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Guest · Posted: Mon Aug 25, 2008 10:18 am Subject: EPP Default

Hi --- Currently I have 3 EPP's set up on 3 storefront loans (Check N Go, Check Into Cash & Quik Cash). Two of them I have made 1 payment to and the 3rd I have made 1 payment to.

My question is -------- what happens if you default on the EPP? I get paid once a month and I am going to be short on payday to pay them all in full. Plus another loan that I had defaulted on is insisting that I have to pay it off by my pay date to avoid further collections. I do know that this company will go to court for civil action. (Purpose Money)

I hate to say it but I almost need to pay the one bugging off and readvance and pay the EPPs payments --- but they want my EPP monies on my due date.

Thanks to anyone who has any experience with this.

Posted: Mon Aug 25, 2008 10:22 am Subject:

I believe that once you default on the EPP's, collections start, and another EPP cannot be entered into.

Guest · Posted: Mon Aug 25, 2008 10:24 am Subject:

Oh --- I also live in Ohio

Guest · Posted: Mon Aug 25, 2008 10:27 am Subject:

I figured they would start collections. The sad part is the EPPs I planned on having paid off by mid-October which is 6 weeks from now. I just wondered if I had enought time before they sent things to the courts to get them paid off. I guess I should call the storefronts and find out.

It's just killing me how it's put my credit cards behind and they are badgering the crap out of me.

I have yet to deal with the illegal internet loans

Posted: Mon Aug 25, 2008 11:24 am Subject:

You would be better off speaking to them about this, let them know ahead of time you will be unable to meet your obligation, it's important that you remain pro-active, and you never know, perhaps they might be willing to negotiate something with you. Confused

Guest · Posted: Mon Aug 25, 2008 11:49 am Subject:

I'll be making some phone calls today after work. I sure hope they will be reasonable. I just need the next 2 months to get these squared away, I wish I had the $ to pay them off right now.

I'm curious to see how things will pan out with the new Ohio laws and all the people stuck in the cycle with more than one PDL.

One company here called Purpose Money said that they have a license for a new small loan that allows you to borrow up to $1000 and you have 31 days to pay back. But guess what? They are the same fees.

There is a loophole in everything. The best that could have been hoped for is that they all would go out of business.

Has anyone heard if any of the loan companies will go out of business? Around here it sure doesn't look like it. Only a couple of the smaller ones went out and the bigger ones are accepting new customers.

Posted: Sun Aug 31, 2008 8:00 am Subject: I know something about check n go

Oddly enough, I use to manage one(which since knowing the practices- why was I so stupid in getting online loans?) When I was working there- they had multiple checking accounts in various banks. If you were at one of the banks, we could go in with the check and have the amount of the check deposited into the account we had set up. Its was perfectly legal(I guess) because we were never denied from doing it. We also had the ability to verify funds on the check also. I don't know if that is still done- I hope they did put a clamp down on that.

Posted: Sun Aug 31, 2008 8:45 am Subject:

Makes sense that they would do that, bc it's faster for them to get the money into their account if they also bank where their customers bank.

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