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 Posted: Mon Oct 22, 2007 5:46 pm Subject: Store Front Pay Day Loan...Out of Options
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I have a store front payday loan for $689 (including interest)from Cashland and I live in Ohio. After seeking advice in this community, today I went to the company and they offered me an EPP (payment plan) or the option to roll it back for another couple of weeks. They made the EPP sound like a terrible option (the payments were still pretty high and she made it sound like it was usually easier for customers to just roll the due date back to help them).
Bottom line? I'm still in over my head. So this lady was nice and now I'll have a couple of more weeks to stew on it. I just feel sick over this.
Have no idea what to do....
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stacystiles
Joined: 22 Oct 2007
Posts: 31
Debtcc Points: 808
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Posted: Mon Oct 22, 2007 5:58 pm Subject: reply
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stacy, I'm totally confused here. CashLand can't offer you a rollover. Rollovers are prohibited in your state. I'm posting the Ohio pdl law for you below. The EPP would allow you to pay 4 equal payments, which would be 172.25 per pay period with no interest/fees added on. Yes, this is a boatload of money each pay period; however, in four pay periods you will be rid of this loan FOREVER. If you do the "rollover" (which is prohibited in your state), you will still have a balance of 689.00 and then what? Pay it off and end up re-writing because you don't have the money after giving it all to them? Then you would be in the never-ending cycle of paying and re-writing. It's totally your decision. I'm just confused as to how CashLand is going to give you a "rollover" when it's prohibited by law.
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cannr
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Posted: Mon Oct 22, 2007 5:58 pm Subject: reply
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| Quote: | Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ยงยง 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
http://www.com.state.oh.us/dfi/ |
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cannr
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Posted: Mon Oct 22, 2007 6:04 pm Subject:
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Interesting.....
This is a stupid question. But by "rollover" I see it's in reference to refinance, I actually didn't sign anything. She just printed me a new receipt showing me the new due date (in two weeks).
You're right - I guess I should go back in there tomorrow and do the 4 payments like she mentioned (but interestingly enough, encouraged me to steer away from).
Thank you so much, keep the advice coming.
I would love to get a full night of sleep tonight. Crazy, isn't it?
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stacystiles
Joined: 22 Oct 2007
Posts: 31
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Posted: Mon Oct 22, 2007 6:13 pm Subject: reply
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stacy, no you didn't ask a "stupid" question! No question is a "stupid" question!  What she probably did was, this was most likely for a 14 day loan, right? So she extended it to 30 days. Does that sound right? Some storefronts will do that. They'll hold it another 14 days for you to come up with the money to pay in full. But, there you are, giving them ALL your money and you're broke. So, what do you do? You write another check because you have no money. Honey, believe me, I know. Now, it's entirely up to you as to what you want to do. Doing the EPP would eventually (and it'll be tight for awhile) get rid of this loan and it's gone, gone, gone. I know it's a lot of money each pay period. Lord, it would be for me! But after 4 pay periods, you'd be done. No more sleepless night, and you can "flip them off" every time you ride by!  But if you decide to pay in full in two weeks, just be sure you have enough money to pay them off so that you don't have to re-write again. And THAT'S going to be hard. That's a lot of money. It would wipe me out completely! Then I'd end up writing another darn check and then worrying about it again until the next time. Lord, it's never ending! You're not alone, stacy. I can totally relate to where you're coming from. Just think about it. Whatever works best for you is what you should do. I just wanted to give you your options. If you have any questions, just feel free to post!
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cannr
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Posted: Mon Oct 22, 2007 6:16 pm Subject:
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Well, crap. Now I'm torn! You're so knowledgeable...
What's really interesting also is the fact that the lady did make it seem like my decision today was firm. Either I chose the EPP or she could extend it for another two weeks and once I chose one, I couldn't do the other.
So what if I go in there tomorrow and she says, "Nope. You opted for the extra two weeks. No EPP option for you."
Can she do that?
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stacystiles
Joined: 22 Oct 2007
Posts: 31
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Posted: Mon Oct 22, 2007 6:24 pm Subject: reply
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She gave you the two week extension. You did not sign a darn thing. Nothing. When you apply for the EPP, be sure to get there at least by close of business on the last day of business BEFORE the loan due date. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule. She didn't give you a "payment schedule". She's just holding your check an extra 14 days. Goody for her. Go in there the day BEFORE the due date and tell her you "can't pay in full and have to do the EPP". All she did was change your due date. So now you have two more weeks to breath and then walk in there the day BEFORE it's due and tell her you want the EPP. Make sense?
