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 Posted: Fri Oct 03, 2008 8:31 pm Subject: Refuse to pay back loan |
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What is the worst that can happen to you if you refuse to pay back a payday loan? My friend's lawyer once told him to not back these types of loan because of the illegal interest rate.
Any thought??
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Shazzers
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| Posted: Sat Oct 04, 2008 6:15 am Subject: |
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I have to agree with Shazzers........It depends on the state where you are located in order if payday lending is illegal. For example in NC, payday lending is illegal. However it is recommended that you pay back the principal that you borrowed.
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wssu91
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| Posted: Sat Oct 04, 2008 11:23 am Subject: |
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Excuse me, but I did not say I was making a living out of it. I only asked a question. I am not refusing to pay. Like I stated before, a friend's lawyer told him this.
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NASCAR_Devil
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| Posted: Sat Oct 04, 2008 11:43 am Subject: |
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More information is needed in order to determine why his lawyers advised him as such:
Where these internet based loans? Are they licensed to lend? Does your friend live in a state that prohibits PDL's or requires them to be licensed in that state?
If the lenders don't meet certain requirements, then they can be deemed illegal and therefore that is why the lawyer said not to pay them.
Each person's situation may not apply to this lawyers reasoning.
Be careful.
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desperatelyseekingsanity
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