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A written repayment plan allows for 3 equal payments on a customer's next 3 paydays. Is a DP provider required to wait for the completion of the Repayment Plan term to present the customer's check if they default by not making a payment when due?
A written repayment plan is a separate contract from the initial deferred presentment transaction. If the customer defaults on any periodic payment during the repayment agreement, the customer has defaulted on the repayment plan, which would permit the deferred presentment provider to deposit the check on the original deferred presentment transaction