Payday One reponse

I may have miss spoke - so I am asking both of you above what state are you both in.. Is Payday one licensed to lend in your state?

I hope you have better luck getting those payment arrangements/alternative options. I just got off the phone with them, trying to give a heads up about my account and wasn't offered anything but "the entire balance due or 10% plus fees". Meanwhile, Support told me they "Collections" can give you an extended payment plan.

Def. let me know what you find out.

I am in TX, TiminSC is in S. Carolina.
PDO/Rise is licensed to lend in Texas as a CSO.

Just wanted to check - being that they are a CSO they have to offer some sort of payment arrangement.. you may have to be in default to get it done though - may be why they said to call after the payment date is missed..

Yes, you do have to be in default. PayDayOne is also legal here in CA and I was told by one of their representives that I needed to wait for the email telling me that my loan payment did not go through. I did email them and fax them a letter stating I needed to make payments and my payment schedule and have not heard back from them, so not sure what is going on.

Hmm, ok. Looks like I will be working on this next Saturday (payment is due on Friday). It's so ridiculous you cant work this out ahead of time.

Here's the response I received from PayDayOne/Rise this morning:

Thank you for your recent email.

Per your request as of 07/12/2013 we have stopped any automatic payment drafts from your checking account; and we have updated your RISE account to reflect the same.

Please note, you are still obligated for repayment by the terms of the loan agreement you signed to accept the original funds. Your due date has not changed. Therefore, to avoid late or missed payments, you are required to make payment by an alternate option. We can accept Credit Card payments and the payment must be received one banking day prior to your due date by 4PM CT for processing. We can accept Money Gram payments and the payment must be received two banking days prior to your due date for processing. We can accept Money Order payments and the payment must be mailed seven to ten banking days prior to your due date for processing.

You have an amount of $1,685.92 due on the date of 07/19/2013. We are most interested in working with you to keep your account in good standing. If you have additional questions, please contact our Customer Support team at the number listed below.

Thank You,

RISE Customer Support Team
support@risecredit.com
www.risecredit.com

I understand they are legal and I do owe this. I just want them to work with me on a payment plan to pay it off. They changed their program on June 23rd to this Rise thing, my loan contract was through PayDayOne. I was also told prior that I would be able to split this into 5 payments to pay it off.

They are telling you that they are interested in working with you. Call them again and explain your situation and if you can pay in 5 installments then tell them that.

Dear Michael,

In your state the DEFAULT repayment option is a PAY IN FULL of the entire balance on its due date. There is another customer-initiated repayment option as well. This means that you can certainly discuss this option with our Customer Support Team, but state regulations do require you to log in to your account and schedule the option for yourself.

Here is the other repayment option:
- Finance charges + 10% principal; you may use this option until the loan is paid in full; however EACH TIME you do not want to pay in full you must log online before 4:00 pm CT on the banking day PRIOR to the due date to choose and schedule this option

There is also the same time factor for this option - your pay off and next application must be completed by 4:00 pm CT the banking day PRIOR to the scheduled pay off.

It has been our pleasure to provide this information to you.

Thank You,

RISE Customer Support Team
support@risecredit.com
www.risecredit.com

866-580-1226
866-580-1228 - FAX

Customer Support is available Monday through Friday, 8:00 a.m. to 10:00 p.m., and Saturdays 9:00 a.m. to 5:00 p.m. EST

Clearly, they still aren't wanting to give me an EPP to pay this off.

what are the finance charges + the 10% on the principal amount to? You said you could make 5 installments, and the balance is 1685.92 divided by 5 that would be 337.18 per payment. You might want to go the route they offered to get some breathing room, save a little along and pay it off. Is there a time frame on the option they offered?
Did you tell them you could make the 5 payments or just ask for an epp? What was the original payment plan before you defaulted?
Give a little more details an maybe someone here can steer you in the right direction.

The finance charges + 10% would be $470.92. I already made a payment of $429.93 on July 3rd.

I did explain to them that I was told I could get the amount split into 5 payments when I previously called, and I did ask for an EPP again. They said they don't offer them at all anymore, the only options are pay in full or fees + 10% of balance.
I even said that this loan was originated under PayDayOne and they say it didn't matter.

TimiSC...did you ever get a resolution on your account yet?

Does Rise have there own in house collection? And if so is that who you are speaking to? Your only option at this point may be to wait until they send it to outside collection. If it goes to an outside collection you may be able to get terms that you can live with.

Yes, PD1/Rise does have their own I believe. They call it "Account Services". Hopefully, when I talk to them they can give me something. Like I said previously, I have been a great customer with them since 2009 and always paid on time and paid off.

Most likely you are correct. At this point, you've revoked ACH and it looks like they are honoring it. I would contact them again and tell them that I couldn't make the payment that they have offered. I would tell them again what I could do and if they agreed to accept your payment plan then I would request an email or some written form of acceptance. Not sure if they would try and sue but if you luck out an get the right person on the line you may get lucky.

I guess we will see. I know for sure that the $470 payment just to extend it won't work. Even the $337 in 5 payments would be very, very tough for me at the moment

Well, figure out what is the most you can pay and make an offer. Don't extend yourself any further than you already are. At this point you've got nothing to lose. Give them a call, lay out what your situation is, and see what the heck happens. I'm sure they would rather try and work out something instead of suing you. If they sell it to a collection agency that is legal then maybe you can settle with them. You may find that if you keep calling and try to work something out will benefit you in the long run.
Good Luck

Thanks cb. I just hate that I've called so many times to talk to them and they won't listen. They changed their services right in the middle of my loan, with very little notice.