Lindsey Desmet
Short Answer — When you stop paying Conn’s HomePlus, the company will try to contact you to arrange payment. Late payments incur a fee of about $15. If you have no-interest financing, Conn’s will remove the no-interest promotion when payments are delayed for 10 days. After about 30 days of nonpayment and failure to reach you, Conn’s will send your account to collections.
What Happens When You Stop Paying Conn’s?
After a missed payment, Conn’s HomePlus will reach out to you and your references in an attempt to arrange payment. It will also apply late fees to your account.
With repeated missed payments, your account will be declared in default and sent to collections.
We spoke with several Conn’s customer service representatives to find out about the company’s missed payment policy and debt collection process. Some of the representatives were unwilling to discuss company policy without a customer account; others told us that when you first miss a payment on your Conn’s HomePlus store credit card or YES MONEY finance contract, a billing agent will try to contact you and, in some cases, will offer you an extension.
Late fees may apply and are typically about $15 but vary by contract.[1] Late fees and returned payment fees are listed in your customer agreement.
Missing a payment by 10 days or more will also cause you to lose any promotions like no-interest financing through YES MONEY. Your account will revert to the standard interest rate and Conn’s will charge back interest starting from the original purchase date.
This policy applies to new contracts and whether or not you’re nearly finished paying off your contract.[2]
About 30 days after your first missed payment, if Conn’s was unable to reach you to find a solution, it will declare your account in default. You will be responsible for paying the total remaining account balance, plus any late payment fees and account default penalties noted in your contract.[1]
If you are unable to pay, Conn’s will generally send your account to collections.[3][4]
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 the items through Conn’s voluntary repossession policy.
Conn’s HomePlus reports missed payments to the credit bureaus, which can affect your credit.
Legal consequences vary by state, but you typically won’t go to jail for stopping payment on financed or lease-to-own items.
You can, however, be sued for your debt. A court can order you to make a payment or attend a hearing if you evade debt collection.
Our related research on Aaron’s debt collection process has more information on debt repayment laws.
William Lipovsky
