Multiple PDL's in C-Bus OHIO
Date: Mon, 07/26/2010 - 10:05
The lenders are-
Check 'n Go, Checksmart, American Cash Advance, National Cash Advance, National Loans, and Ace Cash Express. I can make my loans this week, but not next.
If I ask for an EPP for those that are CFSA members, will I have to immediately make a payment? If I close my account prior to next payday, to avoid multiple NSF fees from my bank, is that illegal? I will be notifying the lenders before my due date that I can't make the payment. Any suggestions are welcome. Has anyone used any of the debt consolidation companies?
Thanks,
-CBus
Hello Cbusoh, I have moved your post to the proper forum to get
Hello Cbusoh,
I have moved your post to the proper forum to get more exposure.
These all look like storefront loans. You said you are considering an EPP on some of them? If you default on the EPP you will be obligated to repay the loan in full with penalties:(
Quote:Originally Posted by Cool_AbyssHello Cbusoh, I have moved
Quote:
Originally Posted by Cool_Abyss Hello Cbusoh, I have moved your post to the proper forum to get more exposure. These all look like storefront loans. You said you have an EPP with some of them? If you default on the EPP you will be obligated to repay the loan in full with penalties:( |
I didn't see that you moved my post, sorry about the re-post. I have maintained these loans so far, but in three weeks I won't be able to maintain the cycle. I currently have no EPPs, nor am I late on any loans yet. I'm trying to be proactive. I can't pay any down this payday and by next payday, won't make all my payday loans. Which will cause a chain reaction and my inability to re-borrow or make payments if I don't set up a plan soon.
I know that I'll have to pay in full with penalties with EPP, but I was curious if I would have to immediately make my first payment. If they can do monthly payments, I should be able to handle most in this manner. Additionally, I would like to avoid my banks NSF fee's, 2x each check ($400) total for 6 checks posted twice. I know I'll still have to pay the lender's returned check fee, but I'll be closer to paying these off without all those bank based NSF's.
[quote] but I was curious if I would have to immediately make my
[quote] but I was curious if I would have to immediately make my first payment. If they can do monthly payments, I should be able to handle most in this manner. Additionally, I would like to avoid my banks NSF fee's, 2x each check. I know I'll still have to pay the lender's returned check fee, but I'll be closer to paying these off without all those bank based NSF's.[/quote]Let me understand you better? You are saying you will enter an EPP, you will make the first payment on the plan, but not untill the following month? The EPP should be divided into four equal payments with interest. If you read the EPP agreement it specifically outlines defaulting on the offered repayment plan and penalty fees. Ok so now that is clear, when I entered an EPP my first payment was not due until the next following month.
Reality is if you do not follow thru with the EPP then it will default, and that company will most likely run a check through for the full amount of the balance. So in all actuality, it will hit your bank. If you close the account then you will get hit with NSF by both parties, and the PDL company will start the collection process from there. They may offer you something smaller than the EPP, but that is totally up to them. Hope that helped.
Yes, that helps. I don't plan on defaulting. If I can get monthl
Yes, that helps. I don't plan on defaulting. If I can get monthly payments, I can make them all on time.
Well I wish you the best. It is a little complicated when dealin
Well I wish you the best. It is a little complicated when dealing with storefront lenders. Hopefully the managers there can offer you something a little more reasonable, besides you are being proactive;)
Quote:Originally Posted by Cool_AbyssLet me understand you bette
Quote:
Originally Posted by Cool_Abyss Let me understand you better? You are saying you will enter an EPP, you will make the first payment on the plan, but not untill the following month? The EPP should be divided into four equal payments with interest. If you read the EPP agreement it specifically outlines defaulting on the offered repayment plan and penalty fees. Ok so now that is clear, when I entered an EPP my first payment was not due until the next following month. Reality is if you do not follow thru with the EPP then it will default, and that company will most likely run a check through for the full amount of the balance. So in all actuality, it will hit your bank. If you close the account then you will get hit with NSF by both parties, and the PDL company will start the collection process from there. They may offer you something smaller than the EPP, but that is totally up to them. Hope that helped. |
If I close my bank account I'll still get and NSF from my bank too?
