Conn’s HomePlus, an American retail store, offers a variety of furniture, appliances, electronics, and mattresses. Conn’s company provides customers with a monthly EMI option to pay for their purchases for a better shopping experience. However, what happens if you stop paying? This article will go through the consequences that one might have to face in case they can’t pay.let us know What Happens When You Stop Paying Conn’s?
What Happens When You Stop Paying Conn’s:- When you stop paying Conn’s Home plus their agent will first try to contact you or send a letter to your home address. You might be charged with a late payment of up to $15. The amount varies on the type of your contract.
Effect On Credit Score:-
Conn’s Home plus sends monthly reports to all three major credit bureaus. This means, that as long as you continue making timely payments you would be able to build a positive credit score and late payments might negatively impact your credit score.
Conn’s No Interest Policy:-
Conn’s doesn’t charge you any interest if you can pay the full payment within 24 months or 12 months. Delay in payment would result in them taking back this offer and charging you interest starting from the first payment date.
60 Days Of Delay In Payment:-
If you don’t pay for 60 days starting from your first missed payment, conn’s will declare your account as default ,and you will be then responsible for the total remaining balance, late payments, and any kind of penalty fees mentioned on your contract.
If one is unable to pay, Conn’s by default would send their account to collections. Conn’s can repossess and resell the items through their voluntary repossession policy. The resell amount will be applied to your account and you will have to pay for any remaining fees.
Legal Consequences:-
The laws differ from state to state. But most likely you won’t end up in jail for your lack of ability to pay. If you purchased using your credit-card then Conn’s can sue you legally as per their contracts. If they win the lawsuit you have to pay the amount you owe, late payments, and the penalty demanded by the court. If you receive a lawyer’s letter from the company, you shouldn’t ignore it. If you purchased something with cash then they can’t take any legal actions against you.
Is Conn’s A Good Deal?:- Opinions regarding the quality of product depend upon customers. Regarding the financing policies, Conn’s is a great deal. Even if you have a bad credit score or you have just started to build it up Conn’s makes it easy for you to get financed in minutes.
On the other hand, they are extremely strict with timely payments so if you aren’t certain about whether you would be able to pay off your EMI regularly it would be your best bet to try a different shopping site.
Conclusion:-
To conclude, you won’t get imprisoned if you stop paying Conn’s HomePlus, but you are most likely to be sued in court for your debts and you can settle it with the help of voluntarily giving up your purchase so that they can resell it and apply it to your account. There is no need to worry about your credit score while deciding since their ‘Yes Money’ will say yes to financing even if every other store says no.
Frequently Asked Question:-
- How does the payment system for Conn’s work?
You may pay using Conn’s pay via call automated system by calling – (8000)-511-5750 or use their online portal to pay your Conn’s credit card installments issued by Synchrony bank.
- I missed a payment – How will it impact me?
If you miss a payment, Conn’s “no interest policy” is immediately canceled. Your account will be reverted to a regular account and you will be charged subsequent interest starting from the date of purchase. You will also be charged a minimum fine of $15.
- What If I refuse debt collection after not paying for Conn’s products?
If you refuse debt collection after getting sued the court is likely to order you to make a payment or attend a hearing.
- How does Conn’s shipping process work?
Conn’s HomePLus offers both delivery and pick-up options. A Standard delivery might take 1-3 days, and you would have to pay a small amount of delivery charge. Pick-up is available for both in-store and online purchases and is free. You would need a customer invoice and id to pick up your order. You can also send someone else to pick up the order with the necessary documents.
- What are the consequences if I am late for picking up my purchase?
Conn’s holds your product purchase for two days. If you don’t pick up your purchase by then your order would be canceled and they would refund you with your method of payment.
