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Posted: Thu Dec 06, 2007 7:33 pm Subject: First Bank of Delaware Instlmnt loan

Hi everyone. I have been lurking here for a while now, educating myself on pdl's. My situation is this. I have an installment loan with First Bank of Delaware. The original loan was for $1300. I have $274 debited every 2 weeks. I have 4 weeks left & the loan is paid in full. Unfortnately, I am unable to make these payments for another 4 weeks. (Making the past 5 payments has put me in the red!) I have closed my bank account this week(due to unauthorized transactions from identity theft).

My next paymet is due the 7th (tomorrow) & knowing I wouldn't have the funds by the due date, I emailed them Monday, the 3rd, to see if the date could be moved back a week. I just received this reply to my email:

"Unfortunately the First Bank of Delaware , the bank that approved you for the installment loan, does not allow the payment dates or amounts to be changed due the apr calculation on the loan.

It is in your best interest that the payments are made according to schedule. We do not want you to have to pay additional fees that may be incurred if a payment is not made on the due date.

Check 'n Go Online is a servicer for First Bank of Delaware . Therefore the underwriting and procedures of the loan transaction are controlled by the bank, not Check 'n Go. Per the loan agreement that you electronically signed, you must pay according to the schedule that was represented to you on that loan agreement."

The checking account is closed, so the payment will not process. What do I do now?

Posted: Thu Dec 06, 2007 7:45 pm Subject:

Goofy, Have you tried talking to a person and explaining the situation. First Bank of Deleware is going to be legal and licensed and can send the account to collections if you do not pay. The account is closed so they can not process the payment and drive you further into the red, use this time to try to convince them to work this out. There are members here who have loans with the First Bank of Deleware who can advise you further. I would suggest you use the search box at the top right side of the page to search Check n go and First Bank of Deleware and see what other members have experienced with these companies... Roxy

Posted: Thu Dec 06, 2007 8:18 pm Subject:

No, I haven't spoken to a person yet. Only via email. I will attempt to contact first bank of deleware
again tomorrow, by phone & see if I get anywhere.

Posted: Thu Dec 06, 2007 8:51 pm Subject:

goofy-based on their response, it sounds like first bank of deleware might have been under the perception that you wanted to do a hard due-date change, when in reality all you were asking for was an extention.

Definitely call them to ask for arrangements.

Posted: Fri Dec 07, 2007 5:51 am Subject:

Goofey, I hope that works out. Please keep us posted and let us know how it works out.

Posted: Wed Dec 12, 2007 9:34 pm Subject:

Sorry I haven't posted in a few days ya'll!

It took me a few days to get up the nerve to actually contact first bank of deleware, but I did do it. Initially, I was gonna try to borrow the money to make the payment, but upon getting their response, I decided to make a new set of repayment terms that I COULD afford. I sent them an email, revoked any rights to my bank account & any wage assignments. Also instructed them that they were not permitted to contact my employer OR my references, that all contact was to be made directly with me via USPS or email. First bank of delaware called me once so far, but I hadn't sent the letter at that point. I told them I could pay $100 a month until the loan was paid in full. I took the loan out for $13oo & have paid back $1096 so far. Unfortuantely, due to the high rates, the total of the loan is $2200, so I still have a ways to go. However, as much as it sucks, I agreed to the terms, so as long as they accept my arrangements, I will pay the loan in full.

Thanks so much for your quick repsonses & assistance. I absolutely could not & would not have been able to do this if not for you wonderful people & this site!

Posted: Thu Dec 13, 2007 2:11 am Subject:

First Bank of Delaware(FDIC) is an actual bank, not some payday loan type place. If they actually did lower your monthly payment I would imagine that you will not even be covering the interest that accrues every month and it will never be paid off.

Posted: Thu Dec 13, 2007 8:12 am Subject:

Also, be aware that this is the original creditor, so they do not have to honor the no contact letter you sent. They have every right to contact you. The only request that they must uphold is to not contact you at work if you ask them not to. But they are allowed to still call you . . . . .

Posted: Thu Dec 13, 2007 10:22 am Subject:

So, in others words, I am screwed when it comes to ever paying this off, unless I pay the original setup of $600 a month?!?!

Posted: Thu Dec 13, 2007 10:50 am Subject:

It's possible they will agree to the terms, although knowing how First bank of deleware acts, I doubt they will. These types of installment loans are killers.

just a jerk

worried about it. my credit is screwed anyway, so wtf

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