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Extended Payment Plan - Cash Store

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Hi everyone,

So I'm relatively new to the PDL endless cycle and I wanted to know my options on getting out it.

I took a $1400 PDL in TX to get a car for work. It was an urgent time for me and I didn't consider a lot of other options. Anyway, I’ve been paying it off following the schedule bi weekly payments and right around the 8th or 9th payment, I lost my job so I could not afford it.

I refinanced twice and went to the storefront telling them about my situation and they just keep refinancing and now I'm back to the balance I started with after 4 solid months of payments.

I researched this problem in the past and since Cash Store is a CFSA member, members should provides Extended Payment Plans (EPP) in good practice. However, the storefront employees act as though have no idea what I’m saying and I told them that this isn't the first time someone has requested this.

I’ve paid over $2100 on a $1400 loan and they’re trying to start it all over again. If I don’t make a payment next week, they'll Debit my account and send me to collections. I so desperate to get this burden off my plate but I don't know what else to do.

What is the name of the lender. Are they legal in your state?

Sub: #1 posted on Fri, 07/26/2019 - 06:53

Sanders Patricia Sanders Patricia

(Posts: 1238 | Credits: )

They are lying. I don't know why. Since they are a member of CFSA, they are required to offer you the Extended Payment Plan where the interest will be frozen and you would have to pay the remaining amount.

The rule is this:

"To be a member of CFSA, a payday advance provider must abide by these practices. Among the Best Practices are requirements to display fees in large type on posters in all store locations and offer customers the option of an Extended Payment Plan, at no additional charge, if they cannot repay their loan when due. CFSA’s Best Practices ensure our member companies hold themselves to a higher standard of responsible service and help our customers make better financial decisions."

Sub: #2 posted on Mon, 07/29/2019 - 22:27

Nick Jonas Nick Jonas

(Posts: 427 | Credits: )

@Nick Jonas Yeah, you’re definitely right about that. The Storefront people are polite but when I went to see them, they were looking at me like I was a mad man or something. And they obvious want more people in their “business” and said they’d offer me $100 cash back for each person I refer. I WILL NEVER RECOMMEND ANYONE FOR THIS NIGHTMARE.

Should I just call the corporate office and let them know the storefront employees aren’t complying with CFSA standards? I worry that corporate would just play the same game.....

Sub: #3 posted on Tue, 07/30/2019 - 02:28

Benny Benny

(Posts: 3 | Credits: )

@sanderspatricia29 The Loan Provider is called Cash Store (Cottonwood Financial is the parent I believe). And yes I believe they are legal under the CSO. They should be CFSA members as well, but I guess the storefront employees aren’t aware of this (or lying about it).

Sub: #4 posted on Tue, 07/30/2019 - 02:33

Benny Benny

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