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RENT a center

Date: Thu, 02/25/2010 - 11:55

Submitted by worrell4
on Thu, 02/25/2010 - 11:55

Posts: 21 Credits: [Donate]

Total Replies: 8


I have talked with Rent a center her where I have a pdl. They stated that to even be put on the payment plan, that my checks have to be deposited and then when I get on the payment plan that I have pay 2 30.00 dollar fees plus my first 55 dollar payment... Can they do that? I thought that if you asked for an EPP that they had to give it to you for the face value of the check... Any suggestions...My check is due tomorrow!!!!!!!!!!!!!!!


Not the face value of the check, you also have to pay whatever interest has accumulated up until you sign up for EPP, the interest is suppose to stop the day you sign up, see the link below and read number 11:
http://www.cfsa.net/industry_best_practices.html
What state are you in? Is the name of the payday lender Cash Advantage?


lrhall41

Submitted by Shazzers on Thu, 02/25/2010 - 11:57

( Posts: 17344 | Credits: )


No, it is RentaCenter financial services. They are saying that I can't even get the EPP until they run the check and it comes back to them. Then she says that I have to pay 60.00 in fees plus my first payment, which would be 110 dollars. I did not think that they were supposed to run my check and I thought all I would have to have would be my first payment. And from what I have been told, I can go in a sign up for the EPP today and not have to have any money. I thought that the EPP was for people not wanting returned checks?


lrhall41

Submitted by worrell4 on Thu, 02/25/2010 - 12:08

( Posts: 21 | Credits: )


They are members of the CFSA, this means if they want to remain a member they must adhere to the guidelines, if they don't follow the guidelines then tell them you are going to report them to the CFSA and have suggest they have their membership revoked for not extending the EPP under the guidelines the CFSA set forth. Print out the information below which is posted on the CFSA website, take it into the Rentacenter and show them they are not following the rules of the CFSA and you feel you are being treated unfairly:\

[QUOTE]CFSA Best Practices

Industry Reforms Prompt New Industry Best Practices

CFSA firmly believes that payday advance transactions should be conducted in a safe and responsible manner, with appropriate consumer protections. To that end, CFSA members abide by mandated Industry Best Practices to ensure responsible conduct among lenders, protect borrowers??? rights, and to encourage self-governance of the payday advance industry.
CFSA member companies are required to comply with Industry Best Practices that ensure consumer protections and responsible lending to all customers. As a condition of membership, members must abide by all CFSA Best Practices and pledge their commitment to them annually.
In addition, member companies are required to affix the CFSA Member Seal to the window of each store and prominently display CFSA Best Practices counter cards. Members are also required to provide each new customer with a CFSA Best Practices brochure.
[/QUOTE]Also print out the information below and take it into the store, show them they are not meeting the requirements of the CFSA:
[QUOTE]Extended Payment Plan *. Each member will provide customers who are unable to repay a payday advance according to their original contract the option of repaying the advance over a longer period of time. Such an extended payment plan will be offered in compliance with any requirement in state law to provide an extended payment plan or, in the absence of such a requirement in state law, in compliance with the Best Practice ???Guidelines for Extended Payment Plans.??? A member will adequately disclose the availability of the Extended Payment Plan to its customers in compliance with any requirement in state law for such a disclosure or, in the absence of such a requirement in state law, in compliance with the Best Practice ???Guidelines for Extended Payment Plans.???[/QUOTE]
[QUOTE]CFSA Best Practices and Guidelines for Extended Payment Plans

Each member shall provide an Extended Payment Plan (???EPP???) for customers who are unable to repay a payday advance. Each member will offer such an Extended Payment Plan in compliance with any requirement in state law. If no such requirement exists in state law, then the member shall adopt a plan that offers the customer at least the following provisions:


[LIST=1]

  • If you [the customer] are unable to repay your advance when due, you may opt in to an EPP to pay the outstanding advance at least once in any twelve month period. Any outstanding fee will be included in the amount subject to EPP.
  • You must invoke the EPP by close of business on the last business day before the advance due date by returning to the office where you obtained the advance or by using whatever method you used to obtain the advance. To invoke the EPP, you must sign an amendment to your agreement reflecting the new payment schedule.
  • You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.
  • We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.
  • There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.
  • If a state has adopted a requirement for a repayment plan in state law, members shall comply with those requirements. The CFSA Best Practices Extended Payment Plan may not be available to customers in states with statutory payment plan requirements.

    [/QUOTE]


    • lrhall41

    Submitted by Shazzers on Thu, 02/25/2010 - 12:25

    ( Posts: 17344 | Credits: )


    I am in TN. They have CFSA stuff on the window and at the counter. She is still telling me that they will run the check through. She is now calling her district manager. I told her that I thought that an EPP was for people that wanted to pay the account off without overdrafts. Yes, it is a payday loan. She wants 110.00 per check today (and I have two) which includes 30 return check fee, 30 dollar fee for current check and the first 50 dollar payment...


    lrhall41

    Submitted by worrell4 on Thu, 02/25/2010 - 12:39

    ( Posts: 21 | Credits: )


    Well that didn't work. They are running my checks through tomorrow. I was told that I should come in on 3/15/2010 with $110.00 per check and then make three payments of $50.00 every pay period. She claims that the fees are some kind of NEW thing that has changed in the last month. I just want to know how to contact CFSA.. I feel really taken advantage of!!!!!


    lrhall41

    Submitted by worrell4 on Thu, 02/25/2010 - 13:08

    ( Posts: 21 | Credits: )


    Call the CFSA at 703-684-1029, explain the situation and see if they will help you, tell them based on their information on their website their members are supposed to adhere to the CFSA rules. I would also call the corporate office and complaint that one of thier offices isn't honoring the EPP's guidelines, see if they can help you.


    lrhall41

    Submitted by Shazzers on Thu, 02/25/2010 - 13:57

    ( Posts: 17344 | Credits: )