Installment Loan issues

I have a couple right now with Cashnet and Checkngo. I closed my bank account and defaulted on both. Once that happened they referred me to the collections department which helped me setup payment plans that i can afford. I know it's stressful to default, but that was the only way i could get them to stop accruing interest and work with me to lower my payments.

I was able to payoff Cashnet in 1 month and I have 1 more payment with Checkngo and I'll be done!

Good luck

How many payments did each place give you? Were you able to work out something with them or did they just tell you this is your option?

I'm not sure what you mean. How did you consolidate them all into installment loans?

It looks to me like, other than the title loan, which is secured, you should just default on all of these puppies and work out a pay off.

Ohiogal- I had alot of payday loans out, usually for the max of $500. I've been with the companies for a while so one day Ace Cash Express was like "Hey, you were approved for an installment loan instead of payday for up to $1000." I took the loan and used the extra funds I got to pay off one of the other payday loans that I was only paying the rollover fee for every paycheck.

I struggled for a bit and made the payment for Check N Go and EZLoan (EZMoney) every month and then when I was able to refinance it, I took the difference and paid off another payday loan.

I've made about 5 payments (still have 7 or 8 to go) on this latest Check N Go loan and I think after this next payment I'll have enough after refinancing to swallow another installment loan, hopefully one of the amounts that is over $200 a paycheck.

I'm hoping by doing this I'll be able to slowly get the payments to an affordable amount and only have 2 installment loans that I can throw the extra money at to pay off quickly.

With the biweekly payments I have going on now I can barely BARELY even meet my bills. I REFUSE to default on my credit cards or other bills that report to my credit report, I've been killing myself to get my credit score up so we can get a mortgage in a year or two and I will NOT set myself back another couple of years because I'm an idiot.

I'm just so scared to try and do the EPP because most of my balances are high. I've heard most of the plans that companies work out are only for 4 equal payments and I can't afford payments any higher than what I'm currently paying.

If you have very high balances, defaulting might better for you than an EPP.

Also, have you tried renegotiating your installment loan terms? They may allow you to skip up to 90 days worth of payments that could be deferred to the end of your loan. You could also try extending the term of your loan to reduce your monthly payments. Call them up and see what they can do to help you.

I also answered your other thread.

Do you know of any companies that have done the 90 day skipping payments? I tried calling all the stores (not corporate) previously and they all told me there were no payment arrangement options. Only 1 told me that if the check came back returned, they could set up payments.

When you work with the collections departments/companies, do they often allow more than 4 payments? 4 is just cutting it very close, if they could do 6-8 payments it would help tremendously.

Traditional lenders often will offer deferring payments. It's worth a shot to ask. The worst they could do is say no.

Also, as I suggested, you need to call corporate.

And, yes, as I said, the collections department will have a lot more flexibility in the payment arrangements they can offer you.

When you revoke ACH to force it to collections, can you set up arrangements right away or do you have to wait for them to call you? I don't want to deal with the returned check issue, but it seems alot of people in Missouri are stating thats what they are being told by their PDL stores has to happen first.

Of course that's what the stores tell you.

AGAIN, call corporate. Better yet, email corporate's customer service. If they cannot help you with an EPP the tell them that you are revoking ACH authorization specifically to force the account to collections. You can contact the collections department right away and make arrangements.