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Posted: Mon Jun 23, 2008 10:09 pm Subject: payday loans

I have 5 pay day loans, 1 internet and 4 storefront. the businesses are Check Into Cash $300, EZ Money $450 (returned check for $500, I have paid $50), Mister Money $250 and online BIG $280 I live in Iowa

Posted: Tue Jun 24, 2008 1:31 am Subject:

In Iowa, payday loans are legal. Its legalities are given below: -

You can definitely go for Debt consolidation.

Posted: Tue Jun 24, 2008 5:02 am Subject:

Hello sbarnes1101 and welcome to the community! Am I understanding this correctly? Here is a break down of what you owe?

-Check Into Cash $300 (have you defaulted yet? How much have you paid them back so far?)
-EZ Money $450 (returned check for $500, I have paid $50)
-Mister Money $250 (have you defaulted yet? How much have you paid them back so far?)
-BIG $280 (how much paid back?)

Big is a very illegal company, what this means is you are only obligated to pay back the principal amount. We can discuss your best course of action as soon as you furnish more information about these accounts.I am moving this to the payday loan section.

Posted: Tue Jun 24, 2008 5:42 am Subject: more information

I have not defaulted or paid anything toward any other loans. I am just in the cycle of trying to keep up with all of them every payday. Thank you so much for your help.

Posted: Tue Jun 24, 2008 12:08 pm Subject: storefront

I have been reading and learning quite a bit about online lenders from the site. I am just not sure about the storefront ones. That is where my main problem is, I am not sure what they will do. I don't want to be sued bacause this could affect my job. My bank was no help at all. The only "help" they offered was to revoke my overdraft protection but they will still charge $27 for everything that bounces. I have talked to EZ Money about the $450 returned check that I cannot afford to make the payment on and they agreed to let me start making payments on August 1. This helps give me some breathing room to deal with the others but it scares me a little that they would just say wait a month and a half. Why are they being so nice? I really didn't expect that. Are there further consequences? Can they pile on interest until I pay it off? Any advice on getting out of this mess would be appreciated. After reading on this site, I know that there is a way out and hopefully in a few months, this will be just a bad memory and learning experience. I have promised myself never to get back where I am again. I already have a "sponsor" who has agreed to help me be accountable not to make the same mistakes that led me here.

Posted: Tue Jun 24, 2008 12:29 pm Subject: reply

your storefronts should let you invoke the EPP.
that is extended payment plan.it freezes your balance and allows you to pay in four equal monthly payments.do this before you default.go to the storefront and do this in person.you must do this before you default.

Posted: Tue Jun 24, 2008 1:10 pm Subject:

Thank you, I have talked to Mister Money and they were willing to set up a payment plan with me, but only after it has been returned by my bank once. Is there any reason not to stop payment on the check so I can go through with the payment plan and not worry that their check will get to the bank before some of my more important bills and cause them to be returned?
The only storefront one I have not made arrangements for, I think I can pay next payday and be done with it.

I do have one through BIG and the things I am seeing on here scare me. If I am able to notify them to pay in full on the first due date would I be done with them or do I still need to worry about them debiting my account? Shazzers said I am only obligated to pay the borrowed amount but I think it may be easier to just pay the finance charge and not have to argue with them. I don't want to give them reason to try to continue to take money out of my account since my bank is not being very helpful.

Posted: Tue Jun 24, 2008 2:01 pm Subject:

Sorry for posting so much but I am trying to work this out as much as possible today since I am home.

I found out that BIG never deposited the money in my account, they called to tell me they were ready to release the funds and needed to verify something again. I couldn't understand what he wanted to verify. I just told them that I wanted to cancel the loan. He offered to lower the finance charge from $80 to $65. I still said no. The guy was really pressuring me but I just told him that I really was not helping myself in the long run and that I did want to cancel the loan. I am almost sure I heard him laughing when I confirmed that I did not want the loan. I am a now worried because these people have my account information. Anyone have any advice on this?

Posted: Tue Jun 24, 2008 2:03 pm Subject: reply

i would watch your account closely,for any strange debits.from BIG,i would keep an eye for a couple of weeks.

Posted: Tue Jun 24, 2008 4:20 pm Subject:

Thank you for all the help, I will be able to sleep tonight since I see the end of this nightmare. I only wish I would have found this site months ago.

Posted: Wed Jun 25, 2008 6:33 am Subject:

S, better late than never. There is a light at the end of the tunnel and the great people here will help you find it. Keep checking your posts and make sure you read all of the stickey because there is great information there.

Posted: Sat Jul 05, 2008 1:30 pm Subject:

I have one more issue.
I have one storefront PDL that I thought
I would be able to pay off. However my husband did not get paid this week (not sure why) so
I could not take care of it. I called them to let them know and now they are telling me that they will be calling me at work 3-4 times every day, notifying my employer, and calling all refrences on my app. Is this legal and is there any way to stop them? They belong to the group that I understood would set up a payment plan but they are telling me that it is against the law to do this. The co is Check Into Cash.
I am in default as of the 3rd.

Posted: Sat Jul 05, 2008 3:19 pm Subject:

Hello sbarnes,

If you are reffering to the CFSA group you are correct. Under the CFSA you are allowed to set up an Extended Payment Plan in 4 equal amounts. To qualify for this you must set it up the day before or on your loan due date. I have done this with a past storefront I had awhile back. If you have already defaulted on your loan or EPP, the company is has the legal right to collect full balance of your loan immediately. The key is to set the EPP agreement up before you default. I have read that some storefronts will call you numerous times to collect the outstanding loan unfortunatelly. Confused

They must follow FDCPA policies in collecting irregardless. If they start to harrass I suggest filing a formal complaint against the company through your AG office. The best thing to do at this point is keep up communication and try to work with the supervisor at the store.

Here is the link on the CFSA rules for the EPP.

http://www.cfsa.net/public_education_campaign/guidelines/guidelines_ex tended_payment_plans.html

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