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PDL in Nevada

Date: Mon, 04/12/2010 - 13:17

Submitted by trapped in nevada
on Mon, 04/12/2010 - 13:17

Posts: 7 Credits: [Donate]

Total Replies: 3


Anyone know how much time the law requires the lenders to allow a person for the EPP's? We are trying to work with the PDL's but they all want the payments, after stopping interest, in two week intervals x 4. Which if we could pay that, we would not be going into default in the first place. Is there a certain amount of time, like 90 days or such they MUST give a borrower to pay the loan in full on a repayment plan by a God's miracle?
ThaNKS FOR ANY AND ALL HELP!:((((((((


Unless Nevada's law has changed substantially I don't think lenders are required to do the EPP at all. A lot of storefronts are part of CFSA. That's a trade association whose members are required to offer the EPP, but they don't have any legal authority to enforce it. The most they can do is throw a lender out of the organization.


lrhall41

Submitted by on Wed, 04/14/2010 - 17:45

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Under Nevada law they are not required to provide a payment plan, but MUST do so before they proceed with any "attempts to collect the outstanding balance on a loan in default by commencing any civil action or process of alternative dispute resolution or repossessing a vehicle.."

Therefore, they will most likely work with you to establish a 90 day payment plan, as otherwise, they won't have any option to collect.


lrhall41

Submitted by pobriant on Tue, 10/04/2011 - 18:20

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