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Posted: Fri Jul 18, 2008 7:18 am Subject: Payment arrangements for Storefronts

Well now I have to act. I had been trying to plan out what my best course of action would be to handle my PDLs. It looks like the checks for two storefront PDLs I have bounced last night (Cashland and Check Exchange). My bank account is now overdrawn almost $700 and I don’t get paid again until the first of August… Crying or Very sad

Has anyone had any luck negotiating payment arrangements with either Cashland or Check Exchange after defaulting? Also what should I do when they call? Should I just tell them then that I can’t repay it now and I want to setup some sort of payment arrangement? I have another loan coming due with Checksmart on the 25th and Advance America on 8/1 that I am going to have to try getting EPPs setup. So now I have to figure how to make it through to the 1st and have the money for to get the EPPs going… I know a lot of you have gone through the same thing.. It just feels a little bit better to vent about it. Smile

Posted: Fri Jul 18, 2008 7:23 am Subject:

Hang tight. I have never dealt with storefronts so I can't advise on that. Someone who does have the answers should be along SOON to help you with this. Good luck and keep us posted.

guest · Posted: Fri Jul 18, 2008 8:35 am Subject:

I manage a storefront am always willing to work out payment arrangements with my customers.they will be more willing to work with you if you call them as soon as you know the check has bounced. It shows good faith on your part.

Posted: Fri Jul 18, 2008 9:29 am Subject:

The guest is right - Keeping up communication with storefronts is really key. If they think you are ignoring the debt, they will be much more likely to take further action to collect.

I would call the one's that have already defaulted today. Don't wait for them to call you. Tell them what happened, that you got overextended with too many loans, and need to set up payment arrangements.

Remember, you are not the first person to default on payday loans. They are used to it.

I will say to be careful with Checksmart. Put that on the priority list to pay off first. They have a habit of taking people to court.

Posted: Fri Jul 18, 2008 2:33 pm Subject:

Agreed with above posters. Please stay in communication with them and be honest. This will give you more leverage in negotiationg payment arrangements. Most storefronts are easy to work with if you are willing to repay debt in a fair enough time. Best of luck, and keep us posted. Razz

Posted: Fri Jul 18, 2008 2:39 pm Subject:

don't hide from them, and make and return phone calls.

Posted: Fri Jul 18, 2008 3:16 pm Subject:

Posted: Fri Jul 18, 2008 3:30 pm Subject:

Well I suggest explaining due to financial hardship you are willing to make payment arrangements on your outstanding checks with them. Just budget yourself and propose an reasonable amount of what you can afford. I have seen people pay as little as $25 a month with storfronts on this forum. But that was dependent on what each PDL was willing to accept. So it really all depends on the storefront. Also I have seen folks pay it all off within 30-60 day timeframe, and sometimes longer. Just remember others have defaulted besides yourself, so the storefronts now how to handle these things. It is important you keep prompt payment when you make a payment arrangement, because defaulting can be costly Confused

All in all, I suggest you speak to the store manager of each PDL compnay personally. Your immediate response will make it easier to negotiate. Very key in this whole process with storfronts as Goudah stated Wink

Posted: Sat Jul 19, 2008 6:53 am Subject: Store front PDLS

I defaulted on a store front loan, which was owned by ACE
Cash.I was dreading the impemding phone calls,which began
immediately.I thought are these people insane.I simply went
to the store front where I toke out the loan and made payments directly to them and told them that I would be back
every two weeks until the balance was paid.Believe me that did not set too well with the corprate office but I told them
that is how I would pay them back.I held on to every receipt
from the store front when I made payment.I will say that when
I talked to a person at the store front face to face that they
where very friendly and understanding.I am not saying that this is the way to deal with every situation but it worked for
me.The one thing I did not do is lose my composure or"cool"
with anyone.Again making prompt payments is the key with
the store fronts,they are much harder to deal with.

Posted: Sat Jul 19, 2008 8:46 am Subject:

Communication is the complete key here. If you don't call them or return their calls (and they WILL make them if they don't hear from you), then they will think that you are dodging them. I would just be straight up and tell them what you can afford and then stick to it.
Now you did say that Advance America is on your list? They are a PDL that does offer an extended payment plan, where you can pay your loan off in 4 payments. The catch is that you have to have the paperwork signed and your first payment made before the due date of your loan. If there is anyway that you can take advantage of that, do it.

Posted: Sat Jul 19, 2008 1:56 pm Subject:

This worked for me, my store fronts were very easy to deal with, just be proactive with them, notify them if you are having problems at anytime with your payments, they would rather know up front and then sit and wonder what is going on.

Posted: Tue Jul 29, 2008 5:30 pm Subject:

I live in TX and called to set up EPP's with both Check n Go and Advacne America. Both companies stated that their office did not offer such a program. They are both CFSA members. Does the membership vary from sate to sate or are they just s@#$^%#g me?

Posted: Tue Jul 29, 2008 5:43 pm Subject:

I have dealt with CheckSmart and National chech cashers. Express PRA over drew my checking account and I needed up owing the bank close to $1600, and having my account closed.. Yes it will get ugly, however stay strong, don't let them talk you into reborrowing, that's the one thing they always try.. if you come up with a plan to pay them in at least 2 months, they will probably take it, they will say they won't but they will, I've been told after 90 past due is when the store fronts normally take legal action. I've been dealing with this since MAY, I'm about as stressed out as a person can be, but I'm almost done with them, so if I can survive --anyone can, trust me! Stay in contact and do your best to make budget cuts anywhere you can to get done with them. Best of luck, Reny

Posted: Tue Jul 29, 2008 5:54 pm Subject:

The funny thing is as CFSA members they are required to offer an extended payment plan in at least 4 equal payments and charge no fee for doing it. I am current on all of my payday loans, but I'm in the process of receiving some extra funds to get out of this cirlce. When I read about the extended payment plan I was so excited to only have these store managers lie when I called and asked it. I guess I need to contact the corporate offices and make them aware of what they say on their own websites concerning CFSA and extended payment plans. They brag about being held to the highest standards by being CFSA founding members but probably instruct their employees to not discose the extended payment plan that is required due to that membership. That's o.k. I'm a go getter and I will get what is owed to me by the law! I'll keep ya posted on happens when I call the corporate offices and vist the storefronts tomorrow.

Posted: Tue Jul 29, 2008 6:37 pm Subject:

epps are good but you have to enroll before you default

Posted: Tue Jul 29, 2008 6:47 pm Subject:

Very right. You have to be one step ahead of them and know what your rights are and how to ask for it. No WAY are they going to volunteer this information. They want their money and they want it yesterday!

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