I have a payday loan with Check n go and I don't remember how much the loan was for originally but I have rolled it over several times and paid an extra $25 plus the finance fee with each one. I have closed my bank account so they can't get anymore money and today I received an e-mail from them saying that I have to pay the last of the balance I owe in full. Here is a copy of the e-mail:
Based on Maryland regulators' recently announced changes in the interpretation of the rules under which we operate, as of Friday October 1, Check 'n Go has decided to no longer arrange loans in Maryland. Please know that all outstanding loans are due in full at payment date; refinancing will no longer be available as an option. Your payment options are as follows:
ACH: this is the normal process by which your loan would be repaid, where the funds are automatically withdrawn from your account
Visa or MasterCard Credit/Debit Card: to arrange payment by card, please call Customer Service at 1-800-723-7022 before 8pm Eastern Standard Time on the business day before your loan is due
III. MoneyGram (available in all Wal-Mart stores): Check 'n Go's send code is 5939, and the city and state is Mason, OH. Please call 1-800-723-7022 to confirm that you have forwarded payment by MoneyGram
Please be aware that loans or refinancing not paid in full by or on time will be to the Certegy Check Network, which could negatively impact your credit score, and could result in the denial of check cashing privileges at over 350,000 retail locations.
For questions, please call Customer Service at 1-800-723-7022, or send an email to [email]email@example.com[/email].
Thank you for choosing Check 'n Go.
Check 'n Go Customer Service
I'm concerned about this check system situtation because I have many other defaults, I don't really write checks in stores and things of that nature but I do right checks to pay my rent or other bills? If they turn my name over to them how would that impact me?