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 Posted: Mon Oct 08, 2007 7:36 am Subject: Advance America
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I had a pdl through this company. But now I have some great news for any of you who have a storefront loan with them. If you cannot pay the rollover fees you can go into the store on your DUE DATE (not a day late!!! ) And tell them you want to enter into an installment agreement.They cannot deny you that. Then you will fill out paperwork and on your next paydate you will start making payments. They stop all fees, they will not deposit your check. But the thing is they will break it down into 4 payments. So your next 4 paydates you will pay it off and they will give you your check back then. The agreement cannot go past 140 days.
So no NSF from you bank, no NSF from the company. It's good to see that they are starting to understand that some things do come up and that they are trying to help. (it pays to know a manager pretty good so I can give you this little info  )
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puddlejmpr
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Posted: Mon Oct 08, 2007 7:38 am Subject:
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That's great news puddle, but when I dealt with mine even though they were easy to deal with told me they still had to submit it of the NSF.
ladybug
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ladybug
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Posted: Mon Oct 08, 2007 7:39 am Subject:
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puddlejmpr - is this nationwide, or on a state-by-state basis?
Some states do not have provision for payment plans within their state PDL laws. 
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SUEBEEHONEY70
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Posted: Mon Oct 08, 2007 9:23 am Subject:
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From what they understand it is through the whole company. Bo the thing is, you have to go in and tell them that you can't pay for some reason or another and to ask for the installment plan. They won't cash your check. I know that when I dealt with them my check had to go back NSF and then I made payments after that. But for this you have to go in ON your due date and request it after you tell them you can't pay the roll over. The paperwork has to be dated the day you are due. And on that day all interest stops. They do not tell customers about this because you know how some people can be. In my state I don't believe they HAVE to provide a payment plan. So hopefully this is good news for some people.
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puddlejmpr
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Posted: Mon Oct 08, 2007 9:58 am Subject:
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do anyone know anything about huskhawks,or clearwater marketing. those pdl online. I gave them all my info. Now I'm scared!
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KORI
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Posted: Mon Oct 08, 2007 10:17 am Subject:
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Hi Kori...we can certainly help...might be easier if you start a new thread since this one is about Advance America. 
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volleyballmom
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Posted: Mon Oct 08, 2007 11:46 am Subject:
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I bet this is because of the CFSA's new policies . . . They are a member.
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goudah2424
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Posted: Mon Oct 08, 2007 12:30 pm Subject:
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Wow! Are you serious? Is this correct for all states? That is great news! I haven't heard of the CSFA.
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eleroo
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Posted: Mon Oct 08, 2007 1:19 pm Subject:
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It's the CFSA - Community Financial Services Organization. Frogpatch has also posted some stuff about them before.
It's pretty much a lobby group for the pdl's:
| Quote: | | The Community Financial Services Association of America is the only national organization dedicated solely to promoting responsible regulation of the payday advance industry and consumer protections through CFSA’s Best Practices. As such, we are committed to working with policymakers, consumer advocates and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers. We invite you to explore our site to learn more about one of the fastest growing financial service industries in the United States. |
CFSA members must abide by the following Best Practices:
Full Disclosure. A member will comply with the disclosure requirements of the state in which the payday advance office is located and with Federal disclosure requirements including the Federal Truth in Lending Act. A contract between a member and the customer must fully outline the terms of the payday advance transaction. Members agree to disclose the cost of the service fee both as a dollar amount and as an annual percentage rate (“apr”).
Compliance. A member will comply with all applicable laws. A member will not charge a fee or rate for a payday advance that is not authorized by state or federal law.
Truthful Advertising Revised. A member will not advertise the payday advance service in any false, misleading, or deceptive manner, and will promote only the responsible use of the payday advance service. (Effective 5/31/2007)
Encourage Consumer Responsibility Revised. A member will implement procedures to inform consumers of the intended use of the payday advance service. These procedures will include the placement of a “Customer Notice” on all marketing materials, including all television, print, radio and on-line advertising, direct mail and in-store promotional materials. (Effective 5/31/2007)
Rollovers. Members shall not allow customers to rollover a loan (the extension of an outstanding advance by payment of only a fee) unless expressly authorized by state law, but in such cases where authorized the member will limit rollovers to four (4) or the state limit, whichever is less.
Right to Rescind. A member will give its customers the right to rescind, at no cost, a payday advance transaction on or before the close of the following business day.
Appropriate Collection Practices. A member must collect past due accounts in a professional, fair and lawful manner. A member will not use unlawful threats, intimidation, or harassment to collect accounts. CFSA believes that the collection limitations contained in the Fair Debt Collection Practices Act (fdcpa) should guide a member's practice in this area.
No Criminal Action. A member will not threaten or pursue criminal action against a customer as a result of the customer's check being returned unpaid or the customer's account not being paid.
Enforcement. A member will participate in self-policing of the industry. A member will be expected to report violations of these Best Practices to CFSA, which will investigate the matter and take appropriate action. Each member company agrees to maintain and post its own toll-free consumer hotline number in each of its outlets.
Support Balanced Legislation. A member will work with state legislators and regulators to support responsible legislation of the payday advance industry that incorporates these Best Practices.
Extended Payment Plan (New). A member will comply with a separate code of Best Practices for Extended Payment Plans, which provides customers who are unable to repay a loan according to their original contract, the option of repaying the loan over a longer period of time at no additional charge. A customer shall be allowed to utilize an Extended Payment Plan at least once in a 12-month period. A member will adequately disclose the availability of the Extended Payment Plan to its customers. (Effective 7/31/ 2007)
Military. A member will comply with a separate code of Military Best Practices that addresses the unique circumstances of active duty military customers. These special consumer protections include, among others: a prohibition on the garnishment of military wages or salaries and on contacting the military chain of command to collect payment; and the establishment of financial literacy initiatives that will benefit service men and women.
Internet Lending. A member that offers payday advances through the Internet shall be licensed in each state where its payday advance customers reside and shall comply with the disclosure, rollover, rate, and other requirements imposed by each such state, unless such state does not require the lender to be licensed or to comply with such provisions, or the state licensing requirements and other applicable laws are preempted by federal law.
Display of the CFSA Membership Seal (New). A member company shall prominently display the CFSA Membership Seal in all stores to alert customers to the store’s affiliation with the association and adherence to the association’s Best Practices.
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How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posted: Mon Oct 08, 2007 1:23 pm Subject:
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Only problem is there are few, if any, internet based companies that belong to this group. Mainly only storefronts.
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How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posted: Mon Oct 08, 2007 1:36 pm Subject:
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And I'll bet that the internet lenders would not follow regulations as well as storefronts, either. But, this is good information to have. I'll bet alot of people with storefronts don't even know that the new installment plan is an option. This could help alot of people!
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eleroo
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Posted: Mon Oct 08, 2007 1:37 pm Subject:
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Thanks for all of the information, Puddle and Goudah.
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eleroo
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Posted: Mon Oct 08, 2007 8:13 pm Subject:
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Actually, California Check Cashing, which is a storefront in CA, also follows this. So it must be members of this group who are doing it.
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kscornell
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Posted: Tue Oct 09, 2007 7:05 am Subject:
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Yeah, it is members of this group. I have a members list posted somewhere here, I'll have to find the link. None of the internet companies we see on a daily basis are on there. It's really only storefronts and companies that really follow all the laws to the letter.
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How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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goudah2424
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Posted: Thu Oct 09, 2008 9:52 am Subject:
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So when I go to Advance America....I don't need to bring any other paperwork with me? I borrowed $500.00..so will i pay 4 installments of that or $587.50 (the loan plus the fee)?
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honey77
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