payday loan settlement
Date: Sat, 11/27/2010 - 06:40
I stopped payments on all of them last week, so I am now 1 week past due. I want to arrange some sort of settlement with them. At what point should I contact them with an offer? Advance America was a 700.00 loan and I have renewed it at least 4 times. EZMoney was a regular pdl, but was converted to an installment loan. The principle on the installment was 1995.00, I have paid one not of 399.00. The Ace Cash loan was for 1000.00 and I have not paid anything on this loan. I have had other pdl's with Ace and paid them off after renewing several times. I am thinking that I would send them a letter asking for a record of all money borrowed and paid from the beginning, to validate everything. Also need to add the cease and desist work and reference calls. Since they are all legal in Texas, I know that I have to actually address these but I cannot pay off this much in 4 installments. Any advice would be greatly appreciated.
Advance America is a member of the CFSA and should offer you an
Advance America is a member of the CFSA and should offer you an extended payment plan. You need to contact their corporate office and ask for it.
EZMoney Loan Services will ofer you a payment arrangement if you talk to them andtell them about your financial hardship.
Thanks for your advice. Do you recommend that I talk to the peo
Thanks for your advice. Do you recommend that I talk to the people at the storefronts or corporate? What I am going to propose is that I have 200.00 that I can use to pay them all back and they each can have a percentage of that 200.00 relative to the debt total. What I mean is I owe 3695.00 in principle. EZmoney is 54% of that debt, Ace is 27% and Advance America is 19%. Taking that 200.00, EZMoney would get 108.00, Ace-54.00 and AA 38.00. Does this seem reasonable?
Also, do you know if stopping payment on the check that I gave to Advance America constitutes theft by check?
I do not have an answer re Texas state law re what constitutes t
I do not have an answer re Texas state law re what constitutes theft by check, but here is what I do know: I have personally dealt with Advance America with my own PDL mess and have found that although they can indeed be boogers to deal with, it helped me greatly to work with the branch office directly. Although Paul Cahill is absoulutely correct in that they do offer an extended payment plan, I do believe that you have to sign up for it before you got into default.
Anyway, here is what I would do: First thing tomorrow, I would call the branch, tell them what happened and how you are going to pay for it. Ask for the EPP in any case. All this means is that you have to come in and sign paperwork promising to pay off the loan in 4 installments. They suspend collection activity during this time. If you don't pay, collection starts again.
You are not the only person in this situation doing business with them, trust me. Stick to your guns and defend your rights--but definately tell them what is going on.