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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

Posts: 14 Credits: [Donate]

Total Replies: 9


Hi - Thanks so much for taking time to read my post. Please see my first post to get some background. I live in Iowa - I need to know if PayDay Max is illegal here or not. They are going to be calling me the minute they open up in the morning - actually it is credit protection depot that will be calling. I borrowed 300.00 on 2/19 - paid 70.00 on 3/7, paid the "balance" of 352.27 on 3/21 - however - that check was returned and I thought that it had been paid. May 19th - I got an email and a phone call from credit prot. depot stating that i now owe 655.52 or they will escalate the collections. they said I had to pay 311.00 by 5/30 - well,5/30 came and I just don't have ANY money at all to pay them. I am just so scared and worried and I know that I will never sleep tonight (my husband is a cop and he will be fired if we have any sort of court anything involving finances). So, what can I do with them?
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:





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.


lrhall41

Submitted by kscornell on Sun, 06/01/2008 - 20:12

( Posts: 4407 | Credits: )


Paydaymax is not legal anywhere. They are overseas.


lrhall41

Submitted by on Tue, 06/03/2008 - 20:34

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