

I replied in anothert topic in this forum but can't remeber which one. But i wanted to know what the laws were in Ohio for closing a cchecking account or stoppping payment. And which shoudl I do. close or stop payment. Either way is my husband going to be prosecuted for closing or stoppping payment when he has checks out?

http://www.debtconsolidationcare.com/paydayloan/huge-fee-1.html

I think that is the topic you posted the question under . . . . If you go to it there are several responses to your question.

I read that one but this was theanswer I was looking for.


you will get ohio storefront pdl info here

http://www.debtconsolidationcare.com/paydayloan/about31565.html