deferred payments

The first is Check and Go. The second is Cashland. The third is Checksmart and the fourth is Check Exchange. They're all members of The CF...Whatever it is.

All in Ohio

I should have said Extended payment plan....

If they ARE members of the cfsa then they have to set up the extended payment plan before the loan defaults. usually 24 to 48 hours before I think. It needs to be done before default

I've told them I can't afford to payand they've told me "Legally" They have to send it thru prior to trying to set up a extended payment paln.

You must invoke the EPP by close of business on the last business day before the loan due date by returning to the office where you obtained the loan or by using whatever method you used to obtain the loan. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule.

The above was taken from the cfsa site. Before the loan defaults

The storefronts I've dealt with too have told me that they have to get the check back unpaid before you can set up payments. It's pretty standard.

Just take all the money out of your account, and cancel any overdraft protection. Or do a stop payment. Or just close the account. That way the check will come back to them and you can make some arrangements.

So I should put a stop payment on the checks and then work out an agreement? I've got one due tomorrow (The first one that I've told I can't pay. Both times via phone and they told me they had to send the checks thru). The second is due Saturday. Should I physically go to the second placwe and tell them in intend to default and ask about the EEP?

Go get the $ out of your account....

Now I'm confused. If they are members of the CFSA, you should be able to walk into the store BEFORE the due date of the loan and invoke the EPP. They don't have to send the check through the bank first to set up the EPP. They still keep the check, you sign an amendment to the loan documents, and you make 4 equal payments coinciding with your paydates and get it paid off. They then give you your check back. Why are they telling you that they are members of the CFSA and can offer you the EPP, but they have to put the check through the bank first? No. If this is the "game" these guys are playing, first off, they shouldn't be doing this. And second, then I'm totally agreeing with everyone else. Take the money out of your account. Stop payment on them. Do whatever. However, I'm really confused about this. When doing the EPP, they keep the check without turning it in to the bank. You just sign a paper showing payment dates and amounts. The check remains at the storefront.

That is exactly what I thought also Cannr. It is also what I copied from the cfsa web site. I am also confused.I thought to get the epp it had to be done before default.

kash, you're correct. You posted right off the CFSA site. It says NOTHING about turning the check in to the bank before setting up the EPP. If they turn it in to the bank and it gets returned NSF, then it's in default and you can't invoke the EPP! That's why I'm confused. You have to do NOTHING to invoke the EPP except get your butt to the storefront BEFORE the loan is due (even by one day) and sign the amendment to your loan documents. Then you start making the 4 equal payments. If these storefronts are telling this person this stuff, it is not correct. It's almost as though they are trying to make this member default.

Not all of your stores are CFSA member.

Cashland and Check Exchange is not CFSA member.

Check N Go & Checksmart are.

Did you go into the two stores and ask for the Extended Payment Plan? Are you in the State of Ohio because Check Exchange and Cashland allowed me to set up payments after the check bounced.

Oppps, forgot to sign in, the last post as Guest was from me.

This is totally off topic but I was looking over the CFSA list again and I saw Colortyme. Not only do they rip you off on the rent to own, now they are in payroll advances.

I dont know if you have the same policy here in our state..but here, if you show up in the store telling tehm theres no money available in the bank, theyre not suppose to deposit it and give you a payment arrangement provided you enroll in one of their credit counselling...howeverm you have to do that on or before the due date and you have to bring a proof that theres really no money in the bank..I would suggest to wthdraw your money from the bank and get a copy of just how much is in there and present it in the store..thats what I did..they extended it for 2 weeks..if you cant pay, just tell them straight forward, im sure they'll give you a payment plan..most storefront follows state law and are very cautious of consumer protection law.

I called Check and Go about setting up an EEP and explained that I couldn't pay the amount. That was 3 days prior to the due date. That was when they told me about having to send the checks thru. Then they called me the day prior (today)as a reminder about the checks being due and they told me the best they could do was hold the checks for two extra days. I've got a few days on the other checks before they're due....

ok check n go is an online thing..usually internet loans have different policy..only way I can think of is put a hard block on your account..thats what I did..then you start negotiating because they cant take any money from you anymore..atleast it will prevent you from having NSF fees from the bank.just a suggestion..

I believe, in this case, Check 'n Go is a storefront. Not an internet. And, thank you guest, for pointing out the ones that are/are not members of the CFSA. :wink: Also, deep, are you saying that you were offered the EPP; however, you couldn't afford the payments if set up in 4 equal payments? And that's why they said they have to send the checks through the bank, have them returned, and THEN they would be able to set up reasonable payments?

Im so confused here.DUH !!!!!

That's okay, kash. I thought it was just me. :lol: Hopefully deep will come back and clarify for us!

Cashland is a member of the CFSA and they are legally suppose to allow you to enter into an EPP agreement before you are due.Explain to them that that they have to allow you to make an arrangement per OHIO state law.

Thank you - Any employee of a payday loan company that is here to help will be tremendously welcomed.

It seems lately that many people have been having trouble getting some CFSA members to allow them EPP's. This is the 4th or 5th post I've seen recently with the same problem.