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storefront pdls defaulting

Date: Fri, 09/18/2009 - 21:22

Submitted by anonymous
on Fri, 09/18/2009 - 21:22

Posts: 202330 Credits: [Donate]

Total Replies: 7


I have 4 storefront pdls. The total amount for them is about $900. I am about to default on them due to other financial difficulties. I was wondering if anyone knew about the process of working out payment plans with them. If that is something that they are obligated to do or not. I have every intention of paying them back as quickly as possible. but am scared that they will prosecute me on grounds of bank fraud or something. I am in Kentucky and really scared to death!!!! I am hoping that I can just work with them to make payment plans and stay out of court. any advice????


CashExpress : i have two with them one for 100 and one 225 plus fees
Payday USA : one with them for 200 plus fees
Fast Payday Loans :350 plus fees

I just read on another post that it was illegal to have more than 2 in Ky and a max of 500 combined so i'm really scared that I may go to jail


lrhall41

Submitted by on Fri, 09/18/2009 - 21:30

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If you haven't defaulted on these loans yet then you would be eligible for the EPP (Extended Payment Plan) if any of these lenders are members of the CFSA (Community Financial Services Association of America). Usually store fronts will have a sign up in their store stating they are members. The CFSA website isn't working right now or I would go and check.

Anyways, you will need to go into the store at least one day before your next payment is due, request an EPP (they won't tell you about it, you have to request it). This will allow you to pay off these lenders in four seperate payments on each payday, the interest stops as soon as you sign up for it.


lrhall41

Submitted by Shazzers on Fri, 09/18/2009 - 21:31

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Quote:

Originally Posted by Anonymous
CashExpress : i have two with them one for 100 and one 225 plus fees
Payday USA : one with them for 200 plus fees
Fast Payday Loans :350 plus fees

I just read on another post that it was illegal to have more than 2 in Ky and a max of 500 combined so i'm really scared that I may go to jail


No, you can't go to jail for owing money, this is a civil matter not a criminal one.


lrhall41

Submitted by Shazzers on Fri, 09/18/2009 - 21:31

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Give them a call and ask, or, when you go into the store look around and see if there's a plaque hanging stating something like "Proud Members Of The CFSA". Or, you could try checking their website, it seems to be down right now but maybe it will be up and running in the morning. Just google CFSA.


lrhall41

Submitted by Shazzers on Fri, 09/18/2009 - 21:42

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