CFSA Extended Payment Plan for PDLs
Date: Sat, 03/10/2007 - 19:55
I wish the following was in effect right now :cry: ...
CFSA Introduces Extended Payment Plan
As of July 31, 2007 all CFSA members are required to offer customers who are unable to repay their payday advance on the agreed upon due date the option of entering into an Extended Payment Plan (EPP). This new Best Practice gives customers more time to repay their loans with no additional fee or interest, and helps customers avoid a cycle-of-debt by providing a cost-free safety valve.
I'm sure many of you have already seen this at the CFSA website, but I only just saw it tonight. I think it's a great practice - I just wish it was in effect right now, since it's right now that I'm having my PDL troubles. :cry:
But I'm glad it will be in effect in the future for anyone else who falls into the pdl trap.
CFSA Introduces Extended Payment Plan
As of July 31, 2007 all CFSA members are required to offer customers who are unable to repay their payday advance on the agreed upon due date the option of entering into an Extended Payment Plan (EPP). This new Best Practice gives customers more time to repay their loans with no additional fee or interest, and helps customers avoid a cycle-of-debt by providing a cost-free safety valve.
I'm sure many of you have already seen this at the CFSA website, but I only just saw it tonight. I think it's a great practice - I just wish it was in effect right now, since it's right now that I'm having my PDL troubles. :cry:
But I'm glad it will be in effect in the future for anyone else who falls into the pdl trap.
If I'm correct, I think the CFSA website said that the extended
If I'm correct, I think the CFSA website said that the extended payment plan would go in effect in July 2007. That's too late for me, but right on time for others who may need it. I'm glad they're finally doing this. I just wish I could benefit from it now. :(
