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Posted: Tue Feb 05, 2008 6:51 am Subject: Could someone clear this up please?

I have read here at the forum conflicting statements regarding EPP. Some have said you must go to the store front, 3 days prior to the due date of your pdl loan, some have said 2 days, and others have said 1 day. What is it? Three, two, or one day prior to the due date? I am very confused as to which is the correct one. Thank you!

Posted: Tue Feb 05, 2008 6:53 am Subject:

CFSA Best Practices and Guidelines for Extended Payment Plans
Subject to applicable state laws, each member shall provide an Extended Payment Plan (“EPP”) for customers who are unable to repay a loan. The member shall adopt a plan that offers the customer at least the following provisions:

You [the customer] may opt into an EPP to pay an outstanding loan if you are unable to repay your loan when due. Any outstanding fee will be included in the amount subject to EPP.

You must invoke the EPP by close of business on the last business day before the loan due date by returning to the office where you obtained the loan or by using whatever method you used to obtain the loan. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule.

You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.

We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.

There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.

see paragraph 3. I hope this helps. It is taken fronm the cfsa web site

Posted: Tue Feb 05, 2008 7:00 am Subject:

shazzers...I work out a EPP schedule by calling the storefront about three days before my loan was due. Check'nGo told me to come in the day the loan was due and they would fill out my new paperwork for the re-payment plan. This plan worked out well for me..and I paid off the loan without additional interest etc.

Posted: Tue Feb 05, 2008 8:09 am Subject:

I really appreciate this information, I actually did a search on it and couldn't find it what I was looking for. Thank you very much.

Guest · Posted: Tue Feb 05, 2008 8:31 am Subject:

If a state does not allow rollovers, does the EPP let the borrower legally extend the loan?

Posted: Tue Feb 05, 2008 8:32 am Subject:

You pay the loan in 4 installments without added fees.

Posted: Tue Feb 05, 2008 8:55 am Subject:

I don't think this would be considered a roll over, you are just paying off the same debt in 4 seperate payments, instead of all at once. I think. Confused

Posted: Tue Feb 05, 2008 8:56 am Subject:

It is not considered a roll over. There are no fees included in the epp

Posted: Tue Feb 05, 2008 9:02 am Subject:

You are both correct....a rollover is where you pay the finance fee to extend to the next term.

EPP is a payment plan.

Guest · Posted: Tue Feb 05, 2008 12:46 pm Subject: r

Shazzers, you don't have to go to the storefront 3 days before. You can if you want to; however, it is just necessary to get there the day BEFORE the loan is due. So get there before closing the day before your loan due date and you'll be fine.

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Could someone clear this up please?

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