Default on checkngo installment loan

Eleroo - I responded already, but I will post my answer here too.

I think it could be a good thing to be sent to a third party collector. Usually they will be much better about setting up a payment plan. They can't garnish the wages anyways without a judgement and court order. Since you live in a non garnishment state, they would be able to collect on the judgement in other ways, such as siezing any assets the court allows (such as bank accounts).

But I think that this could be a good thing. 3rd party collectors can be easier to work with then these crazy companies.

Thank you so much Goudah. I know that she is very scared, and I am scared for her. I know that they will not come and arrest her and she is very willing to pay something, but she is not going to be allowed to pay anything other than the full amount. And they will only accept debit card, credit card, or drafting it from her checking account. She blocked them from her account so that she wouldn't incurr horrific nsf fees. Hopefully the third party collectors will be willing to accept money orders which would be the safest way for her to pay, I think.

I really hope they aren't bluffing. Being sent to a 3rd party collector could be a godsend for her. I'm hoping that is the case . . . . They will accept payments.

I just heard a CheckNGO commercial over the radio today. And I thought... If only people knew! These places are horrible.

They are horrible. I don't know how those collectors sleep at night. So far noone has been nasty, but they are not willing to bend at all.

I just went to check them out, and their installment loan is through First Bank of Delaware, the same people who do CashCall I believe, and also do most of the 'bad credit' credit cards...

Yep, their loans are backed by 1st Bank of DE . . . . Same people that seem to back all of the high interest "installment" loans. They also back Purpose Loans.

Yep. That's them! Apparently Cash Call has run out of funds. I wonder if that will affect the installment loans through checkngo.

I really hope they aren't bluffing. Being sent to a 3rd party collector could be a godsend for her. I'm hoping that is the case . . . . They will accept payments. quoted from goudah2424


do you know someone this has happened to?

I know of other people that had very high interest installment loans, and defaulted. The companies wouldn't accept any alternative payment arrangements. Once they were sent to a 3rd party collector they were able to make affordable payment arrangements. Most collection agencies working for legitimate companies are going to accept payments. It's how they do business. Most people that default did so because they couldn't afford to pay. Most collection agencies know this, and don't expect you to pay in full immediatly.

thank you goudah2424. I had some tell me that
I have to pay them back in 4 installments!!
like 300+ each pay period, I'm like I can't do that,
then they said ok then we will move to the next level
of action?

van - that is someone, probably an illegal payday loan, that is trying to scare you into paying. I love their phrasing on that one "next level of action"... They are trying to be subtle and let your own mind try and guess what that might be, court? jail? oh my goodness I better get them their money! Yeah right....

Legitimate companies know they can make more money off of you by letting you take longer to pay. Illegal companies, I guess are trying to.. how did the pdl manual put it... Hit it hard and get out quick, so of course they can't wait to get their money, they need to run along to another scam before they get caught!

Yep - My point exactly! Only the illegal collectors and illegal pdl's will give you unreasonable terms and threaten "other action".

Check n Go is a legit company, and I would be surprised if they were to sell accounts to shady collection agencies.

Probably, but at least they have to follow the fdcpa.

But that doesn't make them any less evil for how the entrap people in the cycle of debt. They claim to be there to help, but if you are an honest person and just have trouble paying for a few months they seem to treat you like dirt.

There so called repayment program is for someone to write alot of postdated checks. they are so full of crap.

lukeskywalker -

I totally agree, if that is their repayment plan. I can't wait to tell them, uh well I don't have a checking account anymore - so what's your next offer people.

what did you end up doing with them LSW?

van - They'll probably tell you that you have to have a checking account, and if you don't have one then get one or get a family or friend to write the check for you. It is horrible, but it has happened to other people. If you are dealing with them over the internet you can send them a money order, money gram or give them numbers to a prepaid visa, but they claim to never take those. But they will if money shows up, they'd be dumb not to take money. As for a store front, I'm not sure about that one, they need those post dated checks. But as long as you make sure to go pay them in cash on time, I've known people to keep using a closed account checks...

I turned everything, which is copies of all the paperwork, to my AG office and they sent me a letter saying that I should get a reply from check n go with their response from the AG and me, its been over a month, and so far nothing. I will wait till next week and ask my AG, what to do next.

well, I tell them they can accept my money orders or go fly a kite because I'm not having a checking account and giving any of those crooks my account numbers. sorry, I'm just so sick of the slick advertisments we are here to help, etc., then they don't even have to abide by the texas laws because they are a brokerage company!?!?!?! wtf, they are
a pdl company with a different mask on! it's not I don't want to pay them what I owe them, it's just they
have an attitude because they found a way around the system to charge more interest and still not call them
selves payday lenders. sickens me, how this has screwed up my life and I have no one to blame but myself...

I agree. Stand your ground, you have every right too. I admitt I owe them money, I offered to pay them what I could on a plan, they never got back to me, so I sent all I could to my AG, etc as I stated above. Im doing all I can, and thats all I can do.

It is all any of us can do. And there is not reason they should harass us into getting into more trouble just trying to get them paid!