I am SO sorry! I just saw this. I actually had to WORK while at work today. Crap! egypt, you can remain calm regarding the storefronts. It's okay. First, let me just comment on the wicked witch at the storefront that is a member of the CFSA. She is WRONG. They do NOT have to send them through the bank in order to arrange payments. Bull$hit. Being a member of the CFSA means they have to offer you the EPP. Period. No sending it through the bank first. However, off that note (because it pisses me off), do not worry about defaulting on the storefronts. I checked your state law again just to be on the positive side. Criminal action is prohibited in your state regarding pdls. So, basically here's what can/might happen - They turn the checks in to the bank, they come back NSF or CLOSED ACCOUNT. Tough cookies for them. The storefronts contact you regarding the checks being returned. Lie. Tell them your bank account is closed. Whatever. Deny having another bank account. Deny having a bank account period. The reason for this is because they will try to force you to come in and rewrite. No. You don't have a bank account. No checks to write. So.... you will have to make payments. Hang on. I'll tell you the next steps regarding that part.
The storefronts have choices in deciding what to do regarding defaulted loans. They can do a number of things. Here they are - They can turn you over to corporate office for collections (you can then set up payment arrangements). They can turn you over to a collection agency (you can then set up payment arrangements). They can turn you over to an attorney for collections (you can then make payment arrangements; however, the attorney will tack on a fee for his services). See where this is all going? Whichever they decide to do, you will end up making payment arrangements. Now some storefronts will actually hold the checks themselves and you can go in and make payments to them. Some will just turn it over to corporate. They will contact you and you can set up payments. If worse comes to absolute worse, they can take you to CIVIL court, not criminal court. In that case, go. What will happen? You will make payment arrangements. This is why I get so ticked off at these pdls when they refuse to take payments. No matter what avenue they pursue, you're going to be able to make payments anyway! So, what the hell?
Now, here's the trick. When the storefronts call you, ANSWER THEIR CALLS. Do not hide from them. If they can not reach you, honey, they will call every reference you put down and call your job. If they are able to speak to you, they will not call everyone in town looking for you. So, answer their calls. However, just be firm. Apologize for what has happened, tell them you do not have a bank account (can't rewrite), hell tell them you lost your job so you can't pay them in full. Tell them whatever it takes. Tell them you have every intention of paying the loan in full; however, you are not in the position to pay in full. No way, no how. Sorry. They're either going to work with you or send you off to collections. Whatever floats their boat. I have found that working with the corporate office is MUCH more pleasant than working with the storefront managers. Much, much more pleasant. If a collection agency gets it, you can make payments to them. Just whatever you do, do not dodge the storefronts when they call you. It's kind of embarrassing when they start calling your references. Do not lose sleep over this, egypt. Really. I swear to you, I was scared to death to default on mine, but it went a hell of a lot better than what I thought. I made payment arrangements, I made my payments, I got them paid, they are done. It actually took a lot of stress off of me since I didn't have to sweat and bleed to run around town paying storefronts and rewriting every two weeks. I just made my payments, the balance went down, it finally got to zero, and I was done. I know I wrote a lot, so if you have any questions, just post. And, again, I'm soooo sorry I got to this so late!
beware! beware! of the wicked witch that cannr has told you about....
cannr please don't be sorry! everyone has other life's outside of this site!!!!!!!!
you always are here for everyone....we all know this!!!!don't apologize for doing the right thing girl!
Thanks Cannr...I do not have time to log in people....off to work...hi ho, hi ho...I owe I owe!
Seems fitting with the pictures of the Witch above huh?
Cannr, you reaffirmed what I thought might happen. thanks so much, and another day answering really did not make that big of a difference....it is okay.
I, once again so appreciate how you have been there for me during this all? You are such a great group here...really. _________________ Register today to encash debtcc points.
egypt,you have came to the right place for help,,i have also defaulted my PDL,S STOREFRONT LOANS,,i come here and read the forums,it helps to ease the stress so i can sleep at night,,this is a great place to be.
