I currently have an installment loan with The Cash Store and due to recent home repairs am no longer able to meet this obligation. The balance owed is $830 and I’ve been paying $369 every 2 weeks. I called them prior to my next due date to inform them that I am no longer able to pay and inquired about an extended payment plan which they advised they don’t offer. They continue to call asking the same question and in essence want me to come in an sign a new agreement for 10 payments which which add an additional $1,000 to what I already owe. They advise they will call 3x a day til an arrangement is made???
What do I do; I’m more than willing to make arrangement on the balance owed but there is no way I’m go ing to sign up for additional intererst.
Interesting. If you have an installment loan from the Cash Store I bet it was for $2,000 or less. That’s why your comment about how much you’ve been paying and they want you to pay is alarming.
I did some checking and the Cash Store is part of the Community Financial Services Association of America, a payday trade association. This is important because members have promised to offer an EPP (Extended Payment Plan) to allow you to repay what you owe over four payments without additional interest.
For details on what the EPP offers see, Cristy Has Three Payday Loans And Can’t Pay Them
You can view the information about the EPP on the CFSA site here.
The CFSA link to the specific guidelines is here.
Poll – Vote Now
Your homework is to go to your Cash Store office and tell them you want to repay your loan under the Extended Payment Plan (EPP) offered by The Cash Store as part of their membership in the Community Financial Services Association of America.
Report back by posting updates here in the comments section of your question.
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .