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Fugitive

I've been threatened with an arrest warrant if I don't pay by 10AM today. This stems from a payday loan (bad choice on my part)and a closed checking account as a result of too many unknown debits. I want to pay but the company refuses to accept anything short of the full demand amount nor will they arrange payment terms. Can they really go to the Sheriff, file an affidavit and have a warrant issued for me as a result of an unpaid ACH?

Posted: Fri Sep 23, 2005 10:25 am Subject:

Hi

Welcome to the forums.

Ask the company to validate the debt before you start paying your debt. There might be a law of " The Deferred Deposit Loan Act" in your state. You can check if this law exists in your state. This law restricts the companies from charging too many fees on your total debt. You can confirm it from the state attorney general office.

Now, they won't take any legal actions against you as long as you are willing to pay the debt. Although, they might report to the credit bureaus and hurt your credit negatively but usually they don't do so. Send them a letter along with your payment so that they don't have anything to do but to accept it.

To prevent hurting your credit further, you need to settle this debt as soon as possible and avoid payday loans completely.

Regards
Roxette

Fugitive · Posted: Fri Sep 23, 2005 1:38 pm Subject: Thanks for the reply

Thank you for the reply. They're demanding an amount I simply don't have in full. Are you suggesting that I send what I can now and then negotiate further? I would suspect any payment be sent in certified funds and via certified mail? The letter should state my intentions?

Posted: Fri Sep 23, 2005 2:11 pm Subject:

Hi Fugitive

If you send your money certified and if they cash it, you will understand that they have accepted your payment plan.

Write your letter clearly, specifying your interests.

Do let me know the outcome.

Thanks
Roxette

Joshua Tree

I saw my credit report and found that one particular account is reported by several agencies. I am thinking of paying it off. Whom shall I pay? Also, will it be shown as 'Paid' once I have paid it?

I appreciate the advice in this forum and will like to hear from you soon.

Thanks
Joshua Tree

Posted: Fri Sep 23, 2005 2:34 pm Subject:

Hi

Welcome to the forums.

It is true that a particular account can be reported by several agencies. Ironical part is that every collection agency has the legal right to add a collection trade line in your credit file.

No matter, whenever you pay the said debt and to the agency that is holding it, it will be ultimately shown as �Paid' in your credit report. This will be eventually viewed by your creditors in a positive way.

By the way, thanks for appreciating the advice in this forum. We, as a community are dedicated in solving your debt related problems at any point of time.

Regards
Roxette

Posted: Fri Sep 23, 2005 8:07 pm Subject:

How can I get free access to my credit report can't I go on line and get it?And what is the web address that I go to recieve my credit report does anyone know?

Posted: Fri Sep 23, 2005 8:33 pm Subject:

Yes, you can get your credit reports online. The FTC online form can be used to obtain the credit report.

Have a look at this link

http://www.debtconsolidationcare.com/forums/about2918.html

Roxette

Posted: Fri Sep 23, 2005 9:08 pm Subject:

annualcreditreport.com is the website that you can go to get a copy of your credit report from all 3 of the credit agencies.This is free.

badboy3 · Posted: Thu Sep 29, 2005 6:26 pm Subject: payday loans

Can you go to jail for unpaid payday loans

Posted: Fri Sep 30, 2005 12:28 pm Subject:

Tracy · Posted: Fri Sep 30, 2005 12:42 pm Subject:

No, you can not go to jail. Roxette is correct , a creditor can file a civil suit against you to obtain judgement, but this is usually the last resort and usually only when all attempts to collect the debt have failed. That is where the collection agencies come in to play.

loansarebad · Posted: Tue Mar 28, 2006 8:27 pm Subject: unpaid loan

I done something stupid. I received an "instant loan" check in the mail last September. It was for $2,675.00 from a local credit company. It said that it was a real check and all I had to do was take it to the bank and cash it. Upon doing so, I agreed to pay back the $2,675 in monthly installments with 19% interest added on. This was stupid on my part but I had just been laid off from work and I really needed this money. I found new work, but just make enough to get by. My mom's sick and I've been buying alot of her medicine. So, I haven't made a single payment yet - not because I didn't want to but because I've just not had the money. I've ignored all their requests for payment and they sent me a letter today saying that they are considering legal action against me. I still don't have the money to make these payments. I want to make them but I just can't because my mom's medicine is so expensive. I'm 6 months behind with them. They have my name, address, and phone number but they don't have my social security number or know where I work. With this information, what is the most extreme thing they could do to me if I still don't pay?

Posted: Wed Mar 29, 2006 11:21 am Subject:

It seems the loan is still with the original lender. They can report it charged-off and appoint a collection agency to collect the money on their behalf. Or they can sell the account to a debt buyer and the buyer will be contacting you for this debt in future.

Collection agencies or debt buyers might call your home and your work all the day. They can call your mother despite of her illness. They might call your friends, relatives and neighbors if they have the number. However, they are not supposed to do all these things as per as FDCPA is concerned.

If all the efforts go in vain, your creditor might bring legal action against you.

I understand your problem. I would suggest you contacting them and discuss your problem clearly. Mention that you have to buy medicines for your mother; creditors consider these cases sometime. Or go for consolidation.