Installment Default & PDL Nightmare
Date: Thu, 10/25/2012 - 13:43
I was so thankful to have found this website 2 weeks ago. I have been drowning in payday loans for MONTHS! I have followed the advice here and sent the ACH revocation letters to 2 lenders who were opperating illegally in my state of CA. One was a tribal lender, and they wrote back saying they are "tribal and not subject to the laws of my state, blah, blah, blah..." then at the end of the e-mail they said "we will write off the balance of your loan" ~ the other illegal lender never responded, but when I log into my account it says to call and 800# - when I called the lady tried to tell me that I still owed them, but did acknowledge the request to revoke authorization of ACH debits. I got paid this morning and neither lender debited from my account. I have other payday loans that are legal, and I have made arrangements to make payments with these companies.
Today I will default on my Installment loan with Check N Go :(
I hate to do this, but really I have no choice. I have read where some people were able to work with the collections department and get reasonable settlement amounts. I pray that I am able to do the same. I am afraid to close my Bank Account for many reasons, One, I have arrangements with 3 pdl places to ACH through December, and two I think that closing the account is worse than NSF in terms of legality of this Check n Go installment loan, is that right?
I know they are going to try and deposit the check they have for the balance of the loan which is $2,223.22 - of course it will not clear my bank.
Should I get a second checking account at another bank?
Should I call Check N Go and tell them I will not be able to make my payment today? The manager is such a nice lady, I asked her last payday what happens if I can't pay, she knows this has been rough for me.
UGH! Once I get out of this mess I will sure have learned a lesson! :(
If Check n Go is legal in CA, then I would definitely contact th
If Check n Go is legal in CA, then I would definitely contact them and inform them of your situation. I was informed by a local loan company that I had to let the account go into default before I would be able to work with them on a payment plan, but they were very professional about it.
As long as the illegal PDL's aren't withdrawing from your account, and you can deal with the NSF's that may come across from the legal ones, then it might be the easiest way through this.
I know it's not easy and is a massive source of stress and lost sleep. Good luck!
Thanks, Yes they are legal, when I asked her last payday she sa
Thanks,
Yes they are legal, when I asked her last payday she said she would not be able to take any amount other than the amount due, that after 30 days they would submit the check for the full balance and that if it did not clear they would send me to collections.
She did say that I would be reported in some "check system" :confused: anybody know what that means??
That "check system" is probably something like tele track or oth
That "check system" is probably something like tele track or other check verification system. Submitting your check to that, would basically flag your account as "bad checks" and prohibit you from being able to write any more checks at stores until it clears.
It is probably company policy that they have to submit your check as it was a handwritten one, correct? It will probably follow the lines of being submitted, rejected, and then they will turn it over to a collection agency to secure funds.
Probably as long as the debt remains unpaid. The verification s
Probably as long as the debt remains unpaid. The verification system is there as a safety net to stop people from writing bad checks knowing they won't clear.
If I don't close my current account, they will not automatically
If I don't close my current account, they will not automatically close it because of this, right???
No, the bank shouldn't close your account because of this.
No, the bank shouldn't close your account because of this.
I would suggest, if they send you to collections and you get it
I would suggest, if they send you to collections and you get it paid off, then keep proof that it's been paid. You can show this to them if need be, but usually once the account is paid, then the collection company informs the original source.
As long as you have the documentation of having paid their debt, then they should remove you from the system if it's not done automatically.
Thanks for all your help Keltin. I just called Check N Go tel
Thanks for all your help Keltin.
I just called Check N Go telling them I was not able to make the payment today. She asked me if I would be able to make the next payment and I told her I did not know. :confused:
She put me on a promise to pay for next payday... ugh, the interest on this loan is outrageous and the payments are killing me. I have altered my "get out of debt" spreadsheet 50 billion ways, and the only way I see the light is to default on this loan, but I could not say that to her just now :( so I just said "ok" :confused:
No problem. ^.^ Glad to be able to help someone else, as I've f
No problem. ^.^ Glad to be able to help someone else, as I've found many helpful things here in the past few days.
The only plus about defaulting on it, could be obtaining a settlement offer, but that's only a possibility, not a guaranteed action.
If the loan % is killing you, then having it go to collections might be an easier way out, as they will sometimes work with you for a payment schedule or settlement.
You mentioned that last payday, she said they'd try to deposit it in 30 days, and if it was returned they'd send it to collections, correct? That makes me think that it's going to be going collections after this next default?
Good luck!!