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cannr
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Posted: Mon Oct 22, 2007 6:26 pm Subject:
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I'm nervous about it because she basically said she wouldn't do that. And what scares me is the fact *she's* got my check, you know?
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stacystiles
Joined: 22 Oct 2007
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Posted: Mon Oct 22, 2007 6:37 pm Subject: reply
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stacy, beautiful avatar!  Do not be scared. They are a member of the CFSA. They initially offered the EPP to you, then suggested holding it for another 14 days. The storefront managers get a bonus/commission each month. I know this for a fact from speaking to a storefront manager here. So, this chick wants her 689 so her numbers are good for the month. That's why she so "wonderfully" offered you another 14 days. She'll get her 689 out of you and get her bonus. Lord have mercy on them all. She knows that if you walk in there and throw down 689, you're going to re-write becuase you will then be poor! If you do the EPP, she's only getting a portion from you for the month. Poor baby's numbers won't be as high then. Do not be scared. They are members, they initially offered the EPP, but then kind of "forced" you to change your mind about it. You can also file a complaint against them with the CFSA if they give you a hassle. She doesn't want that.
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cannr
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Posted: Mon Oct 22, 2007 7:03 pm Subject:
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Listen to Cannr. YOu need to do what is best for you and your financial situation. If that is EPP then go in there and stand your ground. It is not as hard as it sounds. Don't let them bully you now that you know your rights.
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pybasj
Joined: 08 Aug 2007
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Posted: Mon Oct 22, 2007 7:09 pm Subject:
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Stacy, listen to Cannr. This a sick and twisted game that they play! Trust me, I've been there, too. It's hard to get rid of them, but it is possible. Just think, in another month or two, you will completely done. Trust me, she's getting enough of a commission off of other people coming in that she's also talked out of the EPP. It's there for you to use, if you can, so don't be afraid to ask for it. Good luck and keep us informed of what happens. 
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eleroo
Joined: 06 Jun 2007
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Posted: Tue Oct 23, 2007 6:42 am Subject:
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Wow, it's like my own personal payday loan posse in here! 
I will let you know what happens. I can't thank you all enough for your help. Do you think it might be worthwhile for me to print out a sheet showing the state laws on this or something, as a reference? (I know they know the laws, but this way it gives me some credibility like I halfway know what I'm talking about!)
(I did finally get some sleep last night, thank goodness...)
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stacystiles
Joined: 22 Oct 2007
Posts: 31
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Posted: Tue Oct 23, 2007 8:11 am Subject:
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That's right, Stacy. We got your back. I think it's a great idea to print out a copy of the state laws. Don't assume that just because this is a storefront place that they are following the law to the "T." After all, they did try to talk you out of doing something that would benefit you in the long run! They are NOT looking out for your best interest. Seriously, I don't think that they have a heart at all. How could they? I couldn't sleep at night knowing I ripped someone off that badly. Speaking of sleep, I'm glad you got some rest last night.
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eleroo
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Posted: Tue Oct 23, 2007 7:38 pm Subject: reply
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stacy, did you print a copy of the CFSA Best Practices and Guidelines for Extended Payment Plans? That's what I would walk in there with. I printed it off. Throw that down on their counter. Do not be afraid. And I am glad you got some sleep! We are here to help you through this. And you've got 100% support here! Let us know what's going on.
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cannr
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Posted: Wed Oct 24, 2007 10:10 am Subject:
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Checking in....
(wow, this place is awesome)
Through some creative thinking and budgeting, I've figured out a way to be able to pay those yahoos their $689 in full by November 10th (when it's due) and be done with them, thus avoiding paying more of their ridiculous fees. I'm really happy about that.
So that's one crisis dealt with. The second issue weighing on me are two past due credit cards (see how bad of a month this has been?) These are relatively low limit cards, but ridiculously high interest. Anyway, now the minimum due is a LOT more than I can do. In my mind, credit card companies are relentless. And now this morning, I've started receiving calls at work! Am I right to say that I pretty much don't have any options? I could probably pay them $50 of the $175 they are wanting, but I'm sure they won't care. Can I request that they not call me at work?
(I know this is a topic different from the PDL issue that I started this with, but I didn't want to start a new thread; hope that's ok!)
Wow, I'm looking like a really needy new member of this board this week.... 
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stacystiles
Joined: 22 Oct 2007
Posts: 31
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