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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.

I am not familiar with Amscott. What state?

Sub: #1 posted on Fri, 10/12/2007 - 18:02

pybasj pybasj

(Posts: 818 | Credits: 58.52)

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

Thanks for starting a new thread Toby!

Sub: #2 posted on Fri, 10/12/2007 - 18:33

volleyballmom volleyballmom

(Posts: 4143 | Credits: 284.52)

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?


Sub: #3 posted on Fri, 10/12/2007 - 18:34

volleyballmom volleyballmom

(Posts: 4143 | Credits: 284.52)

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

Sub: #4 posted on Fri, 10/12/2007 - 18:37

pybasj pybasj

(Posts: 818 | Credits: 58.52)

Amscott is a storefront loan.

Sub: #5 posted on Fri, 10/12/2007 - 19:01

toby2222001 toby2222001

(Posts: 42 | Credits: 24.44)

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]

Sub: #6 posted on Fri, 10/12/2007 - 19:25

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

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.

Sub: #7 posted on Fri, 10/12/2007 - 20:03

toby2222001 toby2222001

(Posts: 42 | Credits: 24.44)


Information removed for your safety - Goudah

Benjamin Bridwell

Operations Director
Amscot Financial

Sub: #8 posted on Mon, 10/22/2007 - 21:03


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.

Sub: #9 posted on Tue, 10/23/2007 - 02:01

cannr cannr

(Posts: 9317 | Credits: 1298.43)

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.

Sub: #10 posted on Tue, 10/23/2007 - 02:15

cannr cannr

(Posts: 9317 | Credits: 1298.43)

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