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ddilgren · #1 07-03-2009, 10:09 PM

Hello everyone.I am a little confused here,I have 3 storefront PDLs Check n Go, Ace Cash Express and EZ Money all are CSO and I live in Texas.Okay I am overwhelmed at this point to the point of not being able to sleep well and constantly stressed...Today I went into each store front and explained my situation and how I want and intend to pay them back.I asked for EPP's or any other kind of payment arrangement that they would be willing to offer.Well I only had success with Ace,they set me up to pay once a month.The other two wouldn't budge ,Check n Go suggested I pay them what I owe them and borrow from them again??? Made no sense to me either.I am due payment July 10 this Friday again.My question finally is,do i put a hard freeze on my bank account first or do I let the two that did not want to work with me go to default first(because I have come to learn from this forum that,thats the only way I can make payment arrangements and pay no more interest)and then close my acct.? Since I live in Texas I don't want to be prosecuted for hot check fraud and at the same time I am afraid of The NSF fees.And when I do finally close my Checking acct. how do I go about handling that properly,I bank with First National Bank.If anyone can give me some solid info. I would sure appreciate it,Thanks!

Carol79 · #2 07-04-2009, 01:29 AM

Yes, so long as you are regular with your payments, the creditors will not be willing to settle your account for less. However, before you stop making payments towards your accounts, you should visit your bank and freeze your account so that the creditor cannot debit it. Once you default with your payments, the creditors will be willing to work with you for a payment plan.

Shazzers · #3 07-04-2009, 07:59 AM

Actually Check n Go IS a member of the CFSA and is bound by the terms of the CFSA Best Practices. If they won't abide by those practices they need to be reported to the CFSA and have their membership jerked from them. I would tell them those are your intentions! You can contact the CFSA at the link below to let them know one of their members are NOT abiding by their Best Practices:
http://www.cfsa.net/contact_us.html
The email is: cfsa@multistate.com.
You may need to contact the corporate office of Check n Go in order to get any resolution. The same goes for EZ Money.

Shazzers · #4 07-04-2009, 08:01 AM

By the way, based on other members posts here at this forum Check n Go can be very difficult to work with as far as the EPP plan, therefore, go right to the top and don't even mess around with the employees.

Shazzers · #5 07-04-2009, 08:02 AM

One more thing, the EPP plan is usually something you request BEFORE you default.

ddilgren · #6 07-04-2009, 08:03 AM

So should I freeze then close my bank account? When the PDLs try to debit my acct. will I be charged NSF only or NSF plus the negative amount of interest that will not be there? I know I probably sound confusing,sorry but I just don't want to get strapped with more fees that I can already not handle.Again since I live in Texas could I be prosecuted with fraud since all three PDLs a post dated check,Check n Go requires that you leave 4...What letter of unauthorization to debit my bank acct. do I send out to the PDLs and when? Thanks again in advance!

ddilgren · #7 07-04-2009, 08:08 AM

Its me again.Right I did request the EPPs yesterday and I have never been late in a payment and am not due to make payment again until Friday July 10.So when would be the last day I could Freeze/Close my bank account without breaking any laws?

Shazzers · #8 07-04-2009, 08:09 AM

I would absolutely freeze my account, but you need to let these lenders know that is what you have done, you also need to let them know you have every intention of paying them but have decided you no longer want them to have any rights to your account and have decided to pay them back via money orders (don't give them any more access to your personal account, old or new, by making payments with checks). You have the right per the EFT law to revoke thier rights to debit your account. You also have the right to stop payment on pre-dated checks.

ddilgren · #9 07-04-2009, 08:17 AM

Shazzers,Thanks so much for your advice.Is there a certain type of letter I should write to my lenders and when I do let them know that I have frozen my account and should it be before they try to debit it or after?

PDLOwner · #10 07-04-2009, 08:36 AM

Since these are legal storefront lenders it should be an easy "fix". ACE has already set up arrangements. Done. ChecknGo should have honored the EPP, as long as you have not used it with them in the previous 12 months. Make 2 calls, one to the CFSA on Monday and the second to CNG Corp Office. Upon completion of these calls, DONE. They will make arrangements for the EPP very quickly. As for EZ, there are a few of them so verify if they are a member of the CFSA. If so, follow the same steps as CNG. If not, skip the store and call the Corp Office.

ddilgren · #11 07-04-2009, 08:55 AM

I've never been set on an EPP before so this would be the first time with all three.Should I still close my bank account in the event the other two lenders wont oblige?Do I tell the lenders I closed my acct. or say that the BANK did it? P.S.. Happy 4th of July.....LET FREEDOM RING!

PDLOwner · #12 07-04-2009, 02:07 PM

ChecknGo will not be an issue, based on what you have stated they are violating the Best Practices. EZ Money, I am not sure, but would guess that you will be OK after you speak to Corp

ddilgren · #13 07-04-2009, 07:55 PM

I will call corporate first thing Monday morning. BUT... just in case I don't get the answer I am looking for from corporate and since my loans are due Friday when would be the last day of this week that I have to close my bank account?

mpatt · #14 07-05-2009, 02:38 PM

Question. Do all states HAVE laws that storefronts must offer the EPP? I live in KY. Somewhere I heard that KY does not have to offer this service. I have never been late on any PDL, but it would help me a lot if they would do this.

PDLOwner · #15 07-05-2009, 04:49 PM

No. There are some states that require an EPP, some that do not require but stores offer via CFSA and I believe that there are a few that do not allow an EPP.

Shazzers · #16 07-05-2009, 07:31 PM

Quote:

Question. Do all states HAVE laws that storefronts must offer the EPP? I live in KY. Somewhere I heard that KY does not have to offer this service. I have never been late on any PDL, but it would help me a lot if they would do this.

It's really a matter of whether or not these store front lenders are following the industries best practices. Some seem to be oblivious to the CFSA Best Practices yet they are members. I would contact the CSFA and let them know these store front lenders are not meeting the criteria for the industries best practices, therefore they should be removed as members. I would also let the store front lenders know you are reporting them.

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