Anyone default on installment loans?
Date: Thu, 09/20/2012 - 11:00
I'm wondering if anyone has any personal experience with defaulting on installment loans, not just payday loans. All my loans are legal.
I'm at the point where I'm just ready to say "F It" and let everything default. I have my payday loans set up on EPP programs and I just started the default process with Check N Go, will officially start missing payments on my payday tomorrow (I have to be 60 days past due AT LEAST for them to send it to collections. I've tried having corporate pull the file but they can't). So I revoked ACH, and I'll make a small payment of about $50 instead of the $301 that is due to keep phone calls down, then after 60 days I'll hopefully be headed to collections for a payment arrangment.
I haven't defaulted on EZ Money yet because they seem extra shady. They put some wording in their contract about how you can't revoke ACH on them even though its a federal regulation.
Ace Cash Express is having me make a down payment of $300 tomorrow 9/21, and then call back on 9/26 to see how many payments she'll be able to split the installment balance into (between 3-6) on my paydays.
Also, every storefront I've spoken with state that they could turn over the account to the prosecutor if I default, is that just a scare tactic? Common sense tells me it is, but I was also told that a bounced check written over $500 is a felony in Missouri.
I'm SO tired of having zero money after every payday that I feel like "Whats the point in even going to work just to pay off these loans?" so I'm pretty much ready to revoke ACH on all accounts and just let collections tell me what they got.
I'm at the point where I'm just ready to say "F It" and let everything default. I have my payday loans set up on EPP programs and I just started the default process with Check N Go, will officially start missing payments on my payday tomorrow (I have to be 60 days past due AT LEAST for them to send it to collections. I've tried having corporate pull the file but they can't). So I revoked ACH, and I'll make a small payment of about $50 instead of the $301 that is due to keep phone calls down, then after 60 days I'll hopefully be headed to collections for a payment arrangment.
I haven't defaulted on EZ Money yet because they seem extra shady. They put some wording in their contract about how you can't revoke ACH on them even though its a federal regulation.
Ace Cash Express is having me make a down payment of $300 tomorrow 9/21, and then call back on 9/26 to see how many payments she'll be able to split the installment balance into (between 3-6) on my paydays.
Also, every storefront I've spoken with state that they could turn over the account to the prosecutor if I default, is that just a scare tactic? Common sense tells me it is, but I was also told that a bounced check written over $500 is a felony in Missouri.
I'm SO tired of having zero money after every payday that I feel like "Whats the point in even going to work just to pay off these loans?" so I'm pretty much ready to revoke ACH on all accounts and just let collections tell me what they got.
Thanks for sharing your personal experience with us.
Thanks for sharing your personal experience with us.
Quote: A plaintiff cannot take the defendant to criminal court f
Quote:
A plaintiff cannot take the defendant to criminal court for writing a bad check if that person has paid or has agreed to pay some or all of the funds owed. The plaintiff can neither sue for checks that are returned unpaid and marked either "refer to maker" or "uncollected funds." |
So given that you have revoked ACH (which would induce the uncollected funds bit) and that you have paid or agreed to pay some or all of the money owed (the loan contract you signed on), this would at most culminate into a civil case, not criminal.
I too am in MO and have installment loans with Ace Cash Express
I too am in MO and have installment loans with Ace Cash Express and with ChecknGo. I have been avoiding their calls.
Since this is a case of installment loans, there is no point in
Since this is a case of installment loans, there is no point in asking for an EPP. The best you can do is work out a payment plan or a settlement.