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

Despite preparing and the best of intentions, sometimes people discover themselves unable to repay their payday loans when they come due. If the lender is a member of the Community Financial Services Association of America, you can ask for an Extended Payment Plan (EPP). These types of private loans enable customers to repay their loans over a period of additional weeks although there is the reason for default and free of additional charges.

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 consumers on payday loans. In states where there is not already a specific law, members of the CFSA will follow these requirements. eHow Money states that CFSA-members typically need to let customers repay in four equal payments in four paydays all the loans. Sometimes an EPP payment is missed. In this case, additional fees might apply.

Get an EPP from lenders in CFSA

• Lender should be CFSA. Try and get this. The lender that is in CFSA may have its blue oval logo on display. This could possibly be on the website or in the office of the lender. Even if the lender isn’t a CFSA member, it may offer its own extended repayment plan. Get the details by asking.
• The lender needs to be contacted. Do this before the due date end of business day. If you’re going to run into trouble repaying your payday loans, contact your lender just before close of business on the day before your loan is due. You can go to the office if you have to. You may be able to contact the lender online too. Ask for an Extended Payment Plan. You’ll then need to sign an agreement form that will specify the additional due dates. Read the extended repayment plan carefully just before signing.

Go ahead and complain if a lender was not willing to give you an EPP in the last 12 months and is a member of CFSA. During the Eastern time business hours, you can go call 888-572-9329 (fax 703-684-1219) or email cfsa@multistate.com to contact the CFSA. Alternatively, contact the CFSA by mail at 515 King St., Suite 300, Alexandria, Va., 22314.

Information from

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