store front
Date: Sun, 10/28/2007 - 19:59
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badmoon, please post what state you reside in so that we can check the state pdl law to see if any criminal action can be taken if you do a stop payment or close your account with a check at a storefront. Please post your state and we'll look and then we can go from there. :D
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Crap! :shock: I hate it when they don't specify "criminal action". Texas law doesn't specify if they can take criminal action against you if you stop payment or close your account. I'm going to post the law for you to see for yourself. Man. The only thing I can think of is to actually call one of the agencies in Texas and ask if it would be "safe" to stop payment or close your account. I'd hate to see you get into any trouble for putting a stop payment on the check. Otherwise, if you want to take a different route, call the CORPORATE office of your store front and ask them what the next steps would be on a defaulted loan. Many store fronts will turn you over to corporate/collections and you can then make payments. I, personally, would call the corporate office of your store front. Ask them what happens if you can not continue to pay on your loan. I do know for a fact that Check n Go is a member of the CFSA. If they are a member of the CFSA, you can get an EPP. This is an extended payment program. How it works is you go to the store front BEFORE the loan is due. You would sign an amendment to your loan agreement for payments. The EPP will allow you to make payments in 4 equal payments until the loan is paid in full. The interest will stop and collection activity will stop. HOWEVER, I do also know that in Texas many store fronts operate as CSO's. If they are operating as a CSO, then they can pretty much charge whatever they like and it'll be legal. So... not being a WHOLE lot of help to you, we need to figure out if this storefront operates as a CSO or not, or if they are a member of the CSFA and will do the EPP, and we need to know what kind of legal action can be taken against you. Darn. Too many questions. Goudah is very informed about CSO's operating in Texas. She can tell us for sure what's going on. If I don't see her post to this by the morning, I will send her a pm to check on this and to post the answer. Hang in there, badmoon! We're working on it! :D
Check n Go does operate as a CSO in Texas, which means that the
Check n Go does operate as a CSO in Texas, which means that the laws posted above don't really apply to them. CSO means Credit Service Organization, and Texas is full of them.
But Cannr is right, they are a member of the CFSA, and because of that, should offer an Extended Payment Plan. You have to ask for it at least 1 day before your payment is due. It's worth a try!
I would try the EPP before you clsoe the account. Since this is a legal loan, it is possible for them to get you for a bad check. It's not clear, and probably wouldn't happen, but you never know.
What I would suggest to do is this: Try for the EPP. If it doesn't work or isn't something you can afford, you need to go to the bank and explain to them that you comprimised your account information online and need to close the account. Also, tell the storefront the same thing. They cannot make you leave open an account that has fraud going on.
The key is really to keep up communication with the storefront. Make sure they know you've closed the account, and make sure they know when you will be sending payment in. Keep them informed, don't ignore their calls, and you should be okay.
