Information on CFSA-EPP for PDL fourm
Date: Thu, 04/24/2008 - 10:33
Wow, why wouldn't the state allow an EPP? That's maddening. :?
Wow, why wouldn't the state allow an EPP? That's maddening. :?
I bet it depends on how strong the PDL lobby is in that state. W
I bet it depends on how strong the PDL lobby is in that state. Wanna make a bet?
roxy, not all storefronts in KY won't accept the EPP. I think it
roxy, not all storefronts in KY won't accept the EPP. I think it's just certain ones. Which I do find surprising. I did use the EPP on a storefront in KY not long ago.
The storefront I talked to said they do not and that is ok. I w
The storefront I talked to said they do not and that is ok. I was just shocked at what CFSA said and I posted becuase we use them as a resource. I wanted the mods to know that there is a loophole in some cases. I was told by the girl at CFSA that the law for KY changed at the end of 2007.
roxy, so what you're saying is that at the end of 2007, KY no lo
roxy, so what you're saying is that at the end of 2007, KY no longer offers CFSA/EPP????
According to the girl Katie at CFSA. There was some change in t
According to the girl Katie at CFSA. There was some change in the law around that time. How would I find out if that is true and where and when the laws changed. I looked at the OFI web site and I am lost.
roxy, email the department of financial instituations. That's wh
roxy, email the department of financial instituations. That's who always helped me with all my pdl questions. I'm just REALLY confused here. However, it was before the end (I think??) of 2007 when I invoked the EPP at the KY storefront. Also, I know for a fact their sign is still up advertising CFSA in their lobby. And, one other storefront that comes to mind as a member of the CFSA, has it posted on their bulletin board in the store (it's a pawn shop). So, I'm REALLY confused here. I wish I had my contact information here at work for who I emailed at the department of financial instituations. I swear, I just went to their website and there was a way to email. I think his first name is "Chris", if I remember correctly.
Cannr - It was: Chris Thompson Compliance Branch Manager
Cannr - It was:
Chris Thompson
Compliance Branch Manager
Thanks Goudah. I really would like to understand all this. It
Thanks Goudah. I really would like to understand all this. It is frustrating when you are trying to help someone and what you thought was correct information isn't.
I will email him and see what his take on the situation is. Thank you both.
Here is the response I received: Quote:There is nothing in st
Here is the response I received:
Quote:
There is nothing in statute that would prevent a licensee from offering a payment plan to a customer in fact licensees are encouraged to work with their customers in these types of situations. However, there is nothing currently in statute that states a payment plan must be offered either that's left to the discretion of the licensee. As far as CFSA's payment plan went there were certain aspects of the plan that did not meet with office policy and would have had to be changed in order to be offered in KY. If you have additional questions feel free to contact me at (502) 573-3390 x251 or via email. Sincerely, Rodney Gabbard |
I actually find this horrible. I mean, what they're basically sa
I actually find this horrible. I mean, what they're basically saying is "gee, they should do this, but it depends on them". Uhhh... thanks! Apparently I got my EPP before they decided it wasn't going to work in KY (for whatever reason).
I think it may have to do with the length of the loan term when
I think it may have to do with the length of the loan term when doing an EPP . . . It may make the term of the loan longer then the law allows.
I don't know, goudah. The EPP says you set up payments coincidin
I don't know, goudah. The EPP says you set up payments coinciding with your paydates. Say you get paid every week, then your loan would be paid off in one month (30 days). Say you get paid every two weeks, your loan would be paid off in two months (60 days). The KY pdl law says - Loan Term: 14-60 days. This is why I'm soooo confused.
And there are no rollovers allowed - If the loan term is set for
And there are no rollovers allowed - If the loan term is set for X amount of days, the payment plan could be considered an extension of that date.
Ahh.... that might pose a problem. Since the EPP is for 4 equal
Ahh.... that might pose a problem. Since the EPP is for 4 equal payments coinciding with your paydates. That would make it FOUR months. Ohhh.... I don't see that happening! However, here is what confuses me. I knew I did it myself and also saw a post on here from another KY resident. I'm copying their post here for you to see. I did my EPP with Quik Cash. This member is doing their EPP with Quik Cash and Cash Tyme. However, others wouldn't let them do the EPP. How in the hell can some allow it and others not? They are ALL in Kentucky!
Quote:
I spoke to Advance America's home office, they said it is up to the Manager, the manager told me all she was allowed to do was let me pay down on a month to month, The people from Check n Go said they had to deposit and then I can come in to pay for the original amount in smaller amounts to pay off each pay day. I'm working on the others-Quik Cash is on the epp and Cash Tyme also. |
My question, how can they say the state of Kentucky won't allow
My question, how can they say the state of Kentucky won't allow them to do the EPP if some storefronts are and some aren't. Don't they all have to go by the Kentucky state law? Am I totally missing something here?
Apparently some storefronts choose to be helpful and others do n
Apparently some storefronts choose to be helpful and others do not. That is all I can come up with. :?