| Author |
Message |
|
|
 Posted: Wed Aug 22, 2007 2:09 pm Subject: What can I do?
|
|
|
I own a small financial consulting business and every week I am confronted with at least one potential customer who has several payday loans. I have been referring them here for a few weeks, but I would like to do more for them! I would like to help them get out of the vicious cycle and selfishly, getting out of the cycle would help them be able to do business with me!
A few questions...
I know they can close the checking account for a loan from an unlicensed online pay day loan place, but if they close down a checking account of a licensed internet place, what can the payday loan company do except call? Will they settle with the person after they default? What about storefront loans??
Thanks for helping me out with this!
_________________
Register today to encash debtcc points.
|
|
IWantToHelp
Guest
Debtcc Points: 100
|
|
|
 |
|
Posted: Wed Aug 22, 2007 2:26 pm Subject:
|
|
|
Most storefront lenders are legit in their state. People must check the laws of their state before closing their checking accounts. It can be quite risky for the consumer if a legit lender has access to your bank account and is not getting their money as per the authorization given to deduct from their account. I have heard in some cases that storefront lenders are quick in filing a case at the court. Things will work out better if a consumer who has defaulted on his account works out prior arrangements with the lender and stop possible legal actions.
|
|
Ruby
Joined: 08 Mar 2006
Posts: 120
Debtcc Points: 2104
|
|
|
|
Posted: Wed Aug 22, 2007 2:35 pm Subject:
|
|
|
As Ruby said, it depends on the laws of their state. Some state's allow prosecution for closed bank accounts. The licensed lender could also sue the customer, garnish their paycheck or seize their bank account. The judgement would also go onto their credit report.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
|
|
|
|
