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Does anyone have experience working out an extended, extended payment plan with these companies? I'm in Maryland, so I think they're legal as CSOs. These are my last two loans, and they are big ($1800 Cash Net USA and $1425 Check n Go). I have had luck in the past with requesting an EPP from Cash Net USA, but it's been for 4 payments, and I need really need more time this time around -- trying to catch up on everything else that has fallen behind because of these loans. I was wondering if anyone has had success working with these companies? I'll try calling them before the loan comes due, but if they won't work with me, is it better to let the loan default and then deal with them? Are they more willing to work out payment arrangements once you're in collections?

Thanks for any advice!

In MD most payday lenders are illegal, becuase of new laws and regulations. If you call your AG office, they will be able to tell you what they can do.

As far as your payment plans go - do your research. Find out what others have experienced in regards to these companies.

In general - most PDL (which is what Cash Net USA is - online PDL, not sure if they also have storefronts, Check n go is a storefront, I'm not sure if they have an online service - clarification would be great) just want the principle plus the original finance fee back. Again - that's IN GENERAL. Cash Net, being an online PDL will be the more leninant. Also - they might have restrictions as to how many times you can re-fi your loan and that is why they can only give you four renewals. Call them up and explain your situation - and be frank. Tell them "I want to repay you - however I cannot do it in four payments. I don't want to go into default but I need an arrangement that will enable me to pay principal plus interest and make a difference on the amounts." See what they offer.

If they are unwilling to help, then invoke your consumer rights. Contact the MD AG's office, find out the validity of the loans, educate yourself on what they can and cannot do, and what they can get from you. The best arrangements come from a well-armed consumer, and if you call and know your business, you'll find that most PDL's will be fine - the worst they can do is never lend to you again.

Sub: #1 posted on Thu, 12/31/2009 - 19:47

Recovering Shark Recovering Shark

(Posts: 6 | Credits: 1.8)

CashNetUSA is registered as a CSO in the state of MD. Please be careful about giving advice unless you are 100% certain about the advice you give, it could backfire.

I had not heard that Checkngo was registered as a CSO in Maryland so if I were you I would definitely check that out. You really should contact the Maryland Commissioner of Financial Regulation at (410) 230-6100 and ask them if Checkngo is registered as a CSO in your state. If they are not operating as a CSO then they have provided a loan for you illegally. Unless they provided you an installment or personal loan and you are possitive it was a pdl that loan was given to you illegally. Look over your contract! I am going to do some research, I will get back to you as soon as I can. Hang in there!

Sub: #2 posted on Thu, 12/31/2009 - 20:36

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

By the way, ALL payday lenders are prohibited in the state of MD, see the link below:
http://www.paydayl oaninfo.org/stateinfo/MD.asp

Just keep in mind that CashNetUSA is NOT a payday lender, they operate as a CSO in the state of MD so the payday loan laws would not apply to them. Also, CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED.

Sub: #3 posted on Thu, 12/31/2009 - 20:39

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

FYI, here is an email address for the Maryland Commissioner of Financial Regulation
[EMAIL="finreg@dllr.state.md.us"]finreg@dllr.state.md.us[/EMAIL] .

Below is a link which outlines the regulations for MD regarding payday lenders and collection agencies attempting to collect on illegal loans. There is a lot of good information there.http://www.dllr.state.md.us/finance/advisories/advisory7-09a.shtml

Sub: #4 posted on Thu, 12/31/2009 - 20:42

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Before you consider defaulting with CashNetUSA, call them and ask to speak with a supervisor. If you have a good payment history they may be willing to work something out with you, just explain your situation and request an extended payment plan. You really should stay proactive with them because eventually they can and will sue you.

I am still a little befuddled over Checkngo, I have never know them to offer loans as a CSO but with the amount you have borrowed it leads me to believe they have extended you an installment loan, perhaps? Were you suppose to pay off that amount in one lump sum? If you were, then it had to be a payday loan, in which case would make that loan illegal in your state! It is something worth investigating and definitely what I would do, if I were you. Check out the links I gave you above. And please keep us posted!

Sub: #5 posted on Thu, 12/31/2009 - 21:36

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

After all of your posts Shaz, it looks like you finally hit the target! Based on the amount and the laws in MD, I can almost guarantee that these are installment loans and not PDL's.

To the OP, please be very careful with your decision on how to move forward. The advice that has been provided in this thread is mainly for how to deal with PDL's. Installment loans are a totally different monster that falls under different regulations and different collection option for the lender. Please contact both Corp Offices to try to work out an option for repayment.

FYI Shaz. I believe that all of the big-3 will operate as CSO's in some states due to licensing requirements and the availability of that option.

Sub: #6 posted on Fri, 01/01/2010 - 21:28

PDLOwner PDLOwner

(Posts: 1049 | Credits: 80.78)

I work for Check 'n Go Online, and I am interested in speaking with you about
your concerns. We would like to get to a solution that works, but we do not want to ask any personal information so you can remain anonymous on this site. Please contact me at your earliest convenience at:1-800-561-CASH (2274) and I will be happy to speak with you.

Sub: #7 posted on Thu, 01/14/2010 - 17:34


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