logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Checkngo (First Bank of Delaware) Caved!

Date: Fri, 10/05/2007 - 07:20

Submitted by eleroo
on Fri, 10/05/2007 - 07:20

Posts: 1220 Credits: [Donate]

Total Replies: 25


Hi everyone. I know that some of you might have read about me trying to help a friend with her checkngo installment loan. Long story short, she had to default because of the outragious payback amount. When she defaulted, she had paid $908.32 on a 1275.00 loan. Only around $200 of the $900 had been applied to principal. :shock: Anyway, from the beginning, she made attempts to pay extra on her installments to get it paid off sooner, as she knew that she wasn't going to be able to keep it up for the entire length of the loan (thus was the reason she wanted to pay extra while she had the extra money!) She contacted checkngo and they told her it was impossible to make extra payments...it had to be the whole payoff if extra was to be applied. She was also denied her right to revoke ACH drafts, AND, when she called to find out the daily interest rate, she was told that they could not give out that information! :?
She filed a complaint with the SC Dept. of Consumer affairs about 45 days ago now and got a response today. In her complaint she specified that a reasonable resolution for her would be to have the entire $900 applied to the principal and to pay the additional to pay back the principal she owed. Well, First Bank of Delaware actually responded, on behalf of Checkngo, and they agreed to her terms!!! She now only owes $366.18 for repayment of the principal and the whole thing will be considered PIF! At this point I was in disbelief, because I've heard they can be a pain in the butt, so she faxed me a copy so I could see it for myself!Yep! She has it in writing!!! :lol: Also, she was told that she CAN send the payment by money order or cashier's check, so if anyone has a loan with them and is told that that is impossible, then they are LYING to you!
They said in the letter that they are settling due to "the inconvenience and confusion we have caused Ms. XXX." They also said "We have re-trained our customer service representatives regarding the types of payments that are acceptable, emphasizing the circumstances under which at partial payments can be received." Also, "We have coached the customer service representatives as to where this information can be found in our loan servicing system so that it can be communicated to the customer accurately."
There is lots of other blah blah stuff in the letter, but the main point is that my friend got a fair deal and she is going for it!!!


Amen to that, Tiffany. I was skeptical that her complaint was going to do any good, since this is a legal loan, but this is proof positive that these companies cannot get away with unethical practices. So if anyone else out there is struggling with them, then file, file, file those complaints!


lrhall41

Submitted by eleroo on Fri, 10/05/2007 - 07:27

( Posts: 1220 | Credits: )


Thank you so much for the support. :-) I have been trying to get my friend to join the forum, but I think she was embarrassed and scared at the same time. Maybe she will join, as she needs help with her credit. I told her there is NOTHING to be embarrassed about and that you are the most supportive friends that I have ever had...And, I've never even met you in person. :-)


lrhall41

Submitted by eleroo on Fri, 10/05/2007 - 13:12

( Posts: 1220 | Credits: )


:hug:
Thanks everyone. Granny, I love these emoticons, too. It took forever for me to learn how to use them. (I'm not the most computer literate person there is!) It was very frustrating to deal with them, for her, and I'm just glad I could be there for her...AND all of you were there for her, too.:-) I don't know what would have happened if there wouldn't have been a resource for help. This site is truly a lifesaver!


lrhall41

Submitted by eleroo on Sat, 10/06/2007 - 11:27

( Posts: 1220 | Credits: )


Why we never messed with them guys! cashloancity.com wasn't as bad.


lrhall41

Submitted by on Fri, 11/02/2007 - 10:36

( Posts: | Credits: )


krist, apparently you can file a complaint as eleroo's friend did. However, just remember they are not like an illegal internet pdl. These guys are licensed/legal.


lrhall41

Submitted by cannr on Sat, 11/03/2007 - 06:57

( Posts: 9317 | Credits: )


I live in Ohio & also am defaulting on my First Bank of Delaware loan through Check n go. I took a 1300 loan & have paid back 1096 of the 1300, paying 274 every 2 weeks. I contacted them to see if I could even get this installment to come out a week later, so that I could try to borrow the rest of what I needed for the payment. Their reply was:

"Unfortunately the First Bank of Delaware , the bank that approved you for the installment loan, does not allow the payment dates or amounts to be changed due the apr calculation on the loan.

It is in your best interest that the payments are made according to schedule. We do not want you to have to pay additional fees that may be incurred if a payment is not made on the due date.

Check 'n Go Online is a servicer for First Bank of Delaware . Therefore the underwriting and procedures of the loan transaction are controlled by the bank, not Check 'n Go. Per the loan agreement that you electronically signed, you must pay according to the schedule that was represented to you on that loan agreement."

I am unsure of what to do next. I will attempt to call them tomorrow. I want to pay off my balance of principal, or even all of the loan, but I can no longer afford the 548 a month I was paying. Any suggestions are sincerely appreciated!


lrhall41

Submitted by goofydreams75 on Thu, 12/06/2007 - 19:43

( Posts: 8 | Credits: )