can't stop the cycle!
Date: Wed, 04/03/2013 - 19:00
my name is keith and i live in ohio.
recently i got tied up in the payday loan cycle and i am in way over my head.
i am not behind on any of them, but honestly i can no longer afford to pay the interest rates i have been paying! i'm looking for any help or advice you have to offer. here is some info on my loans:
i have a total of 4. 3 storefront and one online.
Advance America: $530.
I pay back $586 every two weeks and have had this account for almost 2 years.
Checksmart: $500
I pay back $575 every two weeks and have had this account for almost 2 years
Cashland: $500
I pay back $550 every two weeks. I just recently opened this account and have not paid anything on it yet. The first repay is due 4/8
CashnetUSA.com $850
I payback $1075 every two weeks. I just recently opened this account and have not paid on it yet. The first payment is due 4/8
after realizing i am paying $400 a paycheck to fees and interest, i am just ready to stop and get rid of them all! can you advise me the best way to do that?
thank you very much for your help,
Keith
I'm also in the same boat. It
I'm also in the same boat. It is not possible for me to make payments to CashNetUSA anymore. What should I do in this situation? Should I also try for EPP? What happens if I don't qualify for it?
Advance America and
Advance America and CashNetUSA are both licensed CSOs in Ohio as well as CFSA members. If it is of any help, you can call them and ask for the EPP. Under the EPP, interest accrual is frozen and the balance of your loan is going to be spread across 2-4 pay periods depending on the balance size. It might be of some help to try this route.
As for Checksmart and CashLand, they are both licensed lenders but neither are CFSA members so that takes EPP off the table (although you can call them and ask if they can set you up with a payment plan, some non-CFSA members do it as part of best practices). If primary negotiations fail, your best bet is to revoke ACH in writing with your bank and the lenders which would force the accounts into collection. You will have a better edge at negotiating on the terms of the loan at that point.
Edit: Cashland/Cash America
Edit: Cashland/Cash America is a CFSA member lender so they should offer you the EPP if you request it.
There is no qualifying
There is no qualifying requirement for getting on the EPP except for two points:
1. Lenders offer only one EPP per year to each individual borrower. So in case if you have been on an EPP with one of the lenders in the last 365 days, he will not be able to get you on the EPP.
2. To get on the EPP, you need to be current when you apply for it.