I have two payday loans that I'm paying. They keep calling me and harrassing me at work about paying them in full. I do not have the money to pay them in full but are making payments. They threaten to have me arrested and charge with fraud and bring federal charges against me if not paid by Friday, June 9, 2006. What can I do and can they have me arrested eventhough I'm making payments. Thanks

[Lorri]

Guest---Please sign up as a member here (its free) so you can take advantage of the free debt couneling (someone calls after you sign up). They will give you some good advice and lead you in the right direction.
I don't think they can just arrest you without some type of court action. Anybody else want to answer that?

[Gretchin]

Gloria, You can't be sent to jail even if you have not made partial payments. The ultimate thing that can happen in such a case is a court hearing and finally a judgment gets issued. Since you are already making partial payments, make sure that you have proof of your payments. The lender can always take the matter to the court if they have such intentions. But seeing your effort to pay the debt, the judge will rule decisions in your favor. Besides, the lenders usually don't file a legal case unless it is for a huge amount. There are court costs and fees involved with it. don't fear of the jail threats because it can never happen. Just keep your receipts of the payments done along with other correspondences. You must have everything documented that proves your actions.

[identity_crisis04]

like most said but someone hasn't said it here first are they allowed to loan in your state? if not then u might haave the upper hand?

[Justme]

It is true that all lending companies have to be licensed in the borrower's state. But if you have taken a loan without checking their licensing info, you have to pay them and show good responsibility. The debt does not get erased on this basis. But the company must charge within the permissible interest rates and fees. Most of the companies not licensed in the state go above the permissible charges. Use your state laws to fight against them. Pay what you actually owe above the principal amount and interests. Don't pay obnoxious interest rates and fees.

[finsfan13]

It depends on what state you're in and what company you're dealing with...You may have the upper hand if this is true in your case, but you must make sure that you have paid the principal and maximum interest allowed by your state.

[MARIA_BOLTON]

I was contacted this morning by a debt consolidation company that handles payday loans. I am so excited. You guys have to understand the level of stress I was under. I contacted all of the lenders either by email or phone letting them know the situation and my plans. I have to go into my bank and put a stop payment on the ach transactions that the lenders are putting through to collect there money the. Stop payment is good for one year.

I have 2 other companies to contact but I cant find contact information. The companies are GFSIL and VC Funding.

Stand up for yourself.

a legal processing center gave me a call stating i owe a payday loan of 415.00 that only 200 was given to in march i was asking them who were the people asking for this money and cant give this information out due to me probably gettin a lawyer plse help me 203-996-**** rosalie

Personal info removed for your safety - Mike

[Gretchin]

Rosalie, what is the name of the company collecting this account? They need to send you something in writing after making the first phone call. In this letter, the name of the company for which they are collecting must be clearly mentioned. Besides, the details of the debt account and their licensing info and the SOL period should also be there. It is your legal right to get this info from the company before you make a payment. Send a debt validation letter and request the info.