[andyyoung]

It is not a felony if you are unable to pay the debt. However, you should contact the company and work out payment arrangements with them. A lot of problems will be solved if you are taking care of the matter. Besides, if the matter takes a legal shape, you should be able to prove your responsibility. Write letters and send your proposals through certified mail with return receipt requested. You will have proof of your actions.

My wife lost her job and all the bills is on me. So i stop paying the interest on them and i got a call from a man,saiding i will have to go to court. Is this true or will this go to collecting for debt.and if i closed my account is this check fraud.because my bank was open at the time i got these payday loan.and you help me. Thanks guys!

[KYSIDE38]

Welcome to the forums. tell us a little more about your situation. What state are you from? Are these loans over the internet or storefront? Also please register and join our forum you are always WELCOME here. KYSIDE38

I have a couple of payday loans that I stopped payment on due to falling behind on other bills. I also had my checking acct closed bc I had to many returned checks. The loans where made over the internet, what actions can they take against me if I dont pay. They are not willing to accept a payment arrangment stating that I had to have at least half of the amount today. They also refused to send validation of the debt saying that an email was sent out to me but I never recieved it.

[sswett]

Guest -

WHere do you live? (state)
Who and how much do you owe?
How much have you paid?

There is a lot of information avaiable here. We'll be sure to point you in the right direction.

i was wondering would i go to jail if i had some bounced check and if i had some cash advances that in my local town in michicgan one at apprpved cash in one is in the same state but diffeent town it was an internet cash loan and now i cant hardly get it caught up 1 is 400 adn th eother is 500 i need help my job is ending im pregnant i just got caight up in a mess with borrowing

My teenaged daughter got a small loan from Money Tree. She wasn't able to repay it. I think she owes $160.
We live in WAshington State. If I do not pay this loan for her, what might happen?

thanks.

Hey Mom, I would like to know what happens, too. What if a pay day loan is never paid?

Any one know? thanks.

:shock:

[SUEBEEHONEY70]

If a payday loan is never paid, several things can happen (IF THE LENDER IS A LEGAL, LICENSED BUSINESS IN YOUR STATE):

-they can pursue collection action against you, up to and including taking you to court, obtaining a judgement against you (BAD news for your credit rating), and garnishment of your wages.

-they can call you (and the people you listed as references on your loan application if you won't take their calls, in an attempt to locate you)

-when they serve the court papers on you, they can do so at home, at work, etc.

Keep in mind, this is only for those lenders who are legally operating in your state. We don't advocate nonpayment of what you legally, legitimately owe - but we do offer suggestions for dealing with the illegal lenders - most often found on the internet and operating from other countries.

[scmoore22]

Hi I live in houston, tx and just talked to a counselor on here. Thy say they can't help with payday loans. My question is I have 15000 in payday loans. Got in the cycle...had to get another payday to just get extensions paid. I have 4 storefront and the rest in online. I don't know what to do. or if the laws have change. I want to close my bank account and work with them to where I can start paying off. some I have had for over 6 months., any ideas?

[Sassnlucy]

Do you have $15,000 in payday loans? Or $1500? Please list for us each loan you have, whether they are online or storefront, how much you have paid, and how much you borrowed. We will be able to give you some advice once we know these things.

[scmoore22]

I apologize it is right at 10K They are as follows:
B.I.G. $200.00 online
Arrowhead $300.00 online
MTE Financial / quickest cash $300.00 online
ACC / cash spot $300.00 online
paydayone $755.00 online
First Cash $735.00 store
Payday Adv $725.00 store
Advanced America $1,200 store
CashNetUSA $1,500 online
ThinkCash $2,250.00 online
Purpose Money 400 store front
Zip 19 600 online

[SUEBEEHONEY70]

scmoore -

Sassnlucy & I discussed it, and I'm going to take a look at your loans and see if we can find a solution for you - or at least a plan to get out of this. (That way there's only one person listing the info, and less confusion!) :-)

I'm going to take some time and go through your loans as you listed them out and see which are licensed in your state and which aren't, and how much you should be repaying to each one. I noticed you didn't mention how much you have paid on each one yet - can you do that for me so I have a little more to work with? Include any "rollover", "renewal" or "extension" fees you may have paid as well.

I'll be back with you shortly...stand by....

[SUEBEEHONEY70]

scmoore -

Here is You will find the Payday loan laws for Texas (just select your state),
http://www.debtconsolidationcare.com...pdls-laws.html


What the bolded sections mean is this: if the companies lending to you are licensed, they should not have allowed you to take out more than the $500 allowed by your state law. Also, rollovers are not permitted, except in special situations as mentioned in the law quoted above.

[SUEBEEHONEY70]

Ok, here's the rundown on the licensure for your lenders:

ONLINE LENDERS:

B.I.G or BIG - no results found (not licensed)

Arrowhead - no results found (not licensed)

MTE Financial or MTE - no results found (not licensed)

ACC/Cash Spot - no results found (BUT..found one result for "ACC" - "Access Acceptance Limited", which is a regulated loan licensee - but there was no DBA listed under "Cash Spot", so I would say these are not the same company and ACC/Cash Spot is not licensed)

PaydayOne or Payday One or Pay Day One - CAREFUL! There is a company with a listing as a DBA of Payday One with several active licenses in Texas - but it may not be the same company as the online one you used. The DBA listed was "Payday One XL". There were also two listings for a "Payday One" with a parent company named "Exchange Services LLC", but their license has been cancelled. So you need to find out which company this is - go to their website where you got the loan originally and see if there are any other company names on the site.

Cashnet USA or Cash Net USA - No results found (not licensed)

Think Cash or ThinkCash - No results found for "ThinkCash" or "Think Cash" - however, there was a licensee named "Think NY LLC" and they are a regulated loan provider. You will want to check your loan documents or the website where you obtained the loan to see if that company name appears anywhere. I'm almost certain they're not licensed, but better to check and be safe than sorry. With the amount you listed for this company, it almost sounds like an installment loan, rather than a PDL. Could that be the case? (MANY THANKS TO KASHZHAN FOR INPUT ON THIS ONE!)

Zip19 or Zip 19 - no results found (not licensed)

STOREFRONT LENDERS:

First Cash - LICENSED.

Payday Advance or Payday Advanced - I find no listing for this company either as a DBA or a parent company of a lender. However, there were several variations of company names with "payday" in them - can you find your loan documents and clarify the name? All of the variations I found were licensed.

Advance America - LICENSED

Purpose Money - you said this is a storefront, right? I cannot find a listing for them as either a parent company or a DBA in Texas. Can you clarify if that's the correct company name by checking your loan documents? If they are a storefront, they need to be licensed.


Your biggest worry right at this point will be the storefront lenders. They can and will take you to court, obtain a judgement against you, and pursue further action against you if you do not pay them. Call them right away, explain the situation, and work out some sort of payment arrangement with them if possible.

With the online lenders, as I mentioned before, it's very important that you list how much you have paid each one, compared to how much you borrowed so we can see if you have already overpaid them or paid them in full.

Looking forward to your next post!

(THANKS TO KASHZAN AND SASSNLUCY FOR THEIR INPUT & TO OUR FRIEND GOUDAH!!)