Pay day loan problems in CO

It looks like Colorado can allow ONE rollover on a pdl. Also it states that only one pdl is allowed at a time, so they're mistake there with you having over that amount. It's saying they can charge one NSF fee. And criminal action is PROHIBITED unless you close your checking account. Whatever you do, do not close your checking account. I'm assuming these are all store front pdl's? Please clarify that. Are they all store front? Or are there internet loans involved also? I'm posting your state law for you to see for yourself.

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

THey are all store front payday loans. Thanks so much for the information. So what do I do? How do I get out of this?

The only thing you can do with store fronts is call them and tell them you can't make the payments and see if they will make other arrangements with you. Most of the time I have read if you default at least the interest stops accruing...and that way you at least have a final total to work towards paying off.

deanna, they are more than likely abiding by the law since they are store fronts. You're allowed only one rollover, so if they're rolling it over more than once, that's prohibited. If they're not, then they're abiding by the law. It's stating you can get one NSF fee. You can contact the store fronts, explain your situation (give them a story if you want) regarding the fact that you can not come and pay in full. Call each one of them. Store fronts will all respond differently. Some will tell you that they have to send the check through once and have it returned NSF before they can make payment arrangements with you. Some will just hold the check until you have it paid off and then they'll give you the check back. Whichever they do, it really doesn't matter. DO NOT CLOSE YOUR BANK ACCOUNT. That' when trouble will start. If you call them, you can give them a story (you lost your job, whatever.....) and have to make payments. They're going to want more money than you can afford (especially since you have so many), so you're going to just have to tell them what YOU can afford. Main point is communication with the store fronts and not closing that bank account. If you have to, you can let them turn them in once for NSF (but your bank is going to charge you for each one!) and then they'll be in default and then they'll work out payments with you. But then your account will have all kinds of charges on it. Try calling them to see how they handle it. They might just hold the checks until you pay them off. But, whatever payment arrangements you make out, make sure you can keep. So don't agree to anything you can't afford. You'll just have to tell them to be realistic! I would think they would just want their money back - period. Please call them and see what they say. And keep us posted as to how it goes. If you need anything else, just post! :D

I was reading through this post b/c I am kinda in the same boat. However, this was two years ago and I had to close my account due to fraud on my bank account...it was unrelated to payday loans...someone was using the account to launder money (mine and other people's as well.)Now, I am getting these phone calls from some out of state company...they claim to be US National Bank, but I can't find any info on them. They are saying that I am being sued fr check fraud, theft and something else, they keep asking if the account was mine and why it was closed. However, the pdl was with advance America and I have not heard from them. I don't know what to do...I was told by the CBI that collections don't go to other banks, they go to collection agencies, but after reading these posts, I am really worried. What do I do now?

There is no such thing as US National Bank. It is a collection agency and they are trying to scare you. If you do a search on this web site for US National Bank you will see that this was discussed by some other members who got the same call.Please do not panic.
You have come to the right place if you need help with your loans. We have all been there.
If you would like help, please list the loans you have. The amounts of the loans and the amounts you have paid . Please let us know which state you live in. Also are your loans internet or store front?

Im Sorry
i didnt see your other posts. You have already supplied the needed info. But Please do not be afraid of US National Bank. It is not a real place.Google it onthis site and you will see

Jojo - Please start a new thread with the information Kashzan requested. Then we can all give you good advice on how best to proceed.

Deanna - I would also suggest calling your state's regulatory agency:

Regulator: Colorado Office of the Attorney General
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator

Tell them your problem and see if they have any suggestions. They may be able to help you since it looks like the storefronts are supposed to check and see if you have any other pdl's before they lend to you. And since these are storefronts the regulatory agency can do quite a few things to get them to cooperate with you.

I have some storefront pdls that I have yet to pay off. Again, all in 2005. One was for Advance America for 500, one was for a place called Pay Day Loans and I think that one was for 150, I can't remember the name of the other place. The thing that scares me so bad about US National is that they are so damn persistent! They won't leave me alone! But now, I have to worry about the other places since I had to close my account. It was either that, or really get in trouble as being an accomplice to money laundering! So, I chose to close my account. What do I do now about the other storefront pdls?

I'm confused . . . . Advance America just let you default and haven't contacted you for 2 years?

JoJo
Again, please do not worry about US NATIONAL BANK. They are not real. It is an illegal tactic from a collection agency, nothing more. They can not do anything to you.Absolutely nothing, Stop worring about them

At first when Advance America did contact me and I was trying to work out payment plans with them, the manager was very rude, she would call and prank me at work...like when I said, ok, I can do 100 a month she would start talking like the call was dropped...saying things like "hello?" "are you there?" "I can't hear you" . I got the same obnoxious lady time and time again. So finally, I just gave up, I haven't heard for them for at least two years. Strange, I know. And thanks about the US National, I was so worried about them. They have my ssn, dob, etc....all my vital info. I put alerts on my credit so they can't do anymore damage.

I would love to get them paid...trust me. After reading about closed bank accounts, I am really worried. But it was something I had to do.

