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I am in over my head with PDL's. I had several online PDL's that I know are illegal and worked with them to revoke ACH's and settle the debts (with the irritating exception of the Little Loan Shoppe). Now, however, I still have 4 store front PDL's. I was trying to invoke the EPP (extended payment plan) at two of them: Check N Go and EZ Money. They both said there was no such thing as the EPP. So, my checks for these two PDL's bounced. NOw, they want me to pay the full amount within 30 days or it goes to the lawyers/collections. Has anybody else been able to successfully use EPP in Nebraska? According to CFSA's website, they're both registered (Parent company of EZ Money is Midwest Check Cashing - which is on the list). Both companies told me they're part of the CFSA...Any ideas/help?




EPP is allowed in Nebraska. Check out the following link which will give you more information about EPP, storefront loan laws in Nebraska: http://www.debtconsolidationcare.com/nebraska/store-front .html

Sub: #1 posted on Mon, 08/16/2010 - 16:14

paulcahill80 paulcahill80

(Posts: 2359 | Credits: )

Thanks. I'm not sure why I was told it wasn't available in Nebraska. I've contacted the CFSA and the Nebraska Department of Banking and Finance.

Sub: #2 posted on Mon, 08/16/2010 - 16:33

CariC CariC

(Posts: 11 | Credits: )

Let me do some more research on this. I'll post you my reply later today.

Sub: #3 posted on Mon, 08/16/2010 - 17:12

paulcahill80 paulcahill80

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The CFSA requires EPP as part of its membership rules! Paul will get the info for you I am sure! You are in good hands!

Sub: #4 posted on Mon, 08/16/2010 - 17:25

Frogpatch Frogpatch
Moderators Cum Industry Expert
(Posts: 5381 | Credits: )

Hi,

As per the CFSA website, Extended Payment Plans (EPP) are allowed in Nebraska, by all the members of CFSA. I'm not sure why CFSA told you it's not allowed. Call at this no. (877)471-3445. It's the consumer hotline no. for Nebraska Department of Banking and Finance. I researched the whole day today and am 100%, EPP is allowed in Nebraska.

Sub: #5 posted on Tue, 08/17/2010 - 09:26

paulcahill80 paulcahill80

(Posts: 2359 | Credits: )

You'll generally get a better response to an EPP request if you call the corporate offices rather than trying to deal with a rep at the store front location.

Sub: #6 posted on Tue, 08/17/2010 - 09:29

OhioGal1 OhioGal1
Moderators Cum Industry Expert
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I had no luck with the corporate offices. All of the managers were "out of the office". This is the response I got from Nebraska Department of Banking and Finance:

Nebraska statutes require a Delayed Deposit Services Licensee to deposit the check taken with the transaction within 34 days of the initial transaction. Because of this deposit requirement, the extended payment plan option that the CFSA puts forth would not be available prior to deposit (and subsequent return) of the customer's check. However, there is nothing in Nebraska statutes that would disallow a payment plan to be put into place after the initial deposit to pay off the collection item. Whether or not a specific licensee allows payment plan options is their business decision. If you think that there is language in the contract that you signed with the transactions which makes it seem like a payment plan would be permissible you are welcome to file formal complaints against the companies that you are dealing with.

Regardless of payment plan options, turning over that check to a "county attorney" for criminal prosecution would be impermissible as the check is not a "bad check" in the same terms as found under the criminal statute (when you write the check it is postdated with the understanding that there aren't funds immediately available). Licensees may use civil collection methods available to them (and some county attorneys do collect civilly, but in that case function as any other collection agency collecting on a contractual debt).

If you have further questions, please let me know.

Amy Greenwood-Field, J.D.
Review Examiner
Nebraska Department of Banking & Finance

Sub: #7 posted on Thu, 08/19/2010 - 15:55

CariC CariC

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