Have you ever wondered what happens when you stop paying Conn’s? This article gives an answer to this concerning question. For more details read on!
When you stop paying Conn’s HomePlus, the company will attempt to contact you to arrange payment. Late payments cost about $15 in fines.
If you have no interest in funding, Conn’s will withdraw the no interest bonus from the start of your contract and charge you back interest.
Conn’s will announce your account by default after around 60 days of non-payment, and submit it to collections.
Conn’s HomePlus Overview
With over $1 billion in revenue and over 4,000 employees, Conn’s HomePlus® operates 130+ retail locations across 14 states and offers a wide variety of name brand home appliances, consumer electronics, furniture and mattresses, and home office equipment.
Conn’s HomePlus Team is in the people business – people serving other people. For 125+ years, we have been dedicated to enriching the lives of our employees and providing superior experiences for our customers.
From professional development and career growth opportunities for our employees to high-quality products and purchasing options for our customers, Conn’s is excited to serve you!
The people business depends on team members who are excited about making a positive impact on those around them. Whether your interest is in retail sales, warehouse and repair operations, call centers, or corporate opportunities, you can find a home and career at Conn’s.
What Happens When You Stop Paying Conn’s?
Conn’s HomePlus will hit you and your references after a missed payment, in an effort to arrange payment. It’ll also be charging your account late fees.
Repeated missed payments will mark your account in default and transfer it to collections.
We talked with several representatives of Conn’s customer service to find out about the missed payment policy and the debt collection process for the company.
A few of the representatives were unable to address company policies without a customer account; others advised us that when you miss a payment on your Conn’s HomePlus store credit card or YES MONEY finance contract a billing agent will attempt to contact you.
Late fees may apply and are typically about $15 but vary by contract. Late fees and returned payment fees are listed in your customer agreement.
You will also lose some deals including no-interest lending through YES MONEY if you skip a payment, a representative said.
Your account will be restored to the normal interest rate, and Conn will charge back interest from the original date of payment.
This strategy extends to new contracts and to paying off your contract once you’re almost done.
Conn’s will declare your account in default about 60 days after the first missed payment. You will be responsible for paying the total balance of the remaining account, plus any late payment fees and the account default penalties listed in your contract.
If you can’t pay, Conn’s give your account to collections.
If your account fails, Conn’s can also repossess and resell the item(s) you purchased. You can add the resale amount to your account balance but you will also be liable for any balance and fees that remain.
If your financial circumstances have changed or you are facing default, it would be a good idea to contact Conn’s customer service department to discuss your options, including surrendering products via Conn’s (as previously reported) voluntary repossession policy.
Conn’s HomePlus records skipped credit office payments which may impact your score.
What are the legal ramifications of not paying the Conns? Laws vary by state but for stopping payment on funded or lease-to-own products you usually won’t go to prison. But you can be sued for your debt.
If you refuse debt collection, a court may order you to make a payment or attend a hearing. More information about debt recovery laws is available in our article on Aaron’s debt collection mechanism.
Conn’s HomePlus will first attempt to reach you after a missed payment, to arrange payment. Conn’s will mark your account in default after around 60 days of non-payment. And you’ll be liable for the account balance and fees.
Conn’s can repossess the products, and resell them. You may also donate to get the things collected. Although you probably won’t go to prison if you stop paying, you can be sued for your debts.