Repayment plan Question...
Date: Wed, 10/17/2007 - 12:46
My wife and I are in WAY over our heads in payday loan debt. I have been using the forums on your site to research the options we have in what seems like a hopeless situation.
In one thread another person from NV was in the same boat as we are and the counseor provided htem with info regardin our state's laws regarding payday loans.
Here is part:
"The first thing you should do is ask the stores about a repayment plan. It's required by law for your state, plus most of the storefronts are probably members of the CFSA, which also requires it's members to let their customers enter into repayment plans. The refi fees stop, and you can pay down your balance over a period of months."
Does this mean that I should go into each storefront and request this option?
what if I meet resistance? I'm just buried right now with principal of $6000 and Finance charges of $2020 per month. the whole thing will come crashing down soon and we don't want to see that happen. Paying the principal down over months(even a few) would be a godsend. I tried to contact the Nevada Financial Institutions Division and left a voicemail..
but it just seems like a lot of red tape in order to get a streight answer (if ever) could you please help to clarify this issue to me?
I would sing your praises to my grandchildren!
Thank you so much for your time,
Jon L.
Las Vegas NV.
Jon, I got your message, but in order for you to receive message
Jon, I got your message, but in order for you to receive messages you need to register. Are all your loans store front? Please post for us who you have loans with
How much have you borrowed
How much have you already paid back to each lender. I will post the NV laws for you
You will find the Payday loan laws for Nevada here (just select
You will find the Payday loan laws for Nevada here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Yes, if the storefronts are CFSA members, then they aer required
Yes, if the storefronts are CFSA members, then they aer required to offer an Extended Payment Plan.
BUT - You MUST ask them for this before you default on the loan.
JON, stOre fronts are usually legal, so I would definately recc
JON, stOre fronts are usually legal, so I would definately reccommend going in to see about a repayment plan, If I am correct, and please someone step in if I am not, these places will usually not enter into a plan with you until you default.
Goudah is pretty much the expert in the cfsa thing , so i will try to get heR to pop in.
The CFSA extended payment plan must be entered into at least one
The CFSA extended payment plan must be entered into at least one day before your scheduled payment, so once you default this is not an option.
Most storefronts are difficult, at best, to deal with when setting up payment plans. Since your state laws require them to let you, be firm. Don't be afraid to file a complaint if they are doing something illegal. And don't agree to more then you can reasonably afford to pay. If you defualt on a payment plan it can be much harder to get them to work with you in the future.
Thanks so much Goudah, It looks like I was wrong on this one.
Thanks so much Goudah, It looks like I was wrong on this one.
Yes, the finance charges would stop. You would make arrangement
Yes, the finance charges would stop. You would make arrangements to pay the balance down.
I don't want to put a damper on your mood - But it can be hard s
I don't want to put a damper on your mood - But it can be hard sometimes to get these companies to follow these policies.
It's your state law, and the company's policy. Make them follow it.
EPP for Payday loans in ILLinois
Can someone tell me where I can find information on EPP for payday store in IL. I verified with the store that I use that they are members of CFSA but, had no ideas on the EPP. Help!
Mikeypea5
This is the info on the EPP: You would need to go into th
This is the info on the EPP:
You would need to go into the storefront at least 1 day before your due date to get this plan.
I don't think it's a state by state thing, the CFSA is a nationa
I don't think it's a state by state thing, the CFSA is a national organization.
Some state's have laws that mandate payment plans. I think that is where some of the difference are.
reply
mikey, if you are wondering if Illinois has the CFSA "in place" so that you can utilize it in your state, just look up the name of your storefront. You stated you verified that your storefront is a member. To find out your exact state's "stand" on it (as it does vary from state to state), go to the BBB, look up the name of your storefront. You will get all the information needed, such as the corporate office information. Call them and ask them. They may have to direct you to the regional manager of your state. I just did this this morning for my state. I got the info for the main office off the BBB. I called them. They put me in contact with the regional manager for my state. They answered every question I had.
