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Debt Consolidation Forums Payday Loan help forums

I cant find my other thread, but...

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I have 5 store front pdl's in AZ here. All legal
I have maybe 50 bucks a paycheck left after paying them, rent or a car payment....and nothing for other bills.

I have decided it's time do something drastic since it's impossible to pay them off completely on my own.

I can see a very low fail rate for my plan...but it completely depends on if my employer isn't slow about putting my payroll changes into action ( they aren't the brightest I tell you ).

I do know that closing an account is the best option, thus throwing everything into default...but what if I kept it open and had my direct deposit sent to another bank? Odd's are my bank would pay all or most of them ( keeping in mind I would keep 2 out and pay them off the right way ). I would then be able to not only pay off the remainder ones, but also pay back my bank and possibly even save that account.

It seems more logical to me to pay one bank, than to deal with 3 ( or less ) collection calls from these lenders as well as save me from some aggrivation.


Has anyone had an experience in this route? Other then my payroll being idiots...are there any other legal ramifications that I'm not seeing?




First why don't you ask if any of these store fronts offer the EPP (extended payment plan). If they're members of the CFSA they likely provide that service, but they won't offer it, you have to ask for it. How it works is; they split your payments up into four equal payments, due on each paycheck, and the interest and fees stop as soon as you enter into it. It's worth a shot. :)

Sub: #1 posted on Tue, 09/09/2008 - 09:57

Shazzers Shazzers
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I did contact a couple a few pay days ago. What I was told was that they will not work with me until I am in default, and then someone from collections will contact me about making payment arrangements.

I'm not thrilled about this idea..but even with a payment plan I would be shelling out more per check to get them paid off than I am now. Sure it's a struggle for a short time, but still a struggle.

And as I said, unless I close my account...theres about an 85% chance my bank will pay all...and a better chance they will pay 1-2.

I don't know....All I do know is that I can't keep living off rice and bullion just to try to keep up with my bills

Sub: #2 posted on Tue, 09/09/2008 - 10:07

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Did you ask these store fronts if they're members of the CFSA?

Sub: #3 posted on Tue, 09/09/2008 - 10:10

Shazzers Shazzers
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No I did not. Primarily because I have no clue what that is

Sub: #4 posted on Tue, 09/09/2008 - 12:23

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Basically it's an organization that most store front lenders become a member of, they have guidelines that members are suppose to follow. That's why I asked if the store fronts you owe are members of the CFSA, if they are, then you're eligible for the EPP plan, but you need to ask for it at least one day before you default on your loan.

[quote]The Community Financial Services Association of America is the only national organization dedicated solely to promoting responsible regulation of the payday advance industry and consumer protections through CFSA????????s Best Practices. As such, we are committed to working with policymakers, consumer advocates and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers. [/quote]

Sub: #5 posted on Tue, 09/09/2008 - 12:58

Shazzers Shazzers
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None of them seem to be. I called again to get info and basically what they can offer me is this....pay it all, which I can't. Roll it over, which I'm doing and going no where. Or default, they ask for it in full and if I can't pay they take me to court for a judgement. Which, they can do.

So my options are.... keep on trucking and hope I win the lottery. See if my bank will pay any or all of them. Default and wind up in court for a civil matter....but court nonetheless.

And this far, no debt consolidation company I have found will work with payday loans...not because they don't want to, but because the lenders will not do it.

So unless I can pull $1700 out of my butt....I'm pretty much screwed :/

Sub: #6 posted on Tue, 09/09/2008 - 13:43

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Guest, Who are your pdls's with. You can go here to check and see if they are members of CFSA. You can also read about CFSA. The thing is, with an extended payment plan, you can not be in default. You have to go in beofre the loan is due and request it. Many times, the pdl will not admit to being a member of CFSA. Several members have posted they had to go to a district manager to get their epp. OR you could be in a state such as KY where the EPP will not work becuase of state law. But...here is the link. If you pdl is listed on here, and you are not in default, you could try printing this information and bringing it into the store. Work your way up from through the company if you have to...call the company headquarters if you have to.

About CFSA
http://www.cfs a.net/filing_customer_complaint.html

Member List
http://www.cfsa.net/MemberLis t.aspx

Sub: #7 posted on Wed, 09/10/2008 - 04:03

RoxyNY RoxyNY
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