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Help amscot payday loan



Sub: Help amscot payday loan
Thu, 30/06/2011 18:55

Hi, I currently have a $500 PDL with Amscott. Every two weeks i go in and pay it off and then take out another one in 24 hrs. The fee is $51 every two weeks. I am in such a hole from this now that I have had to retake the loan every two weeks for MONTHS!! I can't get out I tried going down by $50 everytime but that plus the fee is more then $200 a month I cant do it anymore I am so in the hole. I am going to see if there is anyway they can take payments to pay this off instead of the constant paying and renewing. I can't keep doing it. Can they sue me or can I get in legal trouble for not paying it back and doing a payment arrangement? It scares me because they take a check but i think legally if the check is post dated that they cant report me to the bad check system? Has anyone out here gone through Amscot and did a payment arrangement? I am afraid of the repercussion but I know I can't pay it back and can't keep doing this every two weeks. They make a $100 off me every month for probably the past 4 months or more.



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Sub: #1 PPay day loan didastersThu, 06/30/2011 - 18:55



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


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Sub: #2 How much more do they charge you to use the 4instalments on $500Wed, 05/26/2010 - 14:26



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


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Sub: #3 how sure are you because I am at that poinmt whee my check went Sat, 01/09/2010 - 16:52



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?


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Sub: #4 Ruthie: When your Payday Advance is due, unless an extension occFri, 07/24/2009 - 23:51



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.


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Sub: #5 I received a cash advance loan threw amscot wasnt able to pay inSat, 07/04/2009 - 09:55



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?


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Sub: #6 do these credit counselors charge a fee on top of Amscot's fee?Fri, 05/08/2009 - 09:46



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


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Sub: #7 AmscotTue, 01/20/2009 - 15:08



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.


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Sub: #8 Shev, The answer to your question is NO!!Tue, 01/06/2009 - 06:30



Shev,

The answer to your question is NO!!


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Sub: #9 AmscotTue, 01/06/2009 - 05:49



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


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Sub: #10 amscotThu, 12/04/2008 - 08:50



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.


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