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Hi, everyone. I live in Illinois and have several pd loans (all internet) and one installment loan, with Check N go, which is why I am writing today. I know Check N go is legal in Il, and they have 4 checks that they are holding for me for payment of the installment loan. (loan-1500, with interest 1900).
I have defaulted on my first payment to them, and got a call that they would deposit my checks if I did not contact them. I did call them and asked them to wait until Friday the 29th, telling them I would be in with a payment. Unfortunately, with all my bills and mortgage, I have nothing to give them this week. I plan to call them and ask them for another extension, but I can't let them deposit the checks. If they do, I am in fear that one of their checks will clear and my mortgage will bounce, because that is just my luck. If I stop payment on all 4 checks, we are talking $130.00 that my bank will charge, which will really screw me up. I have been sitting at my desk all day trying not to cry and desparately wondering what to do. I have even had a crazy thought of taking another payday loan, to pay Check n go, but I realize that is just nuts. Can anyone give me any suggestions? I know Check n Go installment loans are funded by 1st natl bank of Delaware. Do you think I would have better luck contacting them directly? I have already asked about an EPP, but they said that is only for pd loans, not installment. I am desparate and I know you guys have good advice....




First you need to check your state laws and make sure they can't get you for check fraud or the like. I would pay my necessities first. If you are on direct deposit then I think you should stop it or change accounts. Otherwise just keep that account drained until you can settle this. It might be worth paying the stop check fees because they will use those checks to overdraft your account and run them multiple times which will probably cost you at least $100/check in overdraft fees. Another option is to flat out close the account and make sure to have hard blocks on it so it can not be forced open by checks or ACH transactions.

Sub: #1 posted on Wed, 08/27/2008 - 01:33

DOLLARSandSINCE DOLLARSandSINCE
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(Posts: 1078 | Credits: 137.97)

If I close my account before Friday, what happens to my other checks and bills that are going to come out of my account? Does anyone have any experience with dealing with Check N go and settling installment loans? I feel like I am drowning.

Sub: #2 posted on Wed, 08/27/2008 - 01:43

Unregistered


If I close my account before Friday, what happens to my other checks and bills that are going to come out of my account? Does anyone have any experience with dealing with Check N go and settling installment loans? I feel like I am drowning.

Sub: #3 posted on Wed, 08/27/2008 - 01:43

Unregistered


If you have other checks against that account then they will probably hit you with fees also if the check doesn't clear. If it is automatic transactions then just top them and pay them some other way like a money order. If checks are floating out there I would contact the person that has the check and try to make good before they cash it. I would suggest doing that anyway because it sounds like Check N Go is on the verge of wrecking your account. If Check N Go has an ACH agreement with you, which they probably do, then even if you stop those checks they will tag your account electronically eventually. If the online PDLs have electronic access to that account then that is even more reason to lock it down. In my opinion locking any account a PDL has access to is always the first step in regaining control of your finances. Just try to do damage control starting today with other legit vendors that might be drawing off that account.

Sub: #4 posted on Wed, 08/27/2008 - 01:58

DOLLARSandSINCE DOLLARSandSINCE
Moderators Cum Industry Expert
(Posts: 1078 | Credits: 137.97)

I appreciate the advice. I wish I knew all the information everyone has been so helpful with prior to taking out these stupid loans....never again!!!! I am trying so hard to dig out, but I keep feeling like I am up against a huge brick wall.

Sub: #5 posted on Wed, 08/27/2008 - 02:11

mbuchanan mbuchanan

(Posts: 14 | Credits: 8.62)

Yeah it is a tough situation. Just remember it is only money and it can be remedied over time. Lock them out and settle with them as you have the cash. You might consider posting this on the PDL board also to see if someone chimes in on your state laws and what kind of rights a legal store front has there. You might be forced into making good with them quicker than you like depending on your state laws.

Sub: #6 posted on Wed, 08/27/2008 - 02:20

DOLLARSandSINCE DOLLARSandSINCE
Moderators Cum Industry Expert
(Posts: 1078 | Credits: 137.97)

Dumb question. Do I just use the "post reply" on the bottom of the page here? Is there any way to use an alias name, instead of mine? I guess that is more than one dumb question.

Sub: #7 posted on Wed, 08/27/2008 - 02:27

mbuchanan mbuchanan

(Posts: 14 | Credits: 8.62)

I live in NJ and i decided to settle a debt. But, I still have a few questions. When paying the debt collector, to whom should you address the check??? To the client or to the plaintiff??? Please give reason.

Second question, if you go to court, and the debt collection agency loses. Can they come after you again down the road for the same account??

If you sould decide to pay the debt as settlement, what are the steps you should take to protect yourself from fraud and bad credit ratings down the road?

If you agree on a settlement two days before you need to respond to court against a debt collection lawsuit in New Jersey and the agreement states that you have 30 days to settle an account using lump sum money, do i still need to respond to court?

Sub: #8 posted on Thu, 08/28/2008 - 06:29

Unregistered


Couple of questions
Have you made sure you are paying the correct company?
If you are settling on the debt, they you should make sure you get all of your agreements in writing. For example they will remove all negative information from you credit reports. They will send you a paid in full letter once the check has cleared.
I would think they could appeal the decision if they can.

Definitely respond to the court your intentions on settling this debt.

Sub: #9 posted on Thu, 08/28/2008 - 06:36

bdouble bdouble

(Posts: 354 | Credits: 56.74)

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