Hopefully you guys could advise me on my situation!!
Date: Tue, 10/07/2008 - 10:04
First, I’m in Tennessee. I only have 4 pdl’s but I’ve had them some of them for FOUR years…Obviously you can see, I’ve thrown a lot of money away. They are as follows.
Check Into Cash – storefront – loan amount $230…I’ve literally paid thousands to this one over the years…Around $2,500.
Evergreen – storefront – same as above…loan amount $230, paid around $2,500 to this.
Capitol Cash – storefront – loan amount $230 paid around $850.
Payday One – internet – loan amount gradually increased to $650. I’m somewhat confused on this one…They obviously offer to increase it as you pay it off…It initially started as a $300 loan. They offered to increase it after I’d paid it down a bit…Basically the last time I did it, I got a $650 loan but only about $150 was deposited in my account and the rest was used to pay off my previous balance. Basically now the payoff is $713.13. I’ve paid probably $1,500 - $2,500 to Payday One, but only $552.88 on this particular loan amount….Obviously all interest and fees on this loan.
Okay, a few questions and then I’ll sit back and hope for a bit of advice!
I’ve read the TN laws regarding pdl’s, but don’t fully understand them enough to know how they pertain to my situation. It seems as though TN isn’t too eager to fight these things though.
I obviously owe over $500, but isn’t that the max for TN? How does this work? Will I run into trouble because I’ve borrowed more than the max?
Also, I know that Check into Cash is a CFSA member…Can I work out an EPP with them or is it not required for them to do that in TN?
The way it works (I’m sure you already know this!) is I go in every 2 weeks, give them each $230, write them a check for $230 (a CURRENT dated check) and they give me $200. So, basically, I haven’t overpaid them anything because I’m just paying them what I owe them and getting a “new†loan, correct? Which basically means there’s nothing I can do but try to get them to work out a payment plan, right?
Anyway, thanks in advance…Sorry this is so long. It’s just that this has been going on for too long and I’d REALLY like to get it cleared up…Thank you!!
See if your storefronts are members of CFSA. If they are tell th
See if your storefronts are members of CFSA. If they are tell them you want to get out of this mess and ask if they will set up a deferred paymant plan for you. Under membership rules they are required to do so.
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as long as you haven't defaulted,and it looks like you haven't.they must honor the EPP.ask to speak to the manager.
EPP
I currently have loans with Checksmart, Check Into Cash and Advance America and they have all agreed to let me pay in 4 installments over the next 4 paychecks. Just go in and tell them you want an extended payment plan and they should give it to you with no problems - these are all CFSA members. All of them actually agreed to "skip" my next payday and have me start making pymts on 10/17. you have to ask for that if you want it. I too have been paying payday loans for a long time (over a year I think). I am convinced there is no way out of it unless you set up a payment plan.
Hey, wow, thanks for all of the quick responses! I actually d
Hey, wow, thanks for all of the quick responses!
I actually did check and from what I could see, Check into Cash is the only CFSA member. They are actually the rudest and most difficult ones so I will have to stand my ground with them on this.
Does anyone know for sure if Evergreen or Capitol Cash are members? I don't think they are.
Thanks again!
Sorry! One more question! Does anyone know if it says anywhere o
Sorry! One more question! Does anyone know if it says anywhere on the CFSA website that they are required to set up an EPP? I couldn't find it and the search engine on that website is down. Like I said, CIC employees are generally rude and difficult and I'd like to have something to print off and take with me to back me up...Thanks.
Nevermind...I found it. Ahhh! Sorry to keep posting!!! I gues
Nevermind...I found it. Ahhh! Sorry to keep posting!!!
I guess my initial question about the EPP was because of this from the CFSA website...I was kind of hoping someone would know the specifics in TN...
"Each member shall provide an Extended Payment Plan (???????EPP???????) for customers who are unable to repay a payday advance. Each member will offer such an Extended Payment Plan in compliance with any requirement in state law. If no such requirement exists in state law, then the member shall adopt a plan that offers the customer at least the following provisions:"
and this:
"If a state has adopted a requirement for a repayment plan in state law, members shall comply with those requirements. The CFSA Best Practices Extended Payment Plan may not be available to customers in states with statutory payment plan requirements."
pdl
I think what we ought to do is write our governers and sentors and make them aware of how these PDL stores are taking advantage of working class people because they can and the law allow them.