Check n' Go Installment Loan

Checkngo is legal in Texas. You can close the account and default on the loan. However, the creditor/CA can file a lawsuit against you for defaulting on the loan. If you can't afford to make payments on the loan, then it will be better for you to go for payday loan debt consolidation program. This may help you get out of pdl crisis mate.

I agree with Nandy. Since the lender is licensed to operate in your state, so you are required to pay them both the principal amount and interest. If you are in a financial hardship to payback your debt in full, then you may enroll in a payday loan debt consolidation program. Otherwise, the lender can file a lawsuit against you because of non-payment of debt. Once the court issues a judgment against you, then they can garnish your wages or place a lien on your property. I hope the following link may help you to get an idea about this company:
http://www.debtconsolidationcare.com/paydayloan/checkngo-installmentloan.html

You've received some bad advice.

Seeing as how this isn't a PDL, I don't know why PDL consolidation was suggested for you. Ignore it.

I would call CnG (corporate) and revoke your ACH authorization. This should force it to collections. You can then set up a payment arrangement with the collections dept to pay it off. I suggest you try to negotiate an amount smaller than your "actual" balance.

They can sue you, but if you're openly communicating with the colletions department and sending payments, it's less likely that they will.

I had a loan with check n go also and I was stupid and refinanced it just before I was to pay it off as a way to get more money to pay other loans. I have now revoked the ACH authorization. They are legal in my state of WI.

My question is, should I contact them or should I wait for the to contact me?

Can I revoke the the authorization for them to attach wages?

Please advise!

Yes revoke the wage assignment and yes contact them.

You want to work with them to pay this off in a comfortable manner, not appear to be hiding.

I did send a letter to Check N Go today. They told me that as soon as the receive notice that my payment declined, then they will turn the account over to collections, and they will contact me about an alternate payment plan. I also told them that I have revoked all ACH and wage attachment agreements in their contract. I have not closed my bank account but the bank has revoked the ACH authorization. Which I must say worked perfectly today. I feel like I'm making progress. I had 6 loans out a week ago, 2 of those were illegal and I had paid only the principle then sending the letter I got here. Now both of those accounts are closed and paid in full. Another loan I had with cash net usa, had a low balance, which I paid off today and it is now also paid in full. Check N Go seems like they will work with me to come up with a payment plan, so that make 4 loans that are no longer sucking the money out of my checking account. I feel like I am getting my life back.

And then there were two...:p

Thanks heavens for this forum...I have learned so much. I would never have had the courage to take control of this situation I had gotten myself into without the knowledge I have gleaned from these pages.

Paula

Paula,

Did you have an installment loan with them, or a pdl? I am about to embark on the same journey as you, but I know that the rules are different for installment loans.

I called them and tried to make payment arrangements, but they said they won't do it and I still have to pay. My only recourse is to revoke ACH. But I'm afraid they'll clean out my account if I do that. Can they do that?

Anyway, please let me know what happens with you!

Thanks TexasLynn.... I'm so sorry you're going through this... this is truly hell.

I know it seems really scary and impossible, but it seems like the best option would be to work out payment arrangements with the collections department, even if you can pay just $50 or something to show them that you are serious about working with them.

I've been listening to Dave Ramsey... he is really clear about his hatred for these companies and how they're scum... he says, "Pay your bills you need to live... then the rest of these guys can get in line. They get nothing until your basic needs are met."

So that puts it in perspective - do your best, continue to be up front with them, and go from there.

Please keep me posted - I'm just a step behind you on the journey, so I'm interested to see how it pans out for you. I'll let you know what happens with me, too! It seems like people ask a lot of questions around here, but not many post the end result... i think it's helpful to do that!

:)

Dave is a nice guy as I have met with him years ago. With that said, I would be careful with his advice on this matter. If you had illegal loans, I would agree totally. The problem is that this is a legal, licensed lender that has rights which include the repayment of the funds. If you refuse to pay them, they have recourse which includes using the courts for a civil proceeding.

The decision is yours, but choose wisely...

Any update on this ladyjane?? I do want to pay them, but I am thinking that it's in my best interest to default right now and get into collections. I have thought about this a lot, and I am thinking that ChecknGo is probably giving me low payments to "catch up" as a way to let the interest keep piling up. The longer they can string me along, the more interest will be added to my final total. If I default now, I will owe around $2800. If I keep making these $160 payments as an "extension" every two weeks until I can "get caught up" (their words), I am sure that all that is doing is adding interest each and every day.

If anyone can give some advice on this, please help.

Thanks!

Hi TexasLynn!

I am working with them right now - just called them to see what my early payoff would be. I've paid a total of $2100 on a $2400 loan and if I pay them off TODAY my payoff amount is $2800!!!

So I am revoking my ACH authorization - the lady I talked to said that that will automatically put it into collections, and they would then contact me to work out a payment arrangement.

I am going to do this - I have to stop this ridiculous +300% interest.

If I were you, I would recommend you stop getting extensions - It's only putting off the inevitable. At least if it's in collections the interest stops and you can work out something with them.

I can't wait to be rid of these loan sharks.

Thank you SO MUCH for keeping this thread going and responding. I posted my problem on this forum about a month ago but didn't get much in the way of help. Your problem is very similar to mine, and learning what you are doing has helped me so, so much. Yes, I think I will be much better off going to default on it because I am sure the longer it goes on, the worse the amount I owe will be.

Please let me know what happens when you talk to collections, what they want from you, etc. and I will certainly do the same.

I just want all of this behind me. I have been watching the Sopranos all week, and some the loan shark lending practices on that show are more reasonable than these companies! Live and learn. . . .

Thanks again!

Hi all
I'm new to this site and actually stumbled upon this forum through a google search. I'm glad to know that I'm not the only person at this point.
I have about $750 +\- with check and go. At my first refinance I chose to get an increase, but only to avoid paying. I refinanced twice after that and this past Friday I didn't pay (Nsf on my account). They called me about 4 times yesterday then they sent me an email today about paying (it was a nice email). I replied back telling them that I want to make arrangements for lower payments and haven't heard back.
I also have a much smaller loan with little loan shop. I plan on making arrangements with them but I'm tired of the very high interest and never ending payments (regardless of how small the loan is).
I will keep you guys updated. I'm afraid and sort of embarrassed to call but I know I will have to. Ill let you guys know what they reply with.

Check n Go will work with you as long as you keep in contact with them and stick to your arrangement.
Little Loan Shoppe is illegal. If you've repaid the principal of the loan, you owe them nothing further. If you've overpaid, you should ask for a refund.

Thanks for your reply to my post. I was wondering if you know what verbiage I should use with LLS? Should I send it certified mail?

Apply at world finance. They borrow up to $3000. And pay off Check n go. Their fees are great. They apply all your payments directly to the principal.
Another place is continental credit, maybe they have an office in your city. Good blessing.

My wife went to Alabama from Georgia and took out a $3000 loan with Check n Go.
we can't pay it and still eat. What could happen to my wife if we defaulted on the loan and tried to work out a different payment schedule? Is the loan legal, since we live in Georgia?