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 Posted: Fri Apr 18, 2008 8:58 am
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Can you be put in jail for not paying payday loans? I have too many store from payday loans and I cannot keep up with them unless I take out more payday loans or use this debt consolidation service. I am worried that these payday loan stores will press criminal charges on me. I have 5 outstanding loans with store front payday loans. I have every intention of paying them back I just cannot make the payments that they are asking for.
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xtina251
Joined: 18 Apr 2008
Posts: 1
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Shazzers
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Posted: Fri Apr 18, 2008 9:24 am
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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No you can't be arrested unless you deliberately committed fraud. I am deleting your duplicate post to avoid confusion
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frogpatch
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Posted: Fri Apr 18, 2008 9:48 am
Latest Blog Post : Groceries....How to Save $$! |
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xtina -
you can't be arrested for defaulting on a payday loan, but depending on the state you are in, the legal lenders can very definitely take you to court over the defaulted loan.
Talk to the lenders and tell them you got in over your head, and see if you can work out a better repayment plan with them.
Please post the information that Shazzers requested, and we'll do our best to help you out!
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SUEBEEHONEY70
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Posted: Fri Apr 18, 2008 2:36 pm
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what about in california
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jelly97
Joined: 26 Nov 2007
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Posted: Fri Apr 18, 2008 3:13 pm
Latest Blog Post : Groceries....How to Save $$! |
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Here is the PDL Law for California:
| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code §§ 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677 |
What this means is that no criminal action can be taken against you if you default on a PDL in California - HOWEVER....if the PDL company is operating legally in California, you CAN be taken to court if you default and fail to make payment arrangements.
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SUEBEEHONEY70
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Posted: Sat Apr 19, 2008 2:26 am
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Ok...If a PDL IS legal, in the state where you reside, and they DO take you to court, can they LEGALLY sue for all the % they charge?
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sdchargers_63
Joined: 08 Aug 2007
Posts: 886
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Posted: Tue Apr 29, 2008 1:10 am
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what about FL?? and online pdl's?
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punkblonde
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Posted: Tue Apr 29, 2008 4:13 am
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Here are the laws for Florida. Please list the lenders you have, how much borrowed, how much paid back and if they are store front or internet. We can help you here.
Florida State Information
Legal Status: Legal
Citation:
Fl. Stat. Ann. § 560.401 et seq.; Rule 69V-560.901-912
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes
Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Deferred Presentment Providers Information Page
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kashzan
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Posted: Tue May 20, 2008 10:42 am
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What about online payday loans in TN? Can they put me in jail for not repaying a payday loan from over 2 years ago?
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kimmie123
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Posted: Tue May 20, 2008 10:46 am
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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The laws posted above for Florida pertain only to the Storefronts. Internet lenders fall under the Florida Consumer Financial Act which requires all lenders to be licensed regardless of geographical location. Loans by unlicensed lenders are not collectable.
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frogpatch
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Posted: Wed May 21, 2008 6:17 am
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Kimmie, If the loan is internet the pdl you borrowed from has to be licensed (and it can be in any state) for them to lend to you. If they are not licensed somewhere, then you are only responsible for paying back what you borrowed. Most pdls, if they are going to take legal action, take legal action in civil court, not criminal court...they do not take you to jail for civil court.
Here are the laws for TN....and you will notice it says criminal action prohibited.
| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
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RoxyNY
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Posted: Thu May 22, 2008 1:38 pm
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I was wondering if you can go to jail for not repaying a payday loan from the internet. A Check was never written they tried to take money out of the account and the account happened to get closed. please let me know
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mom2dvji
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Posted: Thu May 22, 2008 1:41 pm
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mom,that is one of a pdl's classic threats.what state are you in?chances are what loans you have could be illegal.please let us know what pdl this is,how much borrowed,how much paid total.we can help you here.
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paulmergel
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Posts: 1992
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Posted: Thu May 22, 2008 2:52 pm
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Xtina-and all: No, you can not be put in jail for not paying a payday loan. You technically can be sued for nonpayment, and this may be a real possibility for storefronts (though I doubt it),, but a virutal impossibility for Internet Loans. You neet to get organized and list the loans you have outstanding and try to document all payments made to these businesses; storefront and otherwise. On the off chance you get taken to court, I would have copies of any and all contracts; as the judge will be interested in seeing the terms of the loan...and shocked-amused at how they take advantage of you-the judge in my case was and that was a storefront...they claimed I owed them over $2000-I paid them $200. Do not allow these businesses to make you into a trembling victim. Realize they can't arrest you, they can't take your children, they don't have a relationship with your boss to get you fired...they are predators. I know you want to pay them back, but you need to step back for a little bit and take care of things like car payments, mortgage or rent, utilities and food. What is left is what they get, to a point. Do not disclose any of your financial information to these people anymore. For all of you that are scare at this moment, stop and take a minute to think about what is really important-your spouses, your kids. your home, your jobs, and living..stop allowing these creeps to prey upon your emotions and scare you out of your mind..they can't do it..they just like to talk big. During my "time of ridiculousness" I found that I could have a tremendous amount of fun with these idiots...I asked for licenses, I demanded to talk to managers..and yelled so much they couldn't get a word in, they would hang up on me-I would call back. I listed the complaint numbers I had filed, and I had an attorney that happily wrote a letter to Payday Loan Yes. You have the power here, they like to try and make you forget that...you call the shots because you have the money.
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Wagatail
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