Unfortunately, we've BTDT. We got a $500 one and had to pay $575. They're supposed to do it from your next check (or no more than 10 days away, if you get it right before payday) at the place we went. We were back and forth in there so long that they no longer required ID or any paperwork (bank statements, pay stubs), LOL. Plus we'd get three weeks to repay instead of a 10 day max. (I don't recommend forming such a relationship with them!) But anyway, our "worst case" plan was to repay the $575 and get $400 back, so we'd have to repay the $460 and get a $300, then pay the $345 and get $200, and then pay $230 and get $100, and then pay $115. I know that sounds miserable, but so was repeatedly shelling out $75 to basically keep the $500 one out for a couple of months and counting. As fate would have it, DH couldn't get there to pay up on the $500 week and they deposited the check, which bounced. With our good relationship w/ the place, they let us pay $75-$150 a week until it was paid off, and didn't even charge us for the returned check.
Best of luck getting rid of them...those places are financial quicksand!
Thank you! Both of those links helped alot..I also am very well known in all 3 of the places that I have checks out at it..What I have decided to do is put a stop payment on them and try to make payment arrangements with the companies..
Hey! I have been in your situation, only I think mine was alot worse! LOL :)
At one time (three years ago), I had three different payday/cash advance loans out for $345 each ($1035 total). I got $300 cash, and $45 fee. So, I was paying $135 total in fees every two weeks for the cash. Which was REALLY dumb, as I would go to the first place, pay it, get cash, use THAT cash to pay the SECOND place, and then that cash to pay the THIRD place...you get the idea, LOL. :) I wasn't getting $900 cash. I was in a mess!!
Well, sure enough, after about a YEAR of this (Good Lord, I know) something had to give. How embarassing is it to have to rush to hit three payday loan places on your lunch break every pay period at work??!?! Hoping nobody you know will see you or your car in the parking lot?!?! LOL It was crazy.
Finally, I closed my checking account out (well, the bank closed it. It was $400 overdrawn). All THREE payday loan checks bounced.
Two of the places (national chains) called me and sent letters. But I didn't have the money to pay them off.
However, in my state (SC) it is a CRIME to bounce a check. Fraudelent checks. So the third place (a "Mom & Pops" place) went to the courthouse and FILED A WARRANT FOR MY ARREST.
Luckily, the manager of the place called me and told me this had been done. I was shocked and sooooooooo scared. I called the courthouse. They said the warrant was in the system, and was already sent out for "processing".
The next day, a Deputy Sheriff showed up at my door. I started to cry...
Luckily, AGAIN, he was very nice. He said he wouldn't arrest me, but I had until three PM the following Friday (three days away) to pay the amount due to the loan place or he would have to "come and get me, find me if he had to".
Needless to say, I begged and borrowed to make sure that check was paid. Then I had to go to the courthouse with the receipt to show I had paid it so they would take the warrant out of the system.
But, if you look in the "system" here, you can see that at one time, for six days, there was a warrant issued for my arrest (!) for "Fraudelent Check-1st Offense" that was cancelled due to payment. But it is still "in the system". As in, it would show up on a background check, etc. Ugh.
Anyway, not trying to scare you, but just a piece of advice:
If you can't pay those checks back SOON, and the companies won't "work" out a repayment plan with you, make SURE you know your state's laws on bounced checks. Obviously, the threat of jail is a good one to make people pay fast and payday loan companies will use it.
What happened with the other two checks?
Well, they just did nothing. After the first and only letter I got from them, I did get a few more phone calls from them but then, nothing. For almost two years, nothing.
Earlier this year, I filed Chp 7 BK and those 2 checks were included. They were discharged in May along with my other debts.
I know how you feel, and I can sympathize. I just want you to make sure you don't end up in my situation, or anything like it. Make sure you know the laws, and try to work something out with them if you can.
And you may have to completely close your checking account, not just SP on the checks.
BTW, I have also been in the "Car Title Loan" trap. DO NOT EVER, EVER do that!!! It is such a scam!!! 300% APR!!!!!! Argh!!
I finally paid that off, too.
