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In a payday loan crisis, dont know what to do

Date: Fri, 09/08/2006 - 14:01

Submitted by anonymous
on Fri, 09/08/2006 - 14:01

Posts: 202330 Credits: [Donate]

Total Replies: 15


I heave 2 pdls out and they both are making all kinds of threats. One of them is threatening wage garnishment and wont accept debt consolidations and will not make reasonable payment soulution. They prettymuch demand the whole thing up front. Can anyone help? Is ther a debt consolidator that deals with these loan companies?


First of all, if you register with this site, a counselor will call you within a few days. they can definitely explain different options to you.

Are these online or storefront lenders? If they are online, they will never be able to garnish you as long as they are operating illegally in your state. But..You need to force them into some kind of an arrangement, because if your debt gets sent to a collection agency that IS licensed in your state, they could get a judgement and garnish.

A storefront lender operates more within the law, but generally the loans are less than $500. It's expensive to obtain a judgement, and they really have no guarentee that you are still even working, so they have no guarentee of getting their money. It's a bit of a gamble for such a small loan...Generally creditors hesitate to garnish for that size debt, but that doesn't mean they won't.

They're probably trying to bully you, keep in constant contact with them, explain the situation, send a good faith payment...Usually they will work with you, even if they are crabby about it.


lrhall41

Submitted by finsfan13 on Fri, 09/08/2006 - 14:07

( Posts: 6919 | Credits: )


Quote:

(g) If a check is returned to the check-casher from a payer bank or other financial institution due to insufficient funds, closed account, or a stop-payment order, the check-casher shall have the right to all civil remedies allowed by law to collect the check and shall be entitled to recover any returned check fee authorized by applicable Arkansas law, court costs, and reasonable attorney's fee paid to an attorney who is not a salaried employee of the check-casher.

(h) If a check is returned to a check-casher from a payer financial institution because there are insufficient funds in or on deposit with the financial institution to pay the check, the check-casher or any other person on behalf of the check-casher shall not institute or initiate any criminal prosecution against the customer who sold such check to the check-casher, unless the check-casher would otherwise be entitled to institute or initiate a criminal prosecution against such customer under applicable Arkansas criminal law and such check is returned to the check-casher because:

(1) The account on which such check was drawn was closed by the maker of the check, either before or during the term of the deferred presentment option agreement; and

(2) Payment on the check was stopped by the maker of the check.


Title 23 Subtitle 2 Chapter 52.
Check-Cashers Act.


lrhall41

Submitted by polly on Fri, 09/08/2006 - 21:31

( Posts: 1709 | Credits: )


What you need to do is just pay the account. Just a little FYI for everyone who thinks that these debt relief plans work.. 1.your creditors DO NOT have to accept the offer 2. They make the same minimum payment that you would make 3. Choosing a debt relief program shows up on your credit one step away from a bankrupcy I can tell you these based on 2 things, 1 my husband did this before we were married and we had problems when we went to buy our house, and 2 I am a bill collector. PAY YOUR BILLS!!!


lrhall41

Submitted by on Sat, 09/09/2006 - 19:56

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I agree with you Anthony. You have to prioritize your debts, not by who screams the loudest to be paid, but by which ones are the most important for you and the well-being of your family. Obviously paying your mortgage, utilities, etc. is more important than shutting a payday lender up by throwing some money their way.

I agree that people should pay their debts if they can, but I have no sympathy with predatory payday lenders. The money they are making is unbelievable, and to make it even more interesting, I recently read that a lot of bigger financial institutions such as Bank of America have an interest in payday lenders such as Advance America and are getting a piece of the pie. They're all as crooked as each other.


lrhall41

Submitted by Tiffany99 on Thu, 09/14/2006 - 13:48

( Posts: 1058 | Credits: )


Help!
I have gotten into the nightmare of payday loans and I have 5 of them! Mr. Scott Williams from United Cash Loans called me today. He called my offce twice in about 20 minutes. I was not able to take the call but someone took a message for me. Then suddenly I get a fax from them stating that I was in default of their loan,(No kidding! I have not been able to find their # at all to call) and that I had gotten the loan using my employers computer because they recorded the IP address. When I called him back I explained to him that I was working on cashing out as a hardship cash out my 401K and would have the check within 7 business days then I would pay them off. He told me that my company can be charged under some law!! I can now lose my job! He also said I had to send money via Western Union to Langhorne Law in PA. Help what do I do!? If I lose my job then I surely can't pay them! He was very threatening and rude!


lrhall41

Submitted by Leivah1 on Thu, 09/14/2006 - 16:30

( Posts: 8 | Credits: )