Help amscot payday loan

I am not familiar with Amscott. What state?

Toby is in Florida ( this is his new thread he started that got mixed with another thread)

Thanks for starting a new thread Toby!

Toby-Just to confirm, is this Amscott a storefront loan? I see where you say "...i go in" so can you confirm internet loan or store?

Thanks!

In Florida payday loan companies have to offer a payment plan.

Amscott is a storefront loan.

AMSCOT is a member of the CFSA. This means that regardless of state laws they must offer an extended payment plan.

[quote]CFSA Best Practices and Guidelines for Extended Payment Plans

Subject to applicable state laws, each member shall provide an Extended Payment Plan (???????EPP???????) for customers who are unable to repay a loan. The member shall adopt a plan that offers the customer at least the following provisions:

You [the customer] may opt into an EPP to pay an outstanding loan if you are unable to repay your loan when due. Any outstanding fee will be included in the amount subject to EPP.

You must invoke the EPP by close of business on the last business day before the loan due date by returning to the office where you obtained the loan or by using whatever method you used to obtain the loan. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule.

You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.

We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.

There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.[/quote]

Thank you for this information that makes me feel better. I will have to call and see what they will do. You hear so many horror stories from these places I was afraid of what might happen.

Hi,

Information removed for your safety - Goudah

Benjamin Bridwell

Operations Director
Amscot Financial

toby, just a person opinion here, but I would contact the Amscott you have the loan with. I don't know if "Benjamin Bridwell" is a corporate person or who he is. However, you honestly need to go to the Amscott that has your loan and see what they have to say. Just my opinion here. Whenever I've dealt with store fronts, I deal with the manager of the actual store. If something "goes wrong" and it gets turned over to corporate or collections, that's when I deal with them. Until that point, I only deal with the storefront that has my check. Just my own person opinion here, toby. :wink: If you do this, mention that "Benjamin Bridwell" gave you his information and give them the phone number posted. See what they have to say regarding this information.

Just called the phone number. It was answered with "Hello." Ummmm.... no company name. Sounded like someone's house....... Definately go to the Amscot store where your check is and give them this information and see what's up.

I removed the info. I think it's just some joker out there, and I'd hate to have someone from this site that needs help call them and give them identifying information and have it just be some dude sitting in his house looking to steal his ID or something.

To Amscott Employee - If you really want to help people, train your employees to treat people with respect and understanding, and let them set up payment plans.

I just did a payment plan with Amscot. You have to go in and sign some paperwork saying that you will repay them in 4 installments. You also have to go to a credit counseling course which was completely pointless. My Amscot place gave me a lot of trouble over it and because of that, I'm never going back, not even for a money order. Hopefully yours will be better. Good luck.

Amscot has an Extended Payment Plan you can do once a year if your check hasn't gone to the bank. Ask about it when you do your next advance. It is also on the folder they put your copies of the paperwork in. You pay 4 equal payments to get you out of the advances, which that pays off your check.

What if your check has gone to the bank can they come after you with the law!? for passing a bad ck

Shev,

The answer to your question is NO!!

If you go to Amscot before your your loan is due and tell them you cannot pay it back on time by law they have to give you a few options.
1-Pay it back next payday.
2-Installment plan of four payments.
3-Go see a credit counseling in 30 days to set up a payment plan.

When you go there for this the people behind the glass will try to talk you out of it.

do these credit counselors charge a fee on top of Amscot's fee?

I received a cash advance loan threw amscot wasnt able to pay in time they gave me a one week extension on it i didnt have it then either, so they tried to cash my check threw my bank i had insufficient funds so the check was returned to amscot i havent spoken to amscot but they sent me a letter saying i need to repay them whats there next coarse of action will i have a warrant issued for a worthless check?

Ruthie: When your Payday Advance is due, unless an extension occurs or the use of an Extended Payment Plan, your check LEGALLY has to be sent to the bank. They don't "throw it in your bank" just to put you into the negatives. If it returned as insufficient funds and you received the letter regarding payment, I suggest you make payments if you can't pay it in full. By not responding or paying, you are making it worse for yourself and in the end, the judge will favor with Amscot when he decides to serve you with papers for mandatory payment. BTW, when (not if) they take you to court, you will end up paying the legal fees too, adding on an extra $400+ to your account. I've seen it a couple of times with people I know. And if you don't pay even after being court-ordered, they WILL garnish your wages.

how sure are you because I am at that poinmt whee my check went and bounced, not they harass me all the time, but I got fired, this is the reason why I can't pay them. What happens next?

How much more do they charge you to use the 4instalments on $500. it is already $54.

PAY DAY LOAN DISASTERS
Amscot, is more than more than just a lending place. It is better likened to a place to get into a ???Drug Dealer???. The more drugs you buy and use, the more you need. The more money you borrow, the higher the fees. As the borrowing fees ???accumulate???, the reverse happens for the ???principal???. Their stores are usually located near business??? that hire people at low or minimum wages. These businesses indirectly help the Amscot???s of the world because the businesses insist that their store employees work irregular shift patterns. The shift pattern is great for them, because it saves them money; however, what it does for their employees is, it makes it impossible for them to qualify for a part time job somewhere else to subsidize their income. Who would hire a person who does not know what their off hours or days are going to be next week. Many times their work day is even split into two shifts. Now what does all this do? What it does is, it cripples the employee???s ability to increase their income to support themselves and their families, and it indirectly leads them straight into the jaws of the ???Pay Day??? loan trap that is conveniently around the corner. Look for a WalMart Store or the like and invariably you will see an Amscot close by.
Borrow today and tomorrow; pay it back in the 30 days allotted, and then borrow again or, as much as you can, on day 31 or 32. It gets started much ???like illegal drugs???; small amounts at first, and then it increases more each time because the lessened effects of the ???drug??? or the compounded ???interest??? on the money which lessens the gratification or the ???principal??? you receive. The predictable dependency cycle soon becomes difficult to stop, and when you max out at the usual $500 borrowing limit (hopefully it???s the limit), you have nowhere else to go for more. And of course, the interest and penalties continue to accrue. The proceeds of each new ???pay day loan??? to pay your bills actual lessens each time because of the built in expenses. It is not ???Rocket Science??? because, anyone can see that very soon the costs can and will outweigh the benefits, until you are ???upside down??? and can owe more than you borrow. ???Pay Day??? loans are much like a ???pyramid??? scheme, with no winners except for the cash in your hand the first time you borrow, as long as you disappear off the face of the earth, and that would not be great for you, your family, or your ability to pay the bill collectors pounding on your door.
These pay day loan companies greedily lure you to get into their trap, and that is why they make it so easy to ???borrow??? their money. They should be banned off the planet, because they are even worse than drugs. At least when you are under the influence of drugs, you don???t care whether you have money, health, a roof over your head, or starving children. What a sad state of affairs!!!!
Solution: Do not borrow more than you can pay back in full in the allotted time, and remember: In order to pay back, you must earn ???twice??? as much. That should scare you enough not to borrow!!!!!
Armen 6-30-2011