To Ellen8786 ??

[Ladynred]

What is the name of your state? TN

Ellen, can you tell us what went wrong ?? Your thread is closed and I couldn't ask in the original thread.

 

[ellen8786]

Sorry I didn't give more details on my situation. I do appreciate the advice that you, specifically, gave to me. The checks had a stop payment placed on them, which did stop all acrual of interest. Unfortuantely one of the places decided to turn me over to the police, who took it to the prosecutor's office and received authorization to go forward with prosecution. I think they were trying to make an example of me. Let's not kid ourselves about who owns these places.

Anyway, I tried to do my own homework, but obviously it wasn't enough. It seems ridiculous to put someone in jail for up to a year for less than $200. I was able to pay the check off and prevent the prosecutor from pressing charges.

The other businesses agreed to work out payment arrangments, without any more interest. So, the advice to stop payment was actually good overall. It was just this one place who wanted to make a point; she said it was their "policy". So basically my point is simply BEWARE. I would advise that no one EVER do payday loans. You are much better off to get a loan from a pawnbroker or just starve for a week.

I have read a lot of your posts, LadyinRed, and you are very nonjudgemental and helpful to those of us who need your help and advice. So, once again, thank you!

 

[Ladynred]

Wow.. sorry you had to run into one of 'those' types.

Unfortunately, I've seen too many people who have gotten trapped into these places, a friend of mine included, and there's almost no way out, if you can't pay it off immediately, except to go the stop payment route. Somehow you have to break their hold on you, which you did, and this one got ugly with it.

Obviously ID laws allowed it so they used it.. and yes, I've no doubt 'who' runs these places. However, I don't think even Tony Soprano would charge you 362% interest.. which is what it amounts to with these payday loan joints !!

I'm glad to hear you got out of the vicious cycle though, despite the one pain in the butt.

I too keep hoping that ALL states will outlaw these scammers !

 

[cyana]

Payday loans are still legal (UGGGH!) in DE.

 

[kevinss]

Everything's legal in DE, including usurious interest rates.
At least in Mexico, these issues can be solved with a knife fight. It leaves so much less of a mess around afterwards.

 

[Ladynred]

Of course .. why do you think its RIGGED so that it would take you 64 YEARS to pay off a $4000 debt at 19.9% interest with minimum payments ???? The fact that the big banks kick and scream so loudly against being forced to TELL consumers how long it takes to pay off a debt with their schemes is a tell-all ! If people knew it would take THAT long, who would EVER use a credit card or EVER carry a balance ?? Well.. those with any decent brain in their heads that is.

Even though I LOATHE the horrid bankruptcy reform bill, one of the things that creditors would be made to do is to TELL people how long it would take to pay down the debt they carry. Creditors pitched a royal fit in CA (I believe it was) when the state tried to pass that requirement into law !!