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Payment arrangements for Storefronts

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Well now I have to act. I had been trying to plan out what my best course of action would be to handle my PDLs. It looks like the checks for two storefront PDLs I have bounced last night (Cashland and Check Exchange). My bank account is now overdrawn almost $700 and I don’t get paid again until the first of August… :cry: Has anyone had any luck negotiating payment arrangements with either Cashland or Check Exchange after defaulting? Also what should I do when they call? Should I just tell them then that I can’t repay it now and I want to setup some sort of payment arrangement? I have another loan coming due with Checksmart on the 25th and Advance America on 8/1 that I am going to have to try getting EPPs setup. So now I have to figure how to make it through to the 1st and have the money for to get the EPPs going… I know a lot of you have gone through the same thing.. It just feels a little bit better to vent about it. :)




Hang tight. I have never dealt with storefronts so I can't advise on that. Someone who does have the answers should be along SOON to help you with this. Good luck and keep us posted.

Sub: #1 posted on Fri, 07/18/2008 - 19:53

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

I manage a storefront am always willing to work out payment arrangements with my customers.they will be more willing to work with you if you call them as soon as you know the check has bounced. It shows good faith on your part.

Sub: #2 posted on Fri, 07/18/2008 - 21:05

Unregistered


The guest is right - Keeping up communication with storefronts is really key. If they think you are ignoring the debt, they will be much more likely to take further action to collect.

I would call the one's that have already defaulted today. Don't wait for them to call you. Tell them what happened, that you got overextended with too many loans, and need to set up payment arrangements.

Remember, you are not the first person to default on payday loans. They are used to it.

I will say to be careful with Checksmart. Put that on the priority list to pay off first. They have a habit of taking people to court.

Sub: #3 posted on Fri, 07/18/2008 - 21:59

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

Agreed with above posters. Please stay in communication with them and be honest. This will give you more leverage in negotiationg payment arrangements. Most storefronts are easy to work with if you are willing to repay debt in a fair enough time. Best of luck, and keep us posted. :P

Sub: #4 posted on Sat, 07/19/2008 - 03:03

Cool_Abyss Cool_Abyss
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(Posts: 2936 | Credits: 173.61)

don't hide from them, and make and return phone calls.

Sub: #5 posted on Sat, 07/19/2008 - 03:09

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

Quote:
Agreed with above posters. Please stay in communication with them and be honest. This will give you more leverage in negotiationg payment arrangements. Most storefronts are easy to work with if you are willing to repay debt in a fair enough time. Best of luck, and keep us posted.


What would you guys say is afair amount of time to repay them? I am just trying to be as prepared as possible when I talk to them on Monday..

Sub: #6 posted on Sat, 07/19/2008 - 03:46

slmbmax slmbmax

(Posts: 9 | Credits: 3.71)

Well I suggest explaining due to financial hardship you are willing to make payment arrangements on your outstanding checks with them. Just budget yourself and propose an reasonable amount of what you can afford. I have seen people pay as little as $25 a month with storfronts on this forum. But that was dependent on what each PDL was willing to accept. So it really all depends on the storefront. Also I have seen folks pay it all off within 30-60 day timeframe, and sometimes longer. Just remember others have defaulted besides yourself, so the storefronts now how to handle these things. It is important you keep prompt payment when you make a payment arrangement, because defaulting can be costly :?

All in all, I suggest you speak to the store manager of each PDL compnay personally. Your immediate response will make it easier to negotiate. Very key in this whole process with storfronts as Goudah stated :wink:

Sub: #7 posted on Sat, 07/19/2008 - 04:00

Cool_Abyss Cool_Abyss
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(Posts: 2936 | Credits: 173.61)

I defaulted on a store front loan, which was owned by ACE
Cash.I was dreading the impemding phone calls,which began
immediately.I thought are these people insane.I simply went
to the store front where I toke out the loan and made payments directly to them and told them that I would be back
every two weeks until the balance was paid.Believe me that did not set too well with the corprate office but I told them
that is how I would pay them back.I held on to every receipt
from the store front when I made payment.I will say that when
I talked to a person at the store front face to face that they
where very friendly and understanding.I am not saying that this is the way to deal with every situation but it worked for
me.The one thing I did not do is lose my composure or"cool"
with anyone.Again making prompt payments is the key with
the store fronts,they are much harder to deal with.

Sub: #8 posted on Sat, 07/19/2008 - 19:23

stevekathy4867 stevekathy4867

(Posts: 68 | Credits: 26.96)

Communication is the complete key here. If you don't call them or return their calls (and they WILL make them if they don't hear from you), then they will think that you are dodging them. I would just be straight up and tell them what you can afford and then stick to it.
Now you did say that Advance America is on your list? They are a PDL that does offer an extended payment plan, where you can pay your loan off in 4 payments. The catch is that you have to have the paperwork signed and your first payment made before the due date of your loan. If there is anyway that you can take advantage of that, do it.

Sub: #9 posted on Sat, 07/19/2008 - 21:16

kscornell kscornell
Moderators
(Posts: 4409 | Credits: 473.19)

This worked for me, my store fronts were very easy to deal with, just be proactive with them, notify them if you are having problems at anytime with your payments, they would rather know up front and then sit and wonder what is going on.

Sub: #10 posted on Sun, 07/20/2008 - 02:26

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

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