Speedy Cash online refusing EPP

Date: Thu, 01/10/2013 - 20:01

Submitted by jhat1736
on Thu, 01/10/2013 - 20:01

Posts: 8 Credits: [Donate]

Total Replies: 3

I live in Oklahoma and I have two online payday loans. Advance American/Cashnet offered me the EPP without me asking and I took it. I notified Speedy Cash that as required under OK law, I want an EPP, which I've had before with them. I notified them on 1/9 and my due date is 1/14, and I notified them via email so I'd have proof. The response I got back was that I had a CFSA payment plan back in August and you can only have one CFSA plan per every 365 days. That is not Oklahoma's law, and I know that if a state require an EPP, then CFSA members have to follow the state, not CFSA. So I emailed Speedy Cash back, quoted from the CFSA website and linked to where it states members must follow state law first. I also directed her to their own website that states my loan is governed by the laws of Oklahoma. That didn't work. The next email I got just said the same as the first, that the CFSA payment plan is the same thing as the Oklahoma EPP and that I can only have once per year. Now its getting close to my due date and I do not want them debiting my account for the full amount of the loan. I called CFSA and explained the situation, the lady I spoke with agreed that they have to provide the EPP per Oklahoma law and there's no yearly limit. She asked me to email all my info to her and that she'd contact Speedy Cash corporate by phone. I forwarded her all the emails I've received regarding this, and then I emailed Speedy back to tell her I'd contacted CFSA again and that the CFSA rep would be calling. I haven't heard back yet, but I'm afraid all their stalling will result them debiting my account on 1/14 for the full amount. Any suggestions on how to best handle this - what will happen if I stop payment on the debit? I can't enter an EPP at that point and I've never had to stop payment before.

Are there even any consequences if a CFSA member doesn't follow the best practices, or are there consequences if Speedy doesn't follow the OK laws for deferred deposit lending? They are licensed to loan in OK and the rates and terms of my loan follow OK laws, except for the EPP issue. I notified them several days in advance of my due because I was afraid they'd refuse, but I figured they'd give me the EPP when I pointed out that info on their own site says my loan is governed by Oklahoma laws!

Thanks in advance.

2nd Loan in OK

How did you get a second loan in Oklahoma with the database? You have to swear you only have one loan and have had three loans in a row.

lrhall41

Submitted by anonymous on Mon, 01/21/2013 - 13:55

( Posts: 202330 | Credits: )

I am going to be honest with

I am going to be honest with you. I know of no state laws which demand lenders to provide EPPs to consumers whenever they ask. It would actually be of great help if you link me to wherever you read this. This is what I know though: EPPs are not enforced by any state/federal laws and CFSA member lenders are the only ones who offer EPPs as a lifeline to consumers in trouble. I just need to clear up the 365 days / 1 year time lapse. Your best option now would be to revoke ACH in writing and force the account into collection after which you can negotiate and modify the terms.

lrhall41

Submitted by Steve Barris on Thu, 01/10/2013 - 20:31

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CFSA does mandate that its

CFSA does mandate that its members provide EPPs but there are of course requirements. You can report it to the CFSA if the lender is refusing but it looks like you are out of luck as it does stipulate only one EPP/year (they are meant for if you are struggling not for a tool to pay your loans off with all the time) - in your case you'd have to look up the law for your state. I would call up your financial regulator and ask.

lrhall41

Submitted by waffles on Thu, 01/10/2013 - 20:56

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