Consolidating Storefront Loans

Why don't you try to work it out with these store front companies yourself, why pay someone to do what you can do yourself. Have you defaulted on any of these loans yet? What are the names of them, there may be another solution.

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First of all, the link below contains your payday loan laws:
http://www.paydayloaninfo.org/stateinfo/TX.asp

I haven't contacted them yest because they have my bank acct info & am worried they'll just do something shady & as soon as I say I can't pay, try to debit my account.

I do believe that all of your store front lenders are members of the CFSA ( Community Financial Services Association of America). This is good news because that means you are eligible for the EPP (Extended payment plan) but you must ask for it BEFORE you default! How it works, you will pay off these loans in four separate payments on each payday and the interest stops as soon as you sign up for it, read about it at the link below, number 11:
http://www.cfsa.net/industry_best_practices.html

http://www.cfsa.net/MemberList.aspx

My APR's are all 531%-$533%- maybe I misread but it seems that this is over what's stated for the maximum APR?

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But with the combined total of all the loans, what if I can't pay them off in 4 pay periods using the EPP?

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OK, great. IF I can A) Work out a payment arrangement with some of them that is only for the original loan amount and do the EPP with others, that sounds feasible. I just don't have the ability to pay them all off in a short period of time. I'm hoping that as long as I am paying them something per our arrangement, that I won't get screwed. Also, if I can B) Get them to agree to letting me pay it off in increments then hopefully, everybody wins.
Does that sound totally unfeasible?

All of them advertised themselves as being payday loans.

This is what I would do if I were in your shoes, you can use my advice or do whatever you are comfortable with, but anyway this is what I would do.

I would obtain an EPP of the two I suggested above. Then I would send letters to the other two revoking their rights to debit my account and revoking any wage assignment I may have signed.

In the with the revocation letter I would include an outline of a proposal of how I intended to pay them back, as an example, let's say all I could afford would be 20 bucks a week. I realize it wouldn't be acceptable but that's too bad, 20 bucks is better than nothing and will stall them from suing me right away. So, faithfully, I would send them 20 bucks weekly with a money order and keep every receipt and all correspondence back and forth. I would also include a good faith payment with this letter, like clockwork I would make sure I got them their 20 bucks every week. I figure by the time they decide to sue me these loans will mostly be paid off, and even if they aren't, the judge would probably go easier on me because I would have proof that I was making an effort, and in these economic times I honestly believe a judge wouldn't order me to pay any more than I already was paying, especially if I could prove (with pay stubs) 20 bucks a week was all I could afford. That's what I would do.

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That sounds excellent. I could probably afford to pay them $50 or so every pay period, totaling $100/month. I'm hoping they will agree to this as A) I have never defaulted or been late- I always come in every payday, and B) As long as they eventually get their $ they should be happy.
Do the EEP's cover just the original loan amount or the interest as well?

[QUOTE=Shazzers;655487]They MUST give you an EPP if you request it, that is a part of the rules they must follow for being a member of the CFSA, if they refuse, then I would threaten to turn them over to the CFSA, and follow through, because the CFSA will help you obtain the EPP if you are entitled to it.[/QUOTE]

I think all but 1 are members.

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Holy moses- I didn't realize until now my full name was appearing on this lol! Eek- how do I change that!

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I moved it.

OK awesome. If you can direct me to them so I can request to have a screen name that would be awesome.

FYI- You've been so much help!! I can't thank you enough!

Here is a link for Jason, just click on "Contact Info".
http://www.debtconsolidationcare.com/forums/member.php?u=293

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Will do! I will contact the 2 about EPP, and the other 2 I will call & ask about my options as far as a payment plan, and if they're unagreeable, I'll do the letters tomorrow so I can show proof that it was mailed before Friday & they should get it in time to not try to debit my account. I should address it to the actual loan companies, right (NCP Finance, etc)? BUt given that 1 loan is due on Friday, I want the actual store to have the letter by then. Ideas?

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For all of your help! I now see there is a light at the end of the tunnel & it's not in fact an oncoming train!

I think 2 of the 3 are willing to work with me, BTW. The 3rd said they aren't willing to do the EPP, even though they're on the list you gave me. So, I'm faxing & mailing them a certified letter. But I did freeze my bank account, upon the advice of a 3rd party consolidation company (who I decided not to go with as if I'm going to have to pay them off anyways, why pay a company almost $1,000 to do it?). 2 of them are being pretty cool about it, but that 3rd one is not willing to budge.