Help with PDL/CSO in Dallas TX
Date: Fri, 10/30/2009 - 07:38
The Cash Store (storefront): initially borrowed $1100- I just spoke to them and I have refinanced this 14 times at $240 (give or take) twice per month.
Ace Cash Express: (internet) $350/ paid in fees $105 (I have had small loans over the course of the last several months that I would payoff and then take out again a few weeks later, this is a new one)
Check N Go: (internet) $200/ paid in fees $200 (I have paid off balances with this since June, payoff an amount and then I would have to take another advance a week later)
I know that Texas is tricky with the whole CSO situation. I am tempted to default, but I am concerned about calls to my job since I am a temporary for the federal government. I bank with Wachovia. Any help would be greatly appreciated! Oh and I have spoken to The Cash Store about an EPP, they said it was not possible, they did not offer it and have tried to get me to roll into an installment loan for 10 payments of over $350 each, which I can not afford. I do have a payment with Cash Store due today. I just feel really, really desperate. What should I do?
Hi there, just wanted to acknowledge your post, I need to do som
Hi there, just wanted to acknowledge your post, I need to do some research so hang in there, I will be back shortly with some information, hopefully.
The Cash Store told you they don't offer an EPP? Yet they are li
The Cash Store told you they don't offer an EPP? Yet they are listed as a member of the CFSA! Look at the link below:
http://www.cfsa.net/MemberList.aspx
OK then, this is what I would do, I would call The Cash Store and ask for the phone number of their corporate office. I would then call their corporate office and request to speak with someone in charge. I would then explain to that "someone in charge" I have a loan with a local Cash Store, went in to request an EPP, and was told they did NOT offer the EPP, also ask, can you tell me why a representative of your local store stated your company does not offer an EPP, because "The Cash Store" is listed as a member of the CFSA, and according to the CFSA's "best practices" members must abide by all CFSA Best Practices and pledge their commitment to them annually. I am sure you are aware of this, no? Then, present them with the list of "best practices" which includes the EPP, number 11, link below. That's what I would do, and probably in each case where the lender is a member of the CFSA.
LINK: http://www.cfsa.net/industry_best_practices.html
I don't see Ace Cash Express listed as a member of the CFSA, but
I don't see Ace Cash Express listed as a member of the CFSA, but that doesn't mean they aren't, so I would call and ask them.
By the way, Check n Go IS listed as a member of the CFSA, and th
By the way, Check n Go IS listed as a member of the CFSA, and they are difficult to deal with so I would definitely go through their corporate office so that you can use an EPP with them.
Ok, Cash Store is backed by Cottonwood Financial- I phoned and
Ok, Cash Store is backed by Cottonwood Financial- I phoned and was transferred to a very professional person in Operations who explained that they were CFSA members, but do not offer EPP. I pressed this further, she explained because of the CSO situation in Texas, this is how they get around offering this. Hhhhmm, I know.
Here was her suggestion that I would like to get feedback on- she said that if I go and miss my payment, the check I wrote to the store will be presented to my bank and then returned to them for NSF. I will incur a $30 from Cash Store, but going forward they would work out a payment plan with me from there. That as long as I was proactive and maintained my end of the deal that we would be able to work something out. What do you think?
Well, I think that's a bunch a crap but my opinion doesn't help
Well, I think that's a bunch a crap but my opinion doesn't help your situation. Sounds like they have you over a barrel, so, unless someone else has any other suggestions, I would probably incur the NSF charges to work out a payment plan. The idiots!
I'm so sorry you got involved with the Cash Store! I used to wor
I'm so sorry you got involved with the Cash Store! I used to work there and at the store level they are only worried about collecting! At the corporate level they are much more willing to work out a payment plan with you. Basically the way they do it is they initally send your check for deposit through ACH. Once your check is returned NSF a one time fee of $30 is added to the total debt. You will then be in collections and they will call you at least 2-3 times a day at all phone numbers they have for you. Depending on how you signed your contracts they will attempt to send your check for deposit up to 2 more times for half of your total debt when you get paid. As long as you have direct deposit they will attempt to collect the money as soon as your paycheck hits the bank, their ACH does too. The store will try to scare you using the term "legal department" but they are taught to collect using any means necessary because their jobs depend on it. The store has 15 days to collect from you, then you go to corporate collections and like I said earlier they will work with you as long as you keep up your end of the deal with the payment arrangements you make. If satisfactory payments are not made in corporate collections they will "lock you out" meaning you will never be able to loan from them again. I'm not exactly sure what happens then but I do know that eventually they will sell your debt to another collection agency. I hope this helps you and others who are thinking about loaning with the Cash Store.