Stressed

Date: Thu, 04/01/2010 - 21:23

Submitted by anonymous
on Thu, 04/01/2010 - 21:23

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Total Replies: 2

I am from Travis Texas I have defaulted on a 1500 pd loan from Cash America (attached to pawn shop). I have tried several time to make payment arrangement however they have told me that they need for me to pay a much higher payment. I have gone to the store and made payment to what I can afford 250 a payday for the last three pay periods however now they say that they are going to take legal action against me. What can I do? Can they garnish your wages?

Cash America is a member of the CFSA (Community Financial Servic

Cash America is a member of the CFSA (Community Financial Services Association of America) see link below:
http://www.cfsa.net/MemberList.aspx
That means you are eligible for an EPP, see link below:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html

lrhall41

Submitted by Shazzers on Thu, 04/01/2010 - 22:34

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The CFSA EPP isn't about picking and choosing what you are going

The CFSA EPP isn't about picking and choosing what you are going to pay and when. All the organization requires is that lenders allow borrowers in distress to make 3-4 payments without interest. But CFSA doesn't consider Texas CSO's payday lenders and doesn't hold them to the same standard. Technically, they are brokers and some third party (usually a hedge fund) is the lender at 10% a year. (The big money is in the brokering fees.) Some will still do it, either because that's their national policy (I would bet Cash America is one) but they don't have to, and they definitely don't have to live by your schedule.

lrhall41

Submitted by on Fri, 04/02/2010 - 18:00

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