Not Surprised - Read this about CFSA EPP

Thank you Goudah...it's always informative to see what is actually happening "behind the scenes".

That IS a big shocker, isn't it!!! :-) It would only make sense that they would hide behind an impossible repayment plan. SOME borrowers may manage to scrape by and be able to utilize it, and I certainly would if I were them, just to get out of the trap. BUT, the majority of people can barely afford the extension or rollover fees, much less pay the balance back in 4 payments. I guess they just came up with it so they could try to make pdls look like they are helpful and that they are doing something to address the problem. They are only creating a bigger problem for some because what happens when you can't stick to your payment plan?

Wow, ok then...I see how this might be "not possible" So what's a girl to do. I'm going to ask if they would take 100 a month, and see what I get. Not really sure what else to do. If you attempt a payment arrangement can they still take me to civil court? How long does going to court ususally take?

What I'm getting out of this is basically they are stating that the EPP of 4 equal payments is tough because you have to cough up the payments and walk away with nothing vs. paying the loan in full (with your whole paycheck) and re-writing and walking away with all your money minus the "fee". Okay. Yes. That's true. If you're on the EPP and you're paying the 4 payments, you have to be TOUGH. And I do mean TOUGH. Because it's so easy to cave into taking out a new loan. Of course it's easier to just pay and re-write; however, then you are going to be doing this for months/years. If you take the EPP and do the 4 payments, yes, it's going to be hard because you're handing over your money and not getting any back. HOWEVER, in 4 payments, you are done. The loan is paid. You do not owe them another dime. You can kiss them goodbye. No more. Gone. Now, it's not easy. It's hard. But this just stresses that you have to be a strong willed person (and it's hard) to take the EPP and get rid of these loans rather than pay and re-write. With the EPP, you will be done with them if you're tough. If you have the will and the desire to be free of this never-ending vicious cycle, the EPP is worth doing and being poor for a short while instead of paying and re-writing for months/years as many, many, many people do. Sure, I'd rather go in there, pay them in full, write a check, get my money back minus the fee and have cash in my pocket. However, how long will this go on? How long will I say "Oh, I'll just pay them off next payday." No. I won't. I can't hand over an entire paycheck and walk away with nothing. I would rather do the EPP, make my payments, be short on cash for 4 payments worth and then NEVER have to worry about them again. Not fret and worry every two weeks that I have to pay them in full and re-write and then stress for another two weeks and do it all again. It's hard either way. But if you're honestly determined to get out of the cycle, honestly want out, you can do this. It just goes to show you that it's so very easy to get sucked in and so very hard to get out. But if you're determined enough to say "Stop already!", you can do it. Just me and my opinion here. :wink:

you are sooooooo right, and I know this I honestly know this. I get sick at my stomach on payday, cause I know I've got to spend at least 1 hour driving around on friday to pay back and driving around an hour on Saturday to get my money back...It makes me feel "dirty" some how. Its awful. I'm trying to figure out how to make EEPs with all 6 at once, that's what I don't how to do. I guess I just do as many as I can and deal with the others as I can?? Thanks

lren, honey, I can relate to the days of driving around town and paying and rewriting and doing it all over again every two weeks. Done. Refuse to do it anymore. Talk about stress. Try the EPP. You have 6 storefronts? Okay. Figure out how much you owe each one. Then figure out how much it would be divided into 4 payments. It's going to be tough. Okay. So you have 6. Are they all due at the same time? Are all 6 due on the same two weeks? Because to do the EPP, you have to go in there BEFORE the loan due date, okay? If you've got them "staggered" to be due every week, then when you invoke the EPP, try to "stagger" the payment dates also. Like have one storefront set you up starting on "that" Friday. Then have one storefront set you up starting on the "next" Friday. See if you can work it to where you're paying 2 or 3 payments every other week vs. 6 payments on the same day. It's going to be hard. But once they are paid, the cat and mouse game is over. Are your loans large amounts? I know it sucks to have to make these payments and walk away with nothing. You're going to have to be strong. It takes guts to do this and if you're determined, you can do it. Or if it's just NOT possible for you to do the EPP on all 6, then do it on like 2 or 3. You can continue to "play the game" with the others while paying off 2 or 3 of them. Then once they're paid off, you can invoke the EPP on the others and get them paid in 4 payments. Am I making any sense here? :?

Yes, thank you sooooooooo much, honestly just to hear you "relating" is bringing tears to me right now! That's what I thought if I could squeeze out the Epp with at least like 2 or 3 at a time, and I would have to re-write with the others until I can do the Epp with them. That might just work!!! THANK YOU THANK YOU THANK YOU for listening to me tonight, I was really feeling sorry for myself. I know I can do this!!

Yes cannr your advice is good. It is hard at first to get everything worked out but just think in the end when everything is paid off how much better you will feel not having your whole paycheck eaten up by excessive fees. You will finally have your paycheck back.

Good luck and keep us posted.

ladybug

lren, it is my pleasure. I have been there. You are not alone. If you can only do the EPP on a couple or three or whatever, then by all means, do it. It's at least chipping away at the never ending cycle. And I understand if you can't do 6 at once. Lord, that's a lot of money. lren, I dreaded paydays. I knew that I would have to drive to 5 different places, play the game, feel some relief for a week, then start stressing again because the next "round" was coming up. Ugh! Horrible, stressful. If you need any help, just post. I'll be here. We'll all be here. We're here for you. You do the best you can. If you have to keep up rewriting with a few, then oh well. You can't do everything at once. One thing at a time. Sound okay to you? :wink: And I'm glad I was here for you. I know the feeling. And it's an ugly feeling.

I hope that the banks do what the FDIC encourages them to do with regards to creating a small loan product with an interest rate of 36% or less. I for one would jump on that band wagon to get rid of these pdl people. 36% is a hell of alot cheaper than 400%.

I just found this website and agree it is very helpful. Does anyone know the "approval" process for the EPP? I know you have to request the payment plan before your due date. Do they contact your employeer etc? Thanks for any help. :)

No, I don't think they would contact your employer.

Just an aside to the main article, last year Ohio passed a law mandating both the interest cap and restricting loans to three per year per customer...the payday lenders didn't slow down, they just started adding "fees" to make up the lost revenue...now there is a bill under consideration to stop THAT...but I'm sure they'll just figure something else out....