storefront loan

pam, I'm confused. This is a store front pdl? And you're paying a "renewal" or "extension"? Am I understanding this correctly? You don't walk in there and pay the full amount of the check and re-write for another loan? Please explain to me so I can be clear. I am posting your Texas pdl law for you to see. Because it states no "rollovers/extensions". This is where I'm getting confused because normally store fronts operate legally or they'd get their license yanked. Let me know how you're handling this. Do you pay them in full and re-write every two weeks? Here's your Texas law (just select your state),

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

I'm not sure, but it sounds like you are talking about a rollover fee???? I have experience with ipdls using rollover fees, but not storefronts. In my state you have to go in and pay off the check and then re-write. Have you tried to contact the store and make arrangements?

i pay the 138 every 2 weeks then give them a new check for 813 i have been doing this for at least 10 months

Okay, pam. Your store front is more than likely operating legally, as most store fronts do. And what your doing is according to the law. You go in, pay your check and re-write for a new loan. This is the legal way of operating, so they're not doing anything wrong. My concern is that your state law says nothing about criminal action. This makes me wonder if you can do anything with your bank account while you have this check out. You do not want to get into any trouble. Here's my suggestion. Since it is a legal store front, they're operating by the book, you are a repeat customer (I'm sure they know you by now after 10 months) - you need to contact the store front. You need to tell them that you are unable to pay your loan and re-write. Also, your state law says nothing about repayment plan. So, to cover yourself and stay on the legal side of everything, do nothing with your bank account. Contact the store front. Tell them whatever you want to make them understand you're unable to pay and re-write. They should work out a payment plan with you. Some store fronts will hold the check until you have it paid in full. Some store fronts will have to turn it in to the bank and get it returned for NSF before they will work out a payment plan. Each store front is different. And each state law regarding pdl's is different. The only way you will know your options is to contact them. Call them an make up a story if you have to! Just to let them know you're unable to do it. They might be just fine and set up a payment plan with you right then. They might just tell you they have to turn it in to the bank and then can work out a payment plan. Whichever, if you're able to work out a payment plan with them, make sure it is something you can afford. If they come up with something you really can't afford, tell them. Once you set up a payment plan with them, stick to it. Don't get into any kind of trouble. But, your best bet is to suck up your pride, call them up, tell them you're unable to do this any longer (for whatever reason you tell them) and ask them what you can do to repay it with payments. Please post with any questions. And, if you do contact them, please let us know how it turns out.

I had good luck with Advance America. They told me they had to present the check for payment and then when it was returned to them I could start making payments. Make sure you keep up your payments like Cannr said. Do not stretch your budget too thin as this is why you got into trouble in the first place (at least that's what happened to me). Set a realistic amount and arrange payments with them.

They should be willing to work with you since you have been such a good customer for 10 months.

A lot of people have had this happen to them and you aren't the first and you won't be the last. Just hang in there it will all work out in the end.

ladybug

Excellent words, ladybug! We've all been there!

You have already paid them $2760.00 on an $800.00 loan. $12x8 (800) is $96.00. You owed them $896 legally. Texas does not permitt rollovers, but infact you are rolling over. They are skirting Texas law by having you write a new check each time. That way it appears that there was a new loan by the date of the check. There was No "New Money." This is the same loan. I would not pay another cent.

pam, wait a minute. Describe exactly what you do when you go to your store front. Are you going in there, paying for the check that they have (which would be the full amount of the check) and then re-writing a new check for the same amount again (to get money back)? Or are you going in there, paying ONLY $138 (or whatever dollars) and not paying the check in full? And, if this is the case, they are handing you your check back that you previously wrote for $813 and you write another for $813? Please, please tell me EXACTLY what you are doing. As this makes a huge difference. What are you doing, step by step, when you go in there every two weeks? I'm so sorry for sounding so retarded, but like I said, it makes a huge difference.

i go in every 2 weeks give them 138 cash they give me check back and i write a new check

pam, then "guest" was correct. I was reading your posts as that you were going in and paying the check off and re-writing for the same amount. What your store front is doing is charging you the "extension fee" every two weeks. This is prohibited in your state. No rollovers/extensions. OMG. And you've been doing this for 10 months every two weeks?

Yes but what if the companies are operating as CSO's in Texas. Does the no rollover apply to storefront CSO's operating in Texas?

Quote:

Shazzers honestly I'm new to this and don't really understand how threads or all this works. I'm just reading all the information and trying to gain insight. This is why I made the post and I didn't pay attention to the date, perhaps that was my blunder. So Ill remain in my own thread. Sorry for the confusion.

Quote: