pay loan from ace cash express.?

1 week before Katrina I took out a pay loan from ace cash express. When I took out the loan I had a job and fully intended on paying the loan back. With Katrina I lost my job and most of my belongings. The store that I got my loan from went completely underwater along with several other ace stores in New Orleans. I only work part time because I am taking care of my bed ridden mother. A collection agency is coming after me to repay the loan. My question is because ace cash express stores were damaged during Katrina did they receive and insurance bond that covered the loans that were due.

Asked By: cebou725 - 5/15/2007
Best Answer - Chosen by Asker
I doubt it very much. Most people, including yourself didn't feel like a hurricane of such destruction would hit. Lets face it, it is an honest debt and you said you intended to pay it off. Why are you trying to get out of it now? Why don't you try to make some type of arrangement to pay it off.
Answered By: ttpawpaw - 5/15/2007
Additional Answers (4)
Probably not. They just want their money back. They don't care if you lost everything too, especially if they are part of a corporation.
Answered By: redstar416 - 5/15/2007
i hate to be the bearer of bad news but ace express is nationwide, most payday loan places are crooks anyway your going to have to pay this their interest is very high
Answered By: Jim - 5/15/2007
No, they wouldn't have received insurance to cover monies owing to them. The only insurance settlements they would qualify fore would be damage to the office due to the storm and business interruption insurance. You still have to pay them.
Answered By: Jack - 5/15/2007
If you owned a home with a mortgage of $50,000 and it was destroyed in an earthquake, you still owe $50,000. If you were smart enough to purchase earthquake insurance, the proceeds would go to the bank holding the mortgage... More
Answered By: Jer Jer - 5/18/2007
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