Just need a bit of advice. Through your website I learned of the Extended Payment Plan option. I had a loan with Check Into Cash in Alabama, went yesterday, the day before my due date and in about 10 minutes I walked out with a payment plan in place. Went back today and made first payment, no problem.
I also have a loan with Advance America in Alabama (FLORALA ) . Went there yesterday to request an EPP and was told that the check had to be returned first. We went around the world, with me pointing out that the sign in their store even says if you cannot repay on your due date, that you can enter into a payment plan for four equal payments with no further fees. No dice.
It was too late to call their corporate office, so this morning I called the CFSA first and was told they should honor a plan, then they gave me the Advance America corporate number. I called them several times before I actually got an answer from a supervisor and was told that the check had to be returned first but that even though she could not tell me to do this, if I chose to put a stop payment on my check and it was returned they would work with me. I told her that I did not believe that was then intention of the law, but she just kept saying by state law they had to deposit the check and have it returned, or I had to put a stop payment before they would honor an EPP. I asked her why they would encourage someone to bounce a check or stop payment rather than work out a payment plan. She told me not to put words in her mouth and then went on to say that even if they entered into an EPP after default, if I did not live up to it they would pursue legal action immediately.
I finally told her that I would not put a stop payment or let it be returned but that I would pursue this further. She said that was my choice but they were simply going by the state law. I printed a copy of Alabama state laws re: payday loans off the internet and it does not say the check has to be returned first, all it says is that if you cannot pay after two rollovers you can request an EPP.
Long story short, I went ahead and paid the fee today to renew, but told the manager I still felt they were not interpreting the law correctly. My question (sorry to be so long winded) is this: I had two loans in Alabama, each for $500, whiich I did not realize until I started researching the EPP guidelines, is against the state rules. Should I suck it up and just pay out the EPP with Check Into Cash and work on Advance America as I can, or should I pursue this? Can I get into trouble for having exceeded the limit, or is it up to the lender to check this?
Thanks in advance for the info.