Payday One
Date: Tue, 12/21/2010 - 07:15
She took out a loan with PayDayOne for $500. We are in Wisconsin. I WISH she would have talked to me first. Oh well...I can still help. She took out the loan on the 15th of December. She planned to pay it off in two separate payments, as to not have interest accumulate. (Smart Plan nonetheless). Well she was unable to make online changes, and they asked her to call. Turns out they lost THEIR license in Wisconsin within a day or two of issuing the loan, so now are unable to extend terms and need payment in Full.....HOW CAN THEY DO THIS. Is she still liable, given the scenario they are putting her through. What options does she have, other than closing her account as I advised and letting it go to arrangements that way.
As always, thanks for everything on this site. Amazing!
Technically, they aren't doing anything wrong. They're abiding
Technically, they aren't doing anything wrong. They're abiding by WI law which, although it sucks for your friend, is actually a good thing. My suggestion is to see if they will allow her a "forced default." I had a similar experience with Check 'n Go and asked, if I go ahead and revoke my authorization for you to debit my account, will that force it to collections? They said it would so, that's what I did. They never tried to debit my account, which saved me from being charged OD fees and I was able to work out payment arrangement via their collections department. Have her call their customer service department and speak to an account manager. She can basically just tell them she cannot afford to pay the full balance in one payment so she will revoke ACH authorization, force the account to collections and set up payment arrangements to pay off the account. Good luck!
This is great advise from OhioGal1 if PaydayOne can be trusted?
This is great advise from OhioGal1 if PaydayOne can be trusted? I've learned through my experience, that none of these internet based companies can be trusted. My advise to you would be to close your bank account and then call PaydayOne. Remember, they are the ones that put you in this position by losing their license, they need to work with you.