Quote:Originally Posted by CBUSOHIf I close my bank account I'll
Quote:
Originally Posted by CBUSOH If I close my bank account I'll still get and NSF from my bank too? |
Ahh, the almighty stickies. I finally noticed the "Read this before you close your account" sticky. A lot of good info.
I'm just contemplating closing my bank account. If I purchased a netspend pre-paid card from Checksmart, are they allowed to draw money from it? I know I can load money on it at Checksmart.
Quote:Originally Posted by CBUSOHAhh, the almighty stickies. I
Quote:
Originally Posted by CBUSOH Ahh, the almighty stickies. I finally noticed the "Read this before you close your account" sticky. A lot of good info. I'm just contemplating closing my bank account. If I purchased a netspend pre-paid card from Checksmart, are they allowed to draw money from it? I know I can load money on it at Checksmart. |
You'll need to read the terms of agreement from Checksmart regarding the card.
Where can I look to find the bank account law in Ohio, about clo
Where can I look to find the bank account law in Ohio, about closing accounts and PDLs? Does anyone have an opinion on debt consolidation for PDLs? Is it better to work with the lender myself? I have 6 storefront locations.
Thanks,
[quote]If I close my bank account I'll still get and NSF from my
[quote]If I close my bank account I'll still get and NSF from my bank too? [/quote] Depends on the bank's policies. Check with your bank.
Regarding using a debt settlement company for your payday loans,
Regarding using a debt settlement company for your payday loans, that is an option. You however will have to pay the company fees for their service. It is very possible for you to deal with these companies yourself. It just depends on whether you want the hassle of dealing with them or not. I thought about using a settlement company but went ahead and handled them myself. I think it's cheaper that way :)
Quote:Originally Posted by SassnlucyRegarding using a debt settl
Quote:
Originally Posted by Sassnlucy Regarding using a debt settlement company for your payday loans, that is an option. You however will have to pay the company fees for their service. It is very possible for you to deal with these companies yourself. It just depends on whether you want the hassle of dealing with them or not. I thought about using a settlement company but went ahead and handled them myself. I think it's cheaper that way :) |
I would like to work out payments with the companies, but I'm not sure I can make 6 x $137.50 payments every month. That works out to $825. My understanding is that invoking/requesting EPP is 4 equal payments. If I can find a good debt consolidation company that deals with storefront PDLs and can spread out the payments, so I can make them, I would pay a fee. Any thoughts?
Quote:Originally Posted by AnonymousI would like to work out pay
Quote:
Originally Posted by Anonymous I would like to work out payments with the companies, but I'm not sure I can make 6 x $137.50 payments every month. That works out to $825. My understanding is that invoking/requesting EPP is 4 equal payments. If I can find a good debt consolidation company that deals with storefront PDLs and can spread out the payments, so I can make them, I would pay a fee. Any thoughts? |
Are EPP's usually monthly? If they're bi-weekly I wouldn't be able to make payments to all lenders. I don't want to implement a EPP if I can't make the payments. It seems that if you miss a EPP payment, the collection of your debt is accelerated, is that accurate?
EPPs are generally 4 payments made on your next 4 paydays (per t
EPPs are generally 4 payments made on your next 4 paydays (per the 60 days rule for OH). However, interest stops accumulating so, if you owe $545, you'd be required to pay the $136.25 on your next 4 paydays.
If you implement an EPP and miss a payment, generally collection efforts are accellerated. My best advice to you would be to call the corporate offices of these companies and try to make your arrangements through them. They may be a little more flexible with you and allow you to extend your payments further into the future. The reps at the storefront locations are usually pretty worthless, robot-like people who have no sympathy or flexibility whatsoever.
I can give you contact info for one. This gentleman was very helpful to me with Check 'n Go.
His name is Andrew Stender. He's a Support Services?*Group Team Lead.
Phone: 800-723-7022
Email: [email]astender@checkngo.com[/email]