Payday/Cash Advance loan question??

iVillage Member
Registered: 12-05-2003
Payday/Cash Advance loan question??
1
Fri, 08-26-2005 - 4:10pm
Hi,
We have 3 cash advace loans out which we have been renewing for many months. We can't get ahead with paying all the fees and still owing the amount of the checks. Went to consumer credit counseling yesterday for help. Their advise was to stop payment on all three checks and call them and tell them we will send $50 a week until it's paid off. I called this morning and the payday place said that is unacceptable. They will take half now and the other half in two weeks. I told them what my rights were according to CCCS and they said they didn't care. It was their policy to collect half. Payday store threatened me with collections and CCCS said the only ones that go to collections are the ones that borrow with the intent to never repay and they close their checking acct and never call the payday store to inform them. Does anyone know the truth to this? Will they accept the $50/mo or are they trying to scare me into paying it all at once? Any advice would be appreciated.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 08-26-2005 - 4:48pm

I have no idea, since payday loans work differently than regular loans/credit cards.