The Cash Store - Cottonwood Financial RIPOFF, DECEPTION Morris Illinois

Regardless of the person who filed for a loan.  They are still intitled to be treated correctly and no one asked for your empathy about what someone did.  This woman was treated UNFAIRLY and she is addresses her experience. 

I had the same experience and even worse, I wasnt even given a chance to pay it back in smaller increments and they attempted to run my check AFTER  told them not to use it as I had absolutely no funds in the bank to cover.  The next day they are calling me stating they tried to run the check... totally ignoring every word I stated about me not having the money.

After that, it was about 2-3 days they called to see if I could pay the complete balance in full or they would submit my info to the creditors.  I mean geez, 1 week and I was charged off?

All in all I completely agree with your complaint and these cash store pay day places all need to be brought down.  It's funny in Texas it was an attempt to shut them down and dont know why they are still here but oh well...  I just know not to ever bother with them again which I cant anyways but I will never use another loan place

This company preys on the working poor! If something unforseen happens before you can pay off this type of loan you are in deep trouble. If they win a judgement against you your pay check will be even smaller and you may lose your home or perhaps your car loan and be unable to get to your job without transoportation. This company will NOT deal with any negotiation either. They just simply don't give a sh*t. You have entered into a deadly contract with the devil. They actually should be illegal. The federal government should create guidlines making it more difficult for them to obtain judgments against people with low income, for example if you are at 200% of the Federal Poverty Guidelines they shouldn't be able to garnish your paycheck. As it is now you have to be at or equal to the base FPL in order to prevent them from garnishing your pay. (The FPL for a family of 4 is $22050 annual.) GOD help us all if that is all we earn with 4 people in our family. If these preditors are stopped from this type of deceitful practice lots of families WILL be saved. It is TOO easy to fall into this kind of trap when you are desparate. You intend on paying them back but something happens like an unforseen illness or your furnace breaks in the middle of winter and then......UH OH....they get you! Go to your local courthouse and ask for the worksheet to determine if you are at or below the FPL to prevent them from garnishment. Send them a monthly payment no matter how small and pray really hard! The devil has entered your financial life!

Dear Jane,


I can't feel sorry for your situation because not only did you borrow money from a company that you very muchknew had high interest charges, you did so probably knowing well that you could not pay back.

Knowing such, why should they be held responsible? You defaulted on your loan and you were in no way obligated to even take out any money from them. It probably outlines in your contract how they could also take their payments if you default. Read carefully next time. It's your consumer responsibility. You can argue that it's criminal but it was your choice.

Is it a wage garnishment or a wage assignment?

Sometimes creditors put a "wage assignment" in the contract as part of the loan. This appears to give them the right to seize wages without a court judgement. But, federal rules make all wage assigments VOLUNTARY so the debtor can cancel it at any time. Do this in writing to the creditor and the employer. If the wage assignment was not properly presented (on a seperate sheet of paper, etc. etc.) then you can also get back all the money that was taken with the illegal wage assigment.

If they have indeed obtained a judgment in civil court then there is less you can do, but there are limits of what can be taken. The limits are 15% of GROSS pay or the amount of TAKE-HOME pay over $292.50 per week, whichever is LESS. By the 15% law, they can only legally take $118 per week if the gross pay is $786 per week or more.

You can get out of a civil judgement various ways, most commonly if they didn't serve you with the papers properly. As a last resort, you can file for bankruptcy to stop them completely.

I have no solution to your problem to offer....I can only say that there are a lot of people in your same position. I used to work at a company similar to the Cash Store when I was in college, and I quit for the very reason that you stated. I, like you, believe that they are out to screw people who have no where else to turn.

There was a minister in Southern Wisconsin having protests against the Cash Store a couple of years ago....perhaps you could track down other people that have had similar problems as yourself. They could probably offer support and advice.

Sorry that I have nothing better than that, but I hope you find yourself in a better situation very soon.
Take Care!