You are really lucky Advance America hasn't sued you yet . . . . They usuall will start saying they will take legal action after like 8 months . . . .

I would try to work out payment arrangements again. Since it's been awhile, odds are good that lady doesn't work there anymore.

I will contact them again...I would assume they wouldn't give up on trying to collect the money. The thing that pisses me off, is that I tried to work with them on it. I don't understand why people treat you the way they do when you are trying to work with them

Pdl's can be very difficult sometimes . . . . If they still won't work with you, I would just send them the money every month. They aren't not going to accept the payment. Just make sure you document things every step of the way.

I will do that for sure. Now my question is, if there is not an agreement that can be reached, they will sue eventually and when that does happen, will the court just order for me to make payments on the money owed (plus whatever fees have accrued) or will I go to jail for fraud of some kind or any other criminal charges?

It depends on your small claims court. The judge usually only decides if you owe the claim or not. If you owe, a judgement is entered against you. In my district, you have until 5pm that day to pay in full, or else the creditor can pursue other means of collecting like garnishment. But some small claims courts also require you to go through mediation first. In mediation you sit down with the creditor and a mediator and try to come to a settlement. You would be able to offer payments at that time. It is legally binding, and if you miss one payment an automatic judgement is entered against you.

Unless you fraudulantly took out the loans, I would not worry about being criminally prosecuted. It can't happen.

If everyone that defaulted on a loan was charged with a crime, we'd need to build a ton more jails!

Ok, I feel like i can breath a little easier. I didn't fraudulently take out the loan, I just had to close my account. So, I figured that they might see that as me stealing the money with no intent to pay it back. That was never the case. I still have all the letters and correspondence to and from this woman. I can handle going to court and settling it anyway they need to if it comes to that. I am scared to death of jail.

I was looking at the law and it says that prosecution is prohibited UNLESS the bank account is closed before the date agreed for repayment. I am probably going to end up in jail for this huh? I didn't know that this was the law when I did this. :shock: Sorry to keep bothering you guys.

It's not a bother . . . . I wouldn't worry too much about it. If they were going to press charges against you for it they probably would've done it already.

You guys are awesome. I am so embarrassed about all of this, it's really cool to find other people who are having the same issues, and all get some answers to some very pressing questions. How does the process work for pressing charges? You go to court first and then they decide if it was a criminal act? I have no idea how it all works. I only know that it was a very thorough slap on the wrist I have completely learned my lesson when it comes to PDL's. Thanks you guys!

I would think that once the storefront got the check returned for a "closed account" they would then go and press charges. If they haven't done it by now and it's been 2 years then I doubt they even would. If you want to get some "for sure" answers, I would call your state's DFI (dept of financial institution). They would be the ones that regulate pdl's, and they would be able to give you some concrete answers about what the pdl's can and can't do.

You're right...I only stumbled onto the fact that this could be a problem when I started reading the posts. I would like to get it resolved either way. Um...(sorry) one more thing. I know you said that us national is not a real company...but it was also said that it is a scare tactic from a collection agency. The thing that is worrying me is that they say I took out an online Pdl and closed my account before it was paid back....I never did. I tried to get the name of the company they say they represent, but they wouldn't tell me. I think it is an issue of identity theft. How do I get to the bottom of that? I don't know anything about how online plds work, so I am not at all sure about that.

I think that they haave to validate the debt in some way. Ask them for a validation letter. If they want money from you they need to prove in some way that you do owe this money.Did they flat out refuse to tell you who the pdl was. What are they trying to hide I wonder

I tried that! They said that they were unable to send me the info for the original creditor and that they were also unauthorized to send copies of the so called "legal documents". They won't send me anything in writing and they won't tell me who the people I "owe" money to are. They also hang up on me when I ask too many questions and ask that I don't call back. Now, realistically, if you were a collection agency and there was a person trying to work with you and settle their debt, would you hang up on them and not answer any of their questions? It makes me so mad, and that is another part of why they worry me so much. I talked with and filed a report with the local sheriff's dept, so if anything does come their way they would know about it. They told me that sometimes when a company hands off the situation to a collection agency, they don't want to be bothered further and that it is in the hands of the collection agency. Here's the thing though. The collection agency doesn't get paid (from what I was told) it the situation turns over to the courts. It would then be in the hands of the courts and attorney's. So why won't they work with me? I need to find out about if it identity theft, and they say that it is out of their hands and my arguing is being taken as a refusal to pay. So they said last night that they are starting the legal process. It is all very confusing.
:x

Well, any legally operating collection agency would know that they have to send you something in writing after they contact you. They have to validate a debt when requested. This place sound svery fishy . . . . I wouldn't worry too much about it.

Thanks you guys. For now, I will blow it off to meaningless threats...until the uniformed officer shows up at the door with the summons! lol. It's not funny, I'm sorry. I guess when it comes to us national, there isn't anything else to do! Thanks everybody!

If it makes you feel better, most all of us have heard the same threats. None of us have ever been arrested. It can't happen. Period. There are no debtor's jails. And you didn't commit fraud.