cfsa does not allow epp in Iowa now ?
Date: Sun, 06/01/2008 - 18:21
Submitted by copandnurseplus4
on
Sun, 06/01/2008 - 18:21
Total Replies: 9
Secondly, I borrowed 500.00 from Advance America. I am not in default on this pdl. I did ask them to set up an EPP since they are a member of the cfsa - They said that the cfsa does not allow epp's in Iowa now. Has anyone heard of this? Any advice would be HUGELY appreciated! Thank You for taking time to help me.
Here is info on the EPP, straight from the CFSA website:
Here is info on the EPP, straight from the CFSA website:
CFSA Best Practices and Guidelines for Extended Payment Plans
Subject to applicable state laws, each member shall provide an Extended Payment Plan (???????EPP???????) for customers who are unable to repay a loan. The member shall adopt a plan that offers the customer at least the following provisions:
You [the customer] may opt into an EPP to pay an outstanding loan if you are unable to repay your loan when due. Any outstanding fee will be included in the amount subject to EPP.
You must invoke the EPP by close of business on the last business day before the loan due date by returning to the office where you obtained the loan or by using whatever method you used to obtain the loan. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule.
You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.
We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.
There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.
You can also go to the top of the PDL forum and look for the sti
You can also go to the top of the PDL forum and look for the sticky called "Payday Loan Laws for all of the States". You can click on Iowa and it should help.
Hi, PayDay Max seems to be legal in Iowa, every creditor needs t
Hi, PayDay Max seems to be legal in Iowa, every creditor needs to obtain license to operate in the state. However, here is the state pdl law for you,
Thank you ks - I did find that info on the cfsa website - but Ad
Thank you ks - I did find that info on the cfsa website - but Advance america is telling me differently - I also randomly called another store here that is part of the cfsa and they said the same thing. So - I guess I just wondered if anyone has heard of this yet?
CFSA's EPP is subject to state laws. My guess is that since
CFSA's EPP is subject to state laws.
My guess is that since Iowa law says the loan cannot exceed 31 days, and an EPP would put you over 31 days, they are not allowed.
Thanks - that does make sense, I guess. How about Payday Max -
Thanks - that does make sense, I guess. How about Payday Max - is Payday max legal in Iowa? They have allowed me to rollover - which is illegal in Iowa. So - do I need to pay them just the principal of 300.00 - or the total amount of 650 some dollars? Thanks for your time!
Credit Protection Depot - the collection agency, I guess, - is i
Credit Protection Depot - the collection agency, I guess, - is in Nevada. Does that make it legal?