Ask for an Extended Payment Plan when you face payday loan default

If you’ve ever had trouble repaying your payday loans on time, here’s information you need. If you are dealing with a payday lender that is affiliated with the Community Financial Services Association of America, you can ask for an Extended Payment Plan (EPP). This amounts to a kind of emergency installment loan that stretches out the payments for four more paydays with no charge. Article source – Avoid payday loan default with an Extended Payment Plan by MoneyBlogNewz.

Lenders 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 customers on payday loans. CFSA members offer the service as an aid to customers in states where a specific law does not already exist. CFSA-member extended payment plans generally allow customers to repay their quick installment loans in four equal payments over the next four paydays, says eHow Money. Sometimes an EPP payment is missed. In this case, additional fees may apply.

How to request an EPP from CFSA-member lenders

• Lender should be CFSA. Try and get this. Any payday lender member will have the CFSA blue oval logo on its site or in its office. A lender doesn’t have to be a CFSA member to offer an Extended Payment Plan. This could nevertheless be accessible. Just ask about this. They’ll tell you what they can do.
• 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 before close of business on the day just before your loan is due. Go to the lending office or contact the lender online. The topic will be an Extended Payment Plan. Say this is what you need. You’ll then need to sign an agreement form that will specify the additional due dates. Read the extended payment plan carefully right before signing.

If the lender is a CFSA member and you haven’t used an EPP in the past 12 months, however the lender refuses to offer you an EPP to help you keep away from default, you can file a complaint. Contact the CFSA during Eastern time business hrs at 888-572-9329 (fax 703-684-1219) or cfsa@multistate.com. You can also send a letter to 515 King St., Suite 300, Alexandria, Va., 22314 to get a hold of the CFSA.

Articles cited

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