Cannot pay payday loans and house
Date: Thu, 10/12/2006 - 18:56
I am in a bad situatin in Oklahoma with 3 payday loans, 1 for 300, 500 and 250. Was taking them out repeatedly to pay each other and now am in acceleration on mortgage. I have direct deposit and have no money each paycheck with the loans and fees and my house is the first priority. The lenders will not allow stopping payments.
Is this something that I could be prosecuted for for fraud or what would happen?
The only way out so I could keep my house would be to cancel direct deposit and let the loans bounce electronically, pay mortgage and then try paying them payments.
I have not done this but don't know what else and if the consequences would be just as a debt, possible garnishment or much harsh legal actions. Would I be considered a criminal
Is this something that I could be prosecuted for for fraud or what would happen?
The only way out so I could keep my house would be to cancel direct deposit and let the loans bounce electronically, pay mortgage and then try paying them payments.
I have not done this but don't know what else and if the consequences would be just as a debt, possible garnishment or much harsh legal actions. Would I be considered a criminal
I am not sure about the legal aspect with regard to fraud. But,
I am not sure about the legal aspect with regard to fraud. But, you can cancel the auto withdrawals from your account, but I think they can keep trying. I just had to do a stop payment on something and paid $20 and they said it lasts for 6 months. But, that is different from cancelling the automatic withdrawal payments. When I went in debt consolidation, I closed my bank account completely and went that route. Your mortgage payment is definitely the priority right now in my opinion.
