Default was bad idea
Date: Sat, 07/28/2012 - 06:10
I finally came into some good fortune and one of my aunts has agreed to loan me $3000 to pay off a good majority of the payday loans I have.
Before she had agreed I contacted Ace Cash Express about their ACH Revokation process and how the collections department works. The customer service rep told me to fax over the letter to their collections department in order to have it stopped and then confirmed it would be sent to their collections dept to set up arrangements. I went into the store yesterday and made my payment and then about 2 hours later I got an email from their collections department. She confirmed that my ACH had been revoked, even though I never offically revoked it. I was like "alright, no big deal now I can set up an arrangement"
WRONG. Since its an installment loan, the balance through the store was about $850... but since I DEFAULTED they're charging all the interest that would have accrued during the installment term and saying my balance is over $2000. She did state that my account wouldn't "officially" be in collections until the next payday, so I'm hoping I can just call the store and be like "Hey, I want to pay off the balance" as soon as the check from my aunt comes and they'll consider it done.
With the money from my aunt I'll go from paying over $900 A PAY PERIOD, to only about $480 a pay period. That'll be a big help in getting the 1 payday loan that'll be left paid off through the EPP and then I'll punch away at the balance on the 1 installment loan that'll be left.
Before she had agreed I contacted Ace Cash Express about their ACH Revokation process and how the collections department works. The customer service rep told me to fax over the letter to their collections department in order to have it stopped and then confirmed it would be sent to their collections dept to set up arrangements. I went into the store yesterday and made my payment and then about 2 hours later I got an email from their collections department. She confirmed that my ACH had been revoked, even though I never offically revoked it. I was like "alright, no big deal now I can set up an arrangement"
WRONG. Since its an installment loan, the balance through the store was about $850... but since I DEFAULTED they're charging all the interest that would have accrued during the installment term and saying my balance is over $2000. She did state that my account wouldn't "officially" be in collections until the next payday, so I'm hoping I can just call the store and be like "Hey, I want to pay off the balance" as soon as the check from my aunt comes and they'll consider it done.
With the money from my aunt I'll go from paying over $900 A PAY PERIOD, to only about $480 a pay period. That'll be a big help in getting the 1 payday loan that'll be left paid off through the EPP and then I'll punch away at the balance on the 1 installment loan that'll be left.
Quote:WRONG. Since its an installment loan, the balance through
Quote:
WRONG. Since its an installment loan, the balance through the store was about $850... but since I DEFAULTED they're charging all the interest that would have accrued during the installment term and saying my balance is over $2000. |
This is BS and probably illegal. Call your state attorney generals office.
