member profile picture
Posts: 1
Credits: 79.8
[Donate]

My husband and I have six storefront payday loans in Virginia. The companies are:

Money Mart - $500 for my husband and $500 for me - $75 fee for my husband, $75 fee for me
Check'n Go - $500 husband, $500 me, $75 fee husband, $75 fee for me
Advance America - $500 husband, $500 me, same $75 fee for each of us;
Approved Cash Advance $500 husband, $500 me; same $75 fee for each of us;
Check Into Cash $200 husband, $30 fee; $450 me with $67.50 fee and finally ACE Cash Express, $300 husband with $45 fee and $340 for me with $51 fee. In total we owe approximately $5335. Does anyone have any suggestions? We have done bankruptcy before and that is not an option. We already have a second mortgage on our home and have entered into a debt consolidation agreement with a company to pay off our credit card debt. We need help. Asking relatives is not an option. Does anyone have another suggestion?




Welcome! I'm sure others will chime in soon, however I can tell you with these being store fronts you are going to need to contact each one and see what type of payment plan you can set up...Many offer whats called an EPP, wich is an equal payment plan, usually done over 4 pay periods until the loan is paid off. It will probably be hard to make EPP's on all the loans at once, the EPPS have to be in place before the loans are defaulted on, have you defaulted yet? You might need to close your checking account, but before you do that make sure you read the sticky at the top of this page before you do... Some do others do not So the dmp you have entered into doesn't work with PDLS? Hang on many folks will have some really good advise.....

Sub: #1 posted on Sat, 07/12/2008 - 08:44

lmale lmale

(Posts: 741 | Credits: 98.46)

Money Mart - Member of the CFSA
Check'n Go - Member of the CFSA
Advance America - Member of the CFSA
Approved Cash Advance - Member of the CFSA
Check Into Cash - Member of the CFSA

ACE Cash Express - I'm not quite sure about this one. What's odd is that I only see it licensed to lend in California, Arizona, Kansas, Nevada, and Texas, but not for Virginia.

The good news is that the majority of your storefronts are members of the CFSA, which means as long as you request it before you default on your loan, they have to offer you an Extended Payment Plan, in which typically, your total amount owed is broken down into 4 equal payments upon which no further interest is accrued. Most establishments only allow for you to do EPP once a year with them, so as long as you haven't done an EPP within the past year already, they are obligated to allow you to set one up. However, some places require you come in and set it up up to 3 days before you default ( your due date ) and some require that you come in and set it up the very day that your loan would have been due. It varies from storefront to storefront ( as I have found ) so cover all your bases and give yourself ample time and clearance to call each company and find out what their exact procedure is for setting up an EPP.

Another option you have is to just default ( not advocating it, just saying it's an option ) and then have a settlement company go in and deal with the storefronts for you. I guess it comes down to how you want to handle it. With an EPP, you will be paying back 100% of what you owe, just over a period of time ( usually about 8 weeks ). If you have a company settle for you, they may settle what you owe to a smaller amount, but of course, you will have to pay the company fees for their work anyway.

Sub: #2 posted on Sat, 07/12/2008 - 10:25

Amaranth Amaranth

(Posts: 271 | Credits: 41.08)

Hello and welcome to the community! :) I'm going to post your payday loan laws for Virginia here (just select your state),


http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html

Sub: #3 posted on Sat, 07/12/2008 - 10:34

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 0.790 seconds.