Keep away from pay day loan default with an Extended Payment Plan

Despite planning and the best of intentions, sometimes individuals discover themselves unable to repay their payday loans when they come due. That’s why personal loan companies that are members of the Community Financial Services Association of America (CFSA) offer an Extended Payment Plan (EPP). At no charge, an EPP plan can be put into action that enables a consumer to repay their loan over their next four paydays. Source of article – Avoid payday loan default with an Extended Payment Plan by MoneyBlogNewz.

Loan providers determine, after the state, EPP rules

Depending upon the state in which payday loans originate and whether the lender is a CFSA member, the stipulations of an Extended Payment Plan will vary. State laws are followed if the law already provides an EPP for consumers on payday loans. In states where there is not already a specific law, members of the CFSA will follow these requirements. CFSA-member extended payment plans generally allow customers to repay their short term installment loans in four equal payments over the next four paydays, claims eHow Money. Sometimes an EPP payment is missed. In this case, additional fees might apply.

CFSA-member lender where you get an EPP

• Lender should be CFSA. Try and get this. The CFSA’s blue oval logo should be on display in the payday lender’s office or on the website. The extended repayment plan could be offered by a lender that isn’t a member of CFSA. Ask for details.
• The lender needs to be contacted. Do this prior to the due date end of business day. If you are going to run into trouble repaying your payday loans, contact your lender just before close of business on the day right before your loan is due. Go to the lending office or contact the lender online. Ask for an Extended Payment Plan. The due dates will be put in an agreement that you will have to sign. Read the extended repayment plan carefully just before signing.

Go ahead and complain if a lender was not willing to give you an EPP in the last 12 months and is a member of CFSA. During the Eastern time business hours, you are able to go call 888-572-9329 (fax 703-684-1219) or email cfsa@multistate.com to contact the CFSA. Alternatively, contact the CFSA by mail at 515 King St., Suite 300, Alexandria, Va., 22314.

Information from

CFSA Consumer Complaint Form

cfsaa.com/cfsa-member-best-practices/how-to-file-a-customer-complaint.aspx

CFSA

cfsaa.com/cfsa-member-best-practices/what-is-an-extended-payment-plan.aspx

eHow

ehow.com/how_5906522_extended-can_t-pay-payday-loan.html