Check N Go question

Well, according to the Ohio small loan act (Ohio Rev. Code Ann. 1321.35 et seq.) :
[QUOTE] The loan contract includes a provision that offers the borrower an optional extended payment plan that may be invoked by the borrower at any time before the maturity date of the loan. To invoke the extended payment plan, the borrower shall return to the office where the loan was made and sign an amendment to the original loan agreement reflecting the extended terms of the loan. The extended payment plan shall allow the borrower to repay the balance by not less than sixty days from the original maturity date. No additional fees or charges may be applied to the loan upon the borrower entering the extended payment plan. The person originating the loan for the licensee shall identify verbally to the borrower the contract provision regarding the extended payment plan, and the borrower shall verify that the provision has been identified by initialing the contract adjacent to the provision.[/QUOTE]

So, they are REQUIRED by the Ohio revised code to provide you an additional extended payment plan with no interest or fees added, at YOUR request.

Pull out your original paper work for your loan and see if this provision is stated in it. That will help when you take a copy of Ohio Rev. Code Ann. 1321.35 et seq with you.

It must be determined if this is a PDL or installment loan. Different laws for each...

I will have to read over my loan paperwork in the morning & take a closer look at what it says, I do see that in Ohio Check N Go is licensed as a CSO, what, if any, difference does that make?

CSO's aren't regulated, they are only required to register with the secretary of state. I don't think they have to offer an EPP, it still wouldn't hurt to ask. I would bypass the store and call the corporate office.

The trick with Check 'n Go is to revoke your ACH authorization. That will immediately force your account to collections. You can then negotiate a repayment plan with them. Tell them this is what you're doing and they will work with you.

Nice answer...

Contrary to what you may think, they are regulated by the state. This ability was built into the laws to avoid loosing control of the industry as happened in other states. The EPP is based on the type of loan and license, PDL vs Small Loan

I guess it is easier to "mold" the truth to fit your needs...

The contract is actually noted as "Mortgage-Loan-Act-Lender: We hold a license under the Ohio Mortgage Loan Act (Sections 1321.20, 1321.21, and 1321.51-1321.60 of the Ohio Revised Code) and we make this loan pursuant to the MLA.

This loan is not a "short term loan," as defined by Section 1321.35(A) of the Ohio Revised Code, and we do not make this loan pursuant to Sections 1321.35-1321.48 of the Ohio Revised Code. We are not engaged in the business of making, offering, brokering, or assisting consumers to obtain "Short-term loans."

I have made $95.00 payments to them religiously for the past 3 pays and they still sold my account to United Debt Holdings.

Ding! We have a winner!!!

As you can tell, they ARE regulated by the State of Ohio and it is NOT a PDL. Those things called facts will always mess up an agenda!!!

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To the OP, call whoever has you loan now and calmly explain the situation. They will demand full payment at first, but generally will step back to some form of payments. The key and I will stress this again, THE KEY to this is to stay calm and let them feel as though they are in control. If you get mad, call them names and/or hang-up, then all bets are off and you will not get assistance.

Quote:

^ Huh?

So would I be better off trying to call the corporate office or revoking my ACH authorization? My loan is through Check N Go online & the times I've talked to customer service they just keep telling me that in Ohio my only option is to refinance the loan. I've done that a couple times & so far have paid probably around $700 in fees while still owing just about the same amount I started off with originally *sigh* I will do some searching around this site & see if I can find a number for corporate, it never hurts to ask, right? :) If I do need to revoke my ACH, how would I do that & what would happen from there?

Glad to see that you're still thinking about me!! I told you a few months ago that I was done, you won. I have been checkinng in, but no posts until this one. Looks like the same ole, same ole.

If the OP would like some help and advice, send me a PM and I will see what I can do to help.

Send an email to their customer service people (the address is on their website). Tell them your situation. They will tell you the same thing about the 7 refinances. After you get that answer, tell them you'd like to revoke your ACH authorization in order to force the account to collections so you can make payment arrangments. They will comply with your request.

Once I revoke my ACH authorization with Check N Go, will I also need to notify my bank? I'm about to send them an email now, just want to find out if there are any other steps that I need to take along with that.

Well........I've been on the phone with Check N Go.......not very helpful at all. I explained my situation & that I am NOT trying to default on my loan, I just need to work out some arrangements on the balance. The rep informed me that the only option available was to refinance. When I said that wasn't an option as right now I don't even have the money to pay just the interest (several unexpected expenses over the past couple of weeks!) she told me that the amount they are going to debit will have to be returned for non payment in order for it to be sent to collections. I asked about revoking my ACH authorization, & had to explain it to her because she seemed to have no idea of what I was talking about. She basically said the only way to have the account sent to collections is to not have the money when they attempt to debit it. Yeah, got that part covered lol I am going to call my bank to make sure that they won't just go ahead & pay it & then charge me an overdraft fee. My only concern is that some other transactions might not be able to go through if Check N Go puts me in the negative this Friday. It should not be this hard to make payment arrangements, I WANT to pay them, I just need them to work with me a little bit *sigh*

CLASSIC Check N go! They will NOT work with you until you default. I went around and around with the CSR to no avil. I finally let my loan default and recevied a collection email. I set up payment arrangements (they allowed me to set up my pwn arrangements and even skip a month) and that was that. Very easy.

Now when I received the collection email, I responded and bascially told them about some unexpected expenses and gave them a propsed payment plan which included no payment for one month and then broke up the balance over 5 paychecks. They accepted, no problem.