payday loans

the question is not whether or not to pay people back, but rather to be dealt with fairly and legally if one has troubles paying back

Trevor: I don't make too much money either but I paid all my bills back. They might not have gotten as much as they wanted as quick as they wanted but I gave them their $900 profit off my $400 loan for a total of $1300. Does that sound fair to you?

It's not that people on this site do NOT want to pay their bills or are trying to get out of paying them, but rather something has happened in their life, whether it be an illness or an unexpected expense, that has caused them to get behind on their bills. If you live paycheck to paycheck like most people do, one little catastrophy can cause a downward spiral. People who don't know better turn to payday loans which makes it even worse.

Have you been the victim of predatory lending? I hope you haven't and that you never do because then you will see where the people on this site are coming from.

Can pdl's take money from an account that they are not authorized to take money from?

Teasa, can you tell us more about your situation so we can help you?

Teasa,
If they were authorized to take from a bank account beloning to you, and they are starting to debit from another of your accounts, that is not legal.

I just close my account , i live in the state of texas, and i have about 9 payday loans, i can't pay them , they all where done online, will these company sue

I personally haven't heard of any online lender suing anyone. All they do is threaten and harass over the phone. Most of the lenders are in one way or another breaking the law. Whether it be for charging more interest than the borrowers state allows, not being licensed, etc.

you should contact the payday loan companies so that they don't begin threatening you. You can close your account, but don't think you can get away with just cutting all contact off with the PDL. That would be a big mistake. Try to talk to them, see if they will accept smaller payments, etc. and register on this site so we can all help you beat them!

A payday loan company can sue if they have all valid papers against you. But looking into the court costs and fees involved in filing a case, they might step back and arrange something outside the court.

You should talk with your lenders and explain the situation about your financial problems. Get some arrangements done before the matter takes a legal shape.

Store front lenders will take you to court, but I have never heard of an online lender doing so.

But will those online lenders who are operating illegally in some states really WANT to sue? Doesn' seem like it.

GOOD LUCK WITH THESE PEOPLE MY PURSE WAS STOLEN SO I CLOSED MY CHECKING ACCOUNT AFTER I INFORMED THEM THEY STILL TRIED TO TAKE THE MONEY OUT THEY INFORMED ME TODAY THAT THE BALANCE HAS GONE UP TO 1100 DOLLARS(ON A 200 DOLLAR LOAN) AND IF I DON'T COME UP WITH 800 DOLLARS WITHIN 72 HOURS THEN THEY WILL PRESS CHARGES ON ME FOR WORTHLESS CHECKS. NOW I HAVE ABSOLUTELY NO IDEA OF WHAT TO DO AND THEY WILL NOT WORK WITH YOU.

First of all, they can't charge you for a worthless check. You had a legitimate reason for closing your account. That is a rediculous amount to collect on a $200.00 loan. What state do you live in? Many states have laws on the amount of interest, etc that can be charged for this type of loan.

TLDUPLANTIS:

I probably got at least 10 of those same phone calls threatening to have me arrested if I didn't pay. Since I am in law school and couldn't risk having a record, I paid the first time it happened to me. Then I talked to a lawyer and came to this site and realized that what they are doing is just harassment and scare tactics to try to get you to pay. So, I sued them back!!

Like I said, I have received probably 10 of those phone calls and nothing ever happened to me. It's also funny because as time went on, I used to mess with them and I would ask them what the exact charge would be and asked them to cite the state law they would be arresting me under; they could not. I asked them what jurisdiction they would be charging me in and they didn't even know what city I lived in. It was rather amusing.

I still get those phone calls about every 6 months or so but I just tell them if they call me again, I will be tape recording the phone call and the tape will be turned over my lawyer to press charges for harassment against them!! They never call back.