Odd PDL Problem - Please Help! (Kentucky)
Date: Fri, 04/17/2009 - 18:39
Okay, heres what happened. I took a pdl out at a storefront Check N Go because it was close to my home. I started out small, got bigger until it hit the maximum, and had been paying it every two weeks when I got paid. My check was for $500.00, I paid a $75.00 fee, and got $425.00 back.
Two weeks ago on Friday (last payday), I go by Check N Go kind of late to do the usual process and the woman that runs the place is standing in the door smoking all teary-eyed. She tells me hello and we go in and she says something to the effect of "Let me see who bought your check." She goes and looks at list on the counter and I ask her what is going on.
She tells me that her branch of Check N Go is getting closed (economy), and that my check has been sold to another storefront called Cash Tyme, of whom I know nothing about it. Turns out Cash Tyme is like 4 miles from my home, as where Check N Go was just up the street. I later received a call that day from Cash Tyme (didn't recognize the # so I didn't answer) and then again today (was out to dinner, didn't answer).
Check N Go wouldn't/didn't give me a chance to do anything more with them, she just informed me that I needed to go to Cash Tyme to pay down my advance and re-write.
I think this whole situation is kind of ridiculous. Do I really owe this place called Cash Tyme? How can they just sell my check like on a whim to a place I'll have to get a cab to even go to, and don't even know anything about? Do I have any legal rights here at all? Should I just let them toss it into collections and try to work out payments there?
I don't know what to do.
Help, and thanks. :(
Gees, this is a new one on me. :? Request an EPP (extended paym
Gees, this is a new one on me. :? Request an EPP (extended payment plan), I checked and they are members of the CFSA, which means they must give you the EPP if you request it before your payment is due, however, these aren't exactly normal circumstances, therefore, I would tell them you NEED the EPP. That will allow you to pay off this loan in four equal payments.
That is really strange. I have never heard of such a thing. If t
That is really strange. I have never heard of such a thing. If the Check n go in your area is closing I am surprised they sold their customers off.
Weird.
Maybe PDLOwner will be along and shed some light on this for us. :?
Ask and you shall receive... Actually, this is not uncommon.
Ask and you shall receive...
Actually, this is not uncommon. When a company sells or is puliing out of an area/state, they will handle it a couple of ways. Either they will keep the doors open for 30-45 days and work on payoffs and collections only, merge the accounts with a sister store close by or in this case, sell the accounts and assets to the new company. In this case, the new company has agreed to take the accounts and as the CNG customers come in, they will complete the transaction in the new system and complete the conversion. Are you still liable for the debt? You betcha, just like you went to the original storefront. If this location is not convienent, find another company that is closer to you, pay off this loan and get one at the closer location.
Thanks PDLOWner. Better yet, pay off this loan and don't get
Thanks PDLOWner.
Better yet, pay off this loan and don't get another :wink:
Wow everyone, thanks for all the replies! =) I know that I am
Wow everyone, thanks for all the replies! =)
I know that I am still liable, I just didn't know to whom. I don't appreciate the way CNG handled the situation. I would have preferred it if they would have just done the thing PDLOwner said first instead of just selling my check to another company without even asking. I mean I know they are going out of business but still.
Got any information or links about EPP? Its either that or I am going to tell them to just send it into collections and I will work out payment arrangements there. I don't want to get into anything with another company. I'd prefer to be out of this.
An EPP is an extended payment program. They can extend the loan
An EPP is an extended payment program. They can extend the loan over four payments for four paydays.
Here is the link the to CFSA EPP information.
I had a loan with a storefront and they sold their accounts to a
I had a loan with a storefront and they sold their accounts to a new storefront lender. Only difference is they notified all of us at the time this was happenong. Also we were offered the chance to payoff the loans before it was sold to the new company.
Looks the the Check-N-Go did a poor job of notifying the consumer (OP), but as PDL owner stated this is not uncommon.
Just remember that we are onlyy hearing one side if the story.
Just remember that we are onlyy hearing one side if the story. Due to this, their may have been some type of notification or attempt of notification that we are unaware of...
Thanks everyone, didn't expect this many replies. I am going to
Thanks everyone, didn't expect this many replies. I am going to get into touch with them.
I think was actually referred to CT by CNG just as they had decided to sell off their customers, as is I wasn't notified by them in any other way other than in person. I'm not sure how long they were open after that, but they are closed now.
PDLOwner, you don't have to defend anyone here. I actually felt sorry for the people at CNG as they were always nice to me and helped me when I needed it. Uncommon or no, I just said I had a problem with how they handled the situation and more or less wanted to know if I needed to go to this CT place or just wait for some kind of collection letter. I'm not trying to give a bad reflection on the industry; me saying I have a problem with how they handled it is more or less the equivalent of me getting mad because a fast food place left out my fries.
Thanks again everyone, I wish I had some other way to contribute to this community, but hopefully this will be my last post.
Peace all. =)
Hi everyone...I know Suck at life said this would be their last
Hi everyone...I know Suck at life said this would be their last post...in case you come back to read... I had CNG as well. EPP's as defined by CFSA are not allowed by KY state law even if the PDL is a member of CFSA. If you choose to pay off, state law allows for the PDL to break the amt owed into two bi-weekly payments. When I was told this, I did not believe it and contacted both the KY DFI and CFSA and it was confirmed. It is now even posted in the PDL storefronts in my area. I had to work with the pdl storefronts individually to pay them down until I was paid off.