I'm glad you guys found us. That's what we're here for. Even if you just want to vent or if you have questions or if you need help. We're here. I know I was glad when I came here. There were people who were in the same boat as me, had great advise, and supported me the entire way. I'm HAPPY to return the favor by helping others as much as I can.
Hey...it is me....and it is Easter and guess what? This has not killed me yet. I am alive, but I must admit somewhat miffed at the mortgage company and sooooosad that I lost half my pay to OD charges? But am I sad that I finally have to *eliminate* the weekly grind with the PDL's....no...still a bit uneasy about the whole thing, but I can see after the initial anxiety of telling them, I will have things in place to be better. I am literally sick that I have spent so much with these people over the years.
I am wondering as I have not called the one who wanted *just the 60$ fee every two weeks*, how she is feeling? _________________ Register today to encash debtcc points.
egypt, they will get over it. Believe me. If it helps the way you feel at all, please keep in mind that you are not the first and you will not be the last to do this. You're not the only one who has ever been in this mess. There are THOUSANDS of others. It made me feel better (in my mind) when I defaulted that I wasn't the only person in this city, state, country that had to do this. I was just "another one". Honestly, it'll be okay. I know it's killing you; however, like you said, it's Easter, you're still here, no one has killed you yet! And no one will! Everything will work out. It just sucks in the beginning. I know it does. Please keep in mind you are not the only one. Even when speaking to these people and they're "blah, blah, blah'ing" at you, just keep thinking over and over "Lord, how many other people have they said this same thing to?" I swear, there are more than you know.
Well it is Mon...I have gotten a few calls on my phone/answering machine about when will I be in? Now I have to call them back and drop the *bomb*. I worked last night and really could not sleep well this morning. But I have to do it right? I am afraid that they may ask for more in weekly payments than I can afford? What then? Court, or me just paying them down.
I came here for courage before I attempt this task.
Thousands...and I guess it is a small matter that one little person like me is going to default?
egypt, just bite the bullet and call them. It'll suck. My stomach was in knots! But I did what I had to do. They may work with you. They may tell you that you'll be turned over to collections. Fine. They may tell you that they have to turn it over to corporate. Fine. They may tell you they have to run it through your bank first. Fine. Whatever. Whatever they decide to do, you can make payments. I'm just hoping they don't get nasty with you (some will). If they do, stay strong. They will try whatever they can to get you to rewrite (it's bonus money in their pocket). Don't fall for it. Be firm. Deny having a bank account. You can't rewrite. Tell them you lost your job, so you can't pay in full. Whatever it takes. You can do this, egypt. It will take courage; however, like we said - you're just one person of MANY. Please keep that in mind. You are not the first to default, and you certainly will NOT be the last! Remember that. Just think of how many people they deal with regarding this. Many. It's not just you. Please, please keep me updated. If you run into problems, we may be able to help.
I am not much further along today. I called one company and she is trying to get me to *get current*, then do a paydown? She said many folk have a closed bank account with them. Go figure?
Hang in there - Really, you will feel so much better once you've defaulted.
Most storefronts scare you into renewing the loan, but the biggest secret is that once you default, the fees stop! You may be charged an NSF fee or something, but no more rollover fees! You can pay down the balance from there and actually get somewhere!
I had a lady at a storefront I had used tell me this once "We try to get people that are having problems paying to renew the loan. It's sad because we aren't allowed to tell them how much better off they'd be by letting the check bounce."
Without a sudden winfall of money, the only way out of storefronts is to default on your loan, or enter into an Extended Payment Plan. You have to make the jump, and once you do you will see the water isn't as cold as you thought it would be. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
egypt, what do you mean the one lady said she is going to try to get you "current" and then do a paydown? Is she trying to get you to rewrite? Is that what you're saying?
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cannr please don't be sorry! everyone has other life's outside of this site!!!!!!!!
