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 Posted: Mon Aug 20, 2007 11:15 am Subject: checkngo installment loan
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Hi everyone. I'm wondering if anyone has had any experience with defaulting on a checkngo installment loan. I have a friend who is about to default and she is freaking out. She's managed to keep it paid up until now, but their payments are outrageous. I don't know what type of advice to give her so I'm bringing it to the experts. 
Any help would be appreciated.
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eleroo
Joined: 06 Jun 2007
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Posted: Mon Aug 20, 2007 11:39 am Subject:
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One more thing. My friend has contacted the company and they will NOT agree to payment arrangements. She tried to get them to let her mail in payments, but they refuse to stop the ach draft from her account. Guys, I don't know who has experience with this company, but they are a huge pain in the butt. I took a look at her contract, and it CLEARLY states that payments can be mailed in. She has made a complaint to the consumer affairs office, which is a good thing.
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eleroo
Joined: 06 Jun 2007
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Posted: Mon Aug 20, 2007 1:45 pm Subject:
Latest Blog Post : Decision |
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eleroo...if Goudah doesn't answer soon...please PM her in re: to this thread. I think she will be able to answer your questions...
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Morningstarr430
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Posted: Mon Aug 20, 2007 1:50 pm Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Compulsory electronic withdrawls are a violation of Federal Law. You can revoke that priviledge at any time although the banks have not taught that to their people from what I hear. Tell her to file a complaint with the FTC, the BBB and the regulatory agency of the State she is in.
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frogpatch
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Posted: Mon Aug 20, 2007 1:58 pm Subject:
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Awesome. Thanks so much. I thought that something fishy was up with the bank withdrawal thing. It seems that if it is your bank account that you can stop ach debits at anytime you want to. They tried to use the excuse of "that is what you agreed to contractually," but the contract does not say that. This is great info. I will pm Goudah if I don't hear from her by the end of the day or tomorrow sometime. I know that pdls are monsters, but this is a different kind of monster and I have no idea which way to tell my friend to go with this.
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eleroo
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Posted: Mon Aug 20, 2007 2:02 pm Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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The problem is that none of the companies who take the money will stop unless they are approached by a regulatory agency. Do PM Goudah! She is terrific!
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frogpatch
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Posted: Mon Aug 20, 2007 2:12 pm Subject:
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I will. Thank you so much. In the meantime, I have advised my friend to stop the debit on her banks end. The problem is that I think it will only be a temporary stop. But, it is better than getting hit with nsf fees. I've also encouraged her to join the forum. You guys are great.
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eleroo
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Posted: Mon Aug 20, 2007 3:15 pm Subject:
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Sorry I didn't see this sooner! Busy day at work . . . . Anyways, as I pm'd you, they cannot require her per the EFTA to pay by a checking account:
| Quote: | ยง 913. Compulsory use of electronic fund transfers
No person may--
(1) condition the extension of credit to a consumer on such consumer's repayment by means of preauthorized electronic fund transfers; or
(2) require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of employment or receipt of a government benefit.
[Codified to 15 U.S.C. 1693k]
[Source: Section 913 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3737), effective May 10, 1980] |
She needs to put it in writing that she is revoking their authorization to debit her account. If they still refuse, it's time to involve the regulatory agency. Since they are backed by a bank and operating legally, the regulatory agencies can do quite a bit to get the company to follow the laws!
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goudah2424
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Posted: Mon Aug 20, 2007 6:46 pm Subject:
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I'm curious does this only apply to the ipdls?
I'm asking because I have a check n go store front one.
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vanryankelly
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Posted: Mon Aug 20, 2007 8:44 pm Subject:
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The storefronts are different, you are not letting them take an ach from your checking account. You are giving them a check and you sign another contract.
I defaulted on a check n go store front and the manager was quite rude and I talked to the district manager and she told me to let it default and then they will turn it over to a CA and then you can pay them in installments because check n go will not accept payment arrangements.
If you are thinking about defaulting I would contact the district manager first to see what their policy is on defaulted accounts. It is different from state to state.
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puddlejmpr
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Posted: Mon Aug 20, 2007 8:48 pm Subject: van
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van, check 'n go also does installments loans backed by a bank. This is different than your check 'n go store front. puddle gave excellent advice. It's wonderful when people have experienced it already, so you know what to expect! It wouldn't hurt to call and ask their policy. If they don't make payment arrangements themselves and turn it over to collections instead (I guess so they don't have to fool with it), then at least you'll be able to make payments on it! This is a good thing! Thanks, puddle! 
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cannr
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Posted: Mon Aug 20, 2007 9:37 pm Subject:
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ok, thanks all for the info.
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vanryankelly
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Posted: Fri Sep 21, 2007 5:06 pm Subject:
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Yell her not to do it, there is a compnay out there that can get her out of it
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Posted: Sat Sep 22, 2007 9:01 am Subject:
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I'm a little confused, guest. What comany are you talking about and get her out of what?
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eleroo
Joined: 06 Jun 2007
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Posted: Thu Sep 27, 2007 1:06 pm Subject:
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i also have a check n go installment loan. and the biweekly payment is 316 and i just dont have it i defaulted 2 weeks ago and now its time for me to pay them again on tomorrow and i dont have the money. what would be the best thing to do?
Also i have a couple of store front loans also and they are all due tomorrow i was going to renew some of them but the other ones i just dont have the money to pay right now and my bank account has closed so the checks are no good. what should i do? is it hard dealing with the store front loans? I know they are legal.
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ashley83
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Posted: Thu Sep 27, 2007 1:14 pm Subject:
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Hi Ashley. As for the installment loan, I wouldn't worry too much about it right now. My friend defaulted about one month ago and has only heard from them one time. She did, however make contact herself and attempt to set up payment arrangements. In fact, she attempted two times. They said no. Now she is waiting for them to turn it over to a collection agency where she will hopefully be able to make payment arrangements. Sometimes they will work with you a little more than the original lender.
As for the storefronts, I think it depends on who is working on what day, if you know what I mean. Some have very nasty managers who won't make arrangements at all, while some have really nice ones who will be willing to help you out. You might start by contacting them and letting them know that you are not able to pay the entire amount and just ask if they will work with you. If they say no then try to contact their home office or district manager. What state do you live in?
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eleroo
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