To say that payday lenders strive to get customers to continuously roll their loans over is invalid. Under Community Financial Services Association of America’s Best Practices, any customer who cannot repay their loan when due has the option of entering into an extended payment plan, allowing them to repay the loan over a period of additional weeks. This option is provided to customers for any reason and at no additional cost.

You claim that rollovers are frequent and that to believe otherwise is unrealistic, however, regulator reports show that more than 90 percent of payday advances are repaid when due.

Payday advances play a necessary role, providing hard-working people with a reasonable, well-regulated option for meeting unexpected or unbudgeted expenses and other short-term financial needs.

Payday Lending Rep

If this does not work, consider the College Cost Reduction and Access Act of 2007 (CCRAA). After 10 years of payments, (even in a reduced payment plan) borrowers can get the rest of their loans forgiven if they are public employees.

A few years later I had my first income tax refund garnished for about $1004.00 dollars and then decided to accept the rehabilitation process offered to my by Sallie Mae. I paid a lump sum of $700.00 and then made monthly payments of $99.00 for a little over a year. And again had another financial hardship which threw me back into default. I then had 3 more tax returns garnished all over $1000.00 and am now being garnished 15% of every pay check, after taxes. I am in retail and make commissions, they too are garnished. After it is all said and done and once I have paid in full I will have paid over $13031.00 to ECMC. Or should I say Educational Credit Management Loan Sharking Corporation.

So in essence I will have paid $7914.00 over what I borrowed.

Why can NO ONE bring these sharks to justice?

Kelly J. Scott