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Check n Go Installment loan going in default?


doc20002001
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I took out a installment loan with check n go and im probably going to go into default when they try to cash the check, does anyone know if they can keep charging you interest on the loan as the original loan is for $1500 and the check is for $1500 i wrote them, do you know if they will charge all of the interest for the normal payback which comes to over $2000 or more in interst if i was to pay them every two weeks? im getting a $5000 bonus in december and and will be able to settle this then.

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I took out a installment loan with check n go and im probably going to go into default when they try to cash the check, does anyone know if they can keep charging you interest on the loan as the original loan is for $1500 and the check is for $1500 i wrote them, do you know if they will charge all of the interest for the normal payback which comes to over $2000 or more in interst if i was to pay them every two weeks? im getting a $5000 bonus in december and and will be able to settle this then.

 

They are not going to wait until December in hopes that you get the bonus and pay.  They will keep charging the interest rate agreed to in the contract you signed until you pay it off.  

 

Unlike internet based payday loans a storefront operation is VERY likely to sue you for this debt.  

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Doc,

 

I think you'll be fine if you communicate with them. December is only four months away, and I think its unlikely they'll file a lawsuit in such a short amount of time. If you can make partial payments in the meantime, even small increments, it will show good faith. I suggest calling them and seeing what you can do to work things out over time. However, I would be careful about signing any new loan documents, since these types of payday loan companies charge very high interest rates. In other words, your late payback of an old loan may be better than signing up for a new loan.

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thanks for the comments, ill talk to them and from everything ive researched they put th eloan in default after NSF at the bank and the clock stops on the interest, then they turn it over to a 3rd party collections who will work with you. It will be cheaper to default and the interest clock stops and from what ive read alot of people have settled for 50% of the debt and my credit is shot anyways so i dont think they move that fast where i read they cant dont contact you until after 28days past default so that would be end of sept and ive got 2.5 months before a judgement could be thrown at me i can settle. thanks again guys - i love the internet lots o info!

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