Payday loan help!
Date: Sun, 11/01/2009 - 17:18
CashStore $1400 total including fees...have been paying $250 every 2 weeks for over a year. They just started a new program, and I have made 3 payments of $334...only 7 more to go after I've been throwing money at them for so long.
FirstCash Advance $700 (paid much more than that)
Advance America $1200 (have paid $800 total, although each time in they make you restart your loan, so it shows you haven't paid anything)
EZMoney $1000 (paid $500)
AceCash $1000 (paid $500)
CheckNGo $900 (paid $150)
We know they are all legal lenders so the next step is to find a
We know they are all legal lenders so the next step is to find a way to try to pay these off without constantly re-loaning. You might need to start with one or two of them and work your way down. Below is a link to the CFSA (Community Financial Services Association of America) member list.
http://www.cfsa.net/MemberList.aspx
I see the following lenders listed as members, this is important because it means you are eligible for an EPP (extended payment plan), how that usually works is; the interest stops and you pay off the loan in four separate payments on each of your paydays, but you have to ask for it because they won't tell you about it.
Advance America and CheckNGo. The link to check the list is below:
http://www.cfsa.net/MemberList.aspx
The link that explains the EPP, number 11, is below:
http://www.cfsa.net/industry_best_practices.html
I wanted to add, even if a lender is listed as a member of the C
I wanted to add, even if a lender is listed as a member of the CFSA does not mean they aren't, you will need to call them and ask.
Thanks for the advise.....I'll try requesting the EPP although I
Thanks for the advise.....I'll try requesting the EPP although I really don't know how willing they are going to be to work with me...since I've been paying all along and never defaulted.
As a follow up: I contacted The Cash Store....realized I've bee
As a follow up: I contacted The Cash Store....realized I've been paying $500 a month ($250 every two weeks) since 12/2007!!!! Talked to the employees in the store, who of course I've gotten to know over time, and they were helpful. Referred me to Cottonwood Financial, who I just spoke with. Basically advised to allow the next payment to be returned...will go back to the store for 15 days, and then to them for collection. At that point they will work out a payment plan for me....I've explained thoroughly that I've paid over $11,000 on a $1400 loan, and I don't believe I need to pay them any more, but am worried about my credit, should I stop paying. Assured they do not report to credit until it has to go to a 3rd party CA, and he said that won't happen based on my history. He also said it is a possibility that the account be zero'd out once it gets to them (collections at Cottonwood)... I'm going to talk with the store again tomorrow..just to make sure we're all on the same page.
Re: other loans...I'm going to just have to work at them one at a time I guess....using what I've saved on The Cash Store to get rid of the others.
But from what I can tell from all of those I've spoken with and read on here.... what helps is when the payments stop, and they are forced to work with you, on your terms.
I am concerned about negative credit reporting though, because my credit was improving... any info or advise on how to avoid these being reported besides what I've stated here?
Another update
Thought I'd update again....what I'm doing appears to be working, for my situation at least.
I probably wouldn't have gone this route if I hadn't already paid the initial loan and finance fees back, plus some.
After discussion, many questions, and lots of research I learned that once you go into default or request the EPP (if they will give it to you), the so-called "interest" stops and you only owe the balance. So when you pay, it goes towards the balance, not just the "reloan" interest!!
No, this doesn't help me get any more cash in my hands right now, or next payday, but in a couple of months, IT WILL BE ALL OVER!!!!! That's what keeps me going and also understanding I've been paying it, and will just have to continue to do so for a short period of time longer. At least now, there's an end in sight!
BONUS: If you are working with them, and don't allow them to send it out to 3rd party collections, then it does not get reported to the credit bureau(s)!!!!!
First and foremost I had to get over my fear of telling them I'm through paying "reloan" fees every two weeks, and take control back rather than allowing them to control me any further.
This is what I've done:
I've officially defaulted with CashStore...it went back to the store, I allowed them to send it to corporate collections (intentionally). Only one person there has really been difficult to deal with (threatening, etc) while all others are reassuring that they will work it out with me, etc. I may have to end up giving them some more money, which they will divide into at least 4 payments....but I'm working on getting down the total amount I need to pay in those 4 payments, and then be through with them!
I've also since defaulted with First Cash Advance. I've called and spoken with the store, who stated they will get notice from their local office to call me, probably in about 2 weeks. Then I'll have 3 options.... come in and pay the "reloan" amount and get back into good standing; pay 1/2 at once and 2 more payments (which will be the balance only not the "interest" fees) and it will be fully paid; or pay it off. I could also allow it to go to their corporate office for collections as well. I'll cross that bridge when I come to it. I'm going to get the CashStore paid off first (next couple of weeks) then work on this one.
I then defaulted with AceCashExpress.....talked with the store first....I'll work out payment arrangements with them just as I have the rest once they make contact with me. And by then I'll have the CashStore and First Cash Advance money that I was using as reloaning to put towards this balance.
And, I'll progress from there.
Thought I'd just share what seems to have worked for me thus far, and will continue to update so that others in my situation may have some insight on how to reduce the balance owed rather than just reloan every two weeks!
I WILL DIG MYSELF OUT OF THIS HOLE!!!!