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 Posted: Sat Nov 29, 2008 12:40 pm Subject: Extended Payment Plan (Kansas) |
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I have noticed when "renewing" my payday loans that most of the stores have a sign that talks about the extended payment plan. Yet, after almost two years, none of them ever mention it to me.
How do I go about setting up my loans on this plan? Is the maximum term 4 pay periods?
If I have a loan for 500, the fee is 75 dollars. I am willing to pay an extra 50 each time for an installment plan if it will help me get out of this viscious cycle!
Help!
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chrisku
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| Posted: Sat Nov 29, 2008 2:47 pm Subject: |
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if they are members of CFSA you can go into the storefront and ask for epp -they will split your amount owed into 4 equal payments due on your next 4 paydays. so if you owe $575 you would pay $143.75 each payment. they do not add any additional fees as long as you pay on time.
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cheekla
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| Posted: Sun Nov 30, 2008 3:11 am Subject: |
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I did one at Checksmart with no problems. You just have to request one and do it before you defalut. They were very nice about it and even let me start paying on my next payday.
What Cheekla said is correct. Mine was split into four payments and I made my first payment a week ago and again with no issues and no additional fees.
I wish I would have known about the EPP option two years ago when I got in this mess.
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nohiogal
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| Posted: Sun Nov 30, 2008 8:06 am Subject: |
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I believe this is something new that they are doing. It is better for them than customers not having enough to pay and defaulting and then filing a chapter 7 or 13. This way it is mutualy benificial for everyone.
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Lukeskywalker
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| Posted: Sun Nov 30, 2008 12:19 pm Subject: |
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It is not new. I believe that it began around Aug 2006. If you go to the CFSA website, it is listed in the Best Practices for the Payday Loan Indudsry.
There were many states that were pushing for a payment plan as a condition for a license, the CFSA agreed with the proposal and made it a requirement for thier members.
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PDL Owner
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| Posted: Sun Nov 30, 2008 1:21 pm Subject: |
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It is knew that a select few payday lenders are doing this.
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Lukeskywalker
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| Posted: Sun Nov 30, 2008 3:43 pm Subject: |
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All CFSA members have been offering it since the CFSA adopted it some time ago. A CFSA member did not have the option of offering the EPP, as it is a requirement of membership. If non-CFSA members are now offering the EPP, that could be something new.
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PDL Owner
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| Posted: Sun Nov 30, 2008 4:40 pm Subject: |
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It is a good thing that these lenders are giving there customers a chance to get their loans caught up and paid which will be mutually benificial for everyone involved.
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Lukeskywalker
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| Posted: Sun Nov 30, 2008 5:36 pm Subject: |
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CLICK HERE for a list of CFSA members. CLICK HERE to read more about CFSA guidelines.
| Quote: | Extended Payment Plan *. Each member will provide customers who are unable to repay a payday advance according to their original contract the option of repaying the advance over a longer period of time. Such an extended payment plan will be offered in compliance with any requirement in state law to provide an extended payment plan or, in the absence of such a requirement in state law, in compliance with the Best Practice “Guidelines for Extended Payment Plans.†A member will adequately disclose the availability of the Extended Payment Plan to its customers in compliance with any requirement in state law for such a disclosure or, in the absence of such a requirement in state law, in compliance with the Best Practice “Guidelines for Extended Payment Plans.†(Amended 7/21/0 |
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Shazzers
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