Wisconsin Installment Loan HELL

Date: Sat, 10/27/2012 - 07:41

Submitted by anonymous
on Sat, 10/27/2012 - 07:41

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Total Replies: 3

I am also in a HUGE mess with installment loans through Check n Go, EZ Money and The Cash Store. I have done some research on each institute and have found that they are all apart of the Community Financial Services Association of American which they SHOULD offer a EPP (extended payment plan) I was wondering IF I would ask for an extended payment plan would that mean that I pay the principal and FULL interest or just the principal and the first 2 weeks interest?

Example:

Loan Amount $980
bi-weekely payment estimate $220

so BEFORE I default I would ask for an EPP for the $1100 over 4 payments which is $275

or do they add in the FULL interest over the life of the loan? (which to me, that doesn't make sense if I could pay the loan off I wouldn't be in this situation. I was reading WI state laws and I should be offered an EPP but again this is an INSTALLMENT LOAN and not a PAYDAY LOAN. Any help or experience would be greatly appreciated.

Thanks!

No point getting things all confused. Its simple. Under the EPP,

No point getting things all confused. Its simple. Under the EPP, the lender just splits of the balance of your account into 4 parts. That is all there is to it.

lrhall41

Submitted by Steve Barris on Mon, 10/29/2012 - 00:32

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An EPP splits your balance into 4 equal payments - so if you had

An EPP splits your balance into 4 equal payments - so if you had a 1200 dollar loan and you've made 3 payments so far, and the balance is 1050 - including interest and principal - you owe 1050/4. Essentially the interest is frozen.

lrhall41

Submitted by waffles on Mon, 10/29/2012 - 11:55

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Installment Loans and EPP

Hello, I am also in WI, and when I asked about getting an EPP for installment loans, the answer was no on all counts. I guess because Installment loans are different from Payday Loans. The best thing to do is ask your lenders and see what they say, but for me, all of them legal lenders and CFSA members, they did not do an EPP for installment loans.

In my case, I had to default on the installment payment and force it to collections. I also moved the ones I simply could not pay to a Wisconsin Chapter 128 (it's unique in our state and worth looking at; there are a few posts about it on the forum.

lrhall41

Submitted by agath2005 on Mon, 10/29/2012 - 13:21

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