Collections and Payment Plans

Did they clearly say that if you pay them 390.00 by - than your account would be PAID IN FULL? If so, I would say that that is an ok settlement.

I would type up my own letter and have them sign it though, but thats just me, LOL. I don't trust the snakes

It was an email and it did say that. But i wonder how i will do that without them letting me do a payment plan that is longer than 30 days.

I would say something like:

Dear Manager,

Due to dire financial circumstances, I am requesting your assistance and understanding in setting up an extended payment plan for my loan. I understand and confirm this as being a debt owed and would like to make every effort to pay you in the fastest manner that I am financially able to provide.

I have separated my payments into 2 monthly payments beginning in 11/30/ 2007 and ceasing once the loan is fully paid in 12/30/ 2008.

11/30/2007 - $ 150
12/15/2007 - $200


I believe these to be mutually agreeable terms and will make my payments per the above deadlines.

I appreciate your understanding and cooperation in this matter and thank you for assisting me to get back on my feet financially.

First things first...did you find out if Impact Cash was even licensed to lend in your state?

If they are not licensed, then legally you only owe them what you borrowed. No fees or extensions.

Really? No they are not liscensed in Ohio, at least that is my understanding. I will double check. Thanks for letting me know

When did you take out the loan...how many times have you paid the extension fee(s)?

thats a good question, did you pay them anything yet?

i thought she was saying that she hadn't paid anything yet and thats what they were offering!

if you have already paid them then i suggest you look them up to see if they are legal then if not pay the balance of your principle and call it a day!