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Need Help With Payday Loans in Ohio

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I have three PDLs and I need advice.

I am in Ohio

CheckSmart (Store) $575.00, due 11/7
Magnum Cash (Internet) - Borrowed $715.00, Paid 556.76 back so far, next payment of 277.93 due 11/7, and the last payment due 11/21
PayDay One (Internet) - $575.00, due 11/21

Not only can't I pay these all but I have overdraft protection of $700 on my checking account. Should I contact the bank and have them remove this? I can handle the $30 fee for each of these to bounce but I can't have one or two go through and have them clear only to owe the bank the money plus the fee.

I have direct deposit so if these clear because of the overdraft protection then my entire check will be gone. I can not stop the direct deposit as it is required were I work.

Does anyone have information on payment arrangments with Checksmart? Can I call before the loan is due and make arrangments?

I have already contacted PayDay One about arrangments though email but I have not heard back yet but I just sent it yesterday.

From reading the forums I hear Magnum is illegal in Ohio. If that is the case I really only owe them the principal which at this point would be $159.14 and not the $277.93 that is due tomorrow.

I had a loan a while ago with Advance America. I could not pay them and made arrangments. At the time I had no overdraft protection. They took payments and in the mean time I got the overdraft protection. After two months of making payments they ran the entire check through again and my bank paid it leaving me deep in the red. They did it on purpose to charge me another bounced fee not only from my bank but to them. They of course did not know I had the overdraft protection nor did they care. I went to them and complained. They refunded what I had already paid in payments.

I contacted the AG about it and received a refund from them for my bounced check fee and the fee they charge for bounced checks. I never thought I would get back into this cycle but here I am.

Any advice would be helpful. I know the laws have changed in Ohio but they are not in effect yet.

I not only owe these but I have borrowed from famliy and I need to pay them back as well.

It is all so frustrating and I need to get out of this before it gets worse.




nohiogal

Posts: 2584
Credits: 11799.75

Sub: #1 I got no reply so I was not sure what to do. So I ventured out o
Thu, 11/06/2008 - 08:07

I got no reply so I was not sure what to do. So I ventured out on my own :?

I sent an email to Magnum using the template and informed them that they are making loans illegally in Ohio. I included all the information as well as my willingness to pay back at least the principal.

I went to my bank and I was able to do two things. I blocked any ACH transactions from Magnum and I removed my over draft protection.

So if they do change names or companies the worse I can get is a $30 fee and then I can block that company as well.

I am going to write a complaint to the Attorney General about Magnum and there illegal lending. I do still owe them $159.14 which I stated I was willing to pay via Money Order when they send me a physical address.

I contacted CheckSmart and they said to come in and ask for a EPP. I forgot the loan was actually due 11/8 so I am going to 11/7 and see what we can work out. I assume I have to at least have some money then. Does any one know what they are going to ask for as the first payment? I am thinking at least $100.

I have not heard back from PayDay One yet but that is not due until 11/21.

I hope I did the right thing at the bank :?




Unregistered

Sub: #2 The EPP is 4 equal payments.
Thu, 11/06/2008 - 08:27

The EPP is 4 equal payments.




nohiogal

Posts: 2584
Credits: 11799.75

Sub: #3 Okay so I contacted Magnum and I am settled with them to only pa
Sat, 11/08/2008 - 01:15

Okay so I contacted Magnum and I am settled with them to only pay the remaining principal of $158.14 to be paid before November 30th.

I went into CheckSmart and got an EPP to pay them off over the next four pays. They even let me start the pay back on my next payday instead of this one. That helped a lot as I have the elcetric bill due.

Now to the ugly part.

I sent an email to PayDay One asking for a payment plan and they told me I could not do that but had to pay it all in full. I sent another email and took a quote from their website were it states that arrangements can be made. I got a return email to call them.

So I called them and I got a very nice CS rep. I explained my position and she tried to connect me with the collections dept but I she got no answer. She took all my info and said that I could make payments of $115 over five pays and she would have the collections dept call me back. I thought that seemed way to easy so I kept my fingers crossed and help my breath.

Well I waited and over an hour later the same CS rep calls back and says she is sorry that she told me I could make arrangments but that since I am in Ohio and the new law passed that they can not work with me and I have to pay the amount in full. Now I know that is BS as CheckSmart did but they are bound to by the CSFA.

So I guess I am going to have to let the check bounce and deal with it from there. The only other option is to take out a store front PDL and then get an EPP from them. I am not sure what route to take yet. I don't know with the new types of loans if they are still bound by the CSFA to make EPP arrangments. Does anyone know if they are?

At least I have two that I know won't hound me and I can pay those off. :) At least I am seeing some light at the end of the tunnel.




methos100
Posts: 17
Credits: 446.75

Sub: #4 My Co-Worker is going thru something similar..... I had a loan w
Sat, 11/08/2008 - 05:02

My Co-Worker is going thru something similar..... I had a loan with Cashland, and had to invoke EPP.... Well my friend got a loan a couple of weeks ago from them, meaning to use EPP, but after issue 5 passed, he called and they said they could NOT set up EPP, that he had to pay in full. I have a feeling this is BS. Now internet loans might be different. Hopefully someone on here can guide you well on what to do. I will call several locations and ask about EPP. I will let you know what I find out.....




nohiogal

Posts: 2584
Credits: 11799.75

Sub: #5 I think it is BS too. I had no problems at all getting one at Ch
Sat, 11/08/2008 - 05:38

I think it is BS too. I had no problems at all getting one at CheckSmart.

It would be nice to know if the EPP is going to be available with these new Micro Loans. Thanks for checking on that.

It is funny how the internet loan companies don't follow the state rules half the time but then try and use the same rules to not assist you in payment arrangements later.




Unregistered

Sub: #6 payday loan
Sun, 11/09/2008 - 08:52

im confused someone please explain what did issue 5 have to do with setting up a payment plan




paulmergel


Posts: 15508
Credits: 135761.15272958

Sub: #7 reply
Sun, 11/09/2008 - 11:15

the pdl's are using that as a crutch to demand payment in full.it is a load of BS,but don't try to explain that to the pdl.i would file complaints with the CFSA.your loan was under the old rules and they have to honor a request for either an EPP or other arrangements.




Unregistered

Sub: #8 They only have to honor the EPP if a) they are a member of t
Sun, 11/09/2008 - 12:42

They only have to honor the EPP if

a) they are a member of the CFSA

and/or

b) the EPP has not been used by a customer in the last 12 months.




nohiogal

Posts: 2584
Credits: 11799.75

Sub: #9 Right. I don't think PayDay One is a CFSA member. They are not l
Mon, 11/10/2008 - 02:13

Right. I don't think PayDay One is a CFSA member. They are not listed on their website and I see nothing on PayDay Ones website to indicate they are.

I am just going to have to let the loan default and go from there. There is nothing else I can do at this point.




methos100
Posts: 17
Credits: 446.75

Sub: #10 Well, my co-worker who was told could not invoke EPP called Cas
Mon, 11/10/2008 - 06:26

Well, my co-worker who was told could not invoke EPP called Cashlands corporate number, spoke to a manager, mentioned CFSA, and the manager called the storefront and he was able to set up EPP!




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