Take care and know that you are definitely NOT alone. Good luck.
(((hugs))) I wish I had a solid answer for you.
All my best,
Danni
Unfortunately, we've BTDT. We got a $500 one and had to pay $575. They're supposed to do it from your next check (or no more than 10 days away, if you get it right before payday) at the place we went. We were back and forth in there so long that they no longer required ID or any paperwork (bank statements, pay stubs), LOL. Plus we'd get three weeks to repay instead of a 10 day max. (I don't recommend forming such a relationship with them!) But anyway, our "worst case" plan was to repay the $575 and get $400 back, so we'd have to repay the $460 and get a $300, then pay the $345 and get $200, and then pay $230 and get $100, and then pay $115. I know that sounds miserable, but so was repeatedly shelling out $75 to basically keep the $500 one out for a couple of months and counting. As fate would have it, DH couldn't get there to pay up on the $500 week and they deposited the check, which bounced. With our good relationship w/ the place, they let us pay $75-$150 a week until it was paid off, and didn't even charge us for the returned check.
Best of luck getting rid of them...those places are financial quicksand!
Sarah
Hey! I have been in your situation, only I think mine was alot worse! LOL :)
At one time (three years ago), I had three different payday/cash advance loans out for $345 each ($1035 total). I got $300 cash, and $45 fee. So, I was paying $135 total in fees every two weeks for the cash. Which was REALLY dumb, as I would go to the first place, pay it, get cash, use THAT cash to pay the SECOND place, and then that cash to pay the THIRD place...you get the idea, LOL. :) I wasn't getting $900 cash. I was in a mess!!
Well, sure enough, after about a YEAR of this (Good Lord, I know) something had to give. How embarassing is it to have to rush to hit three payday loan places on your lunch break every pay period at work??!?! Hoping nobody you know will see you or your car in the parking lot?!?! LOL It was crazy.
Finally, I closed my checking account out (well, the bank closed it. It was $400 overdrawn). All THREE payday loan checks bounced.
Two of the places (national chains) called me and sent letters. But I didn't have the money to pay them off.
However, in my state (SC) it is a CRIME to bounce a check. Fraudelent checks. So the third place (a "Mom & Pops" place) went to the courthouse and FILED A WARRANT FOR MY ARREST.
Luckily, the manager of the place called me and told me this had been done. I was shocked and sooooooooo scared. I called the courthouse. They said the warrant was in the system, and was already sent out for "processing".
The next day, a Deputy Sheriff showed up at my door. I started to cry...
Luckily, AGAIN, he was very nice. He said he wouldn't arrest me, but I had until three PM the following Friday (three days away) to pay the amount due to the loan place or he would have to "come and get me, find me if he had to".
Needless to say, I begged and borrowed to make sure that check was paid. Then I had to go to the courthouse with the receipt to show I had paid it so they would take the warrant out of the system.
But, if you look in the "system" here, you can see that at one time, for six days, there was a warrant issued for my arrest (!) for "Fraudelent Check-1st Offense" that was cancelled due to payment. But it is still "in the system". As in, it would show up on a background check, etc. Ugh.
Anyway, not trying to scare you, but just a piece of advice:
If you can't pay those checks back SOON, and the companies won't "work" out a repayment plan with you, make SURE you know your state's laws on bounced checks. Obviously, the threat of jail is a good one to make people pay fast and payday loan companies will use it.
What happened with the other two checks?
Well, they just did nothing. After the first and only letter I got from them, I did get a few more phone calls from them but then, nothing. For almost two years, nothing.
Earlier this year, I filed Chp 7 BK and those 2 checks were included. They were discharged in May along with my other debts.
I know how you feel, and I can sympathize. I just want you to make sure you don't end up in my situation, or anything like it. Make sure you know the laws, and try to work something out with them if you can.
And you may have to completely close your checking account, not just SP on the checks.
BTW, I have also been in the "Car Title Loan" trap. DO NOT EVER, EVER do that!!! It is such a scam!!! 300% APR!!!!!! Argh!!
I finally paid that off, too.
Take care and know that you are definitely NOT alone. Good luck.
August