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they are threatening legal actions

Date: Fri, 11/30/2007 - 15:32

Submitted by anonymous
on Fri, 11/30/2007 - 15:32

Posts: 202330 Credits: [Donate]

Total Replies: 21


payday usa is where my husband and i have a payday loan out they extendid them another week and we cant pay them now they are threatening to take it to the court house what can they do?We live in kentucky.and with the law what does no roll over mean for ky?


guest, I am going to post Kentucky state pdl law for you. I am assuming this is a storefront loan you have? And, they extended your due date for another week? Am I correct in assuming this? What "no rollovers" means is that you can't just pay the "fee" and extend the loan. You can go in and pay it in full and re-write. Now, some store fronts WILL hold the check a little longer for you. Some will hold it up to 30 days. It just depends on the store front. That's not really considered a "rollover" since they're just holding it for you longer than the first due date. I'm going to post the pdl law for you. If you have any questions, please post. :D


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 15:57

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guest -

If this is a storefront loan, this company can and will take you to court to get their money. If you skip the court date, they will be given a default judgement against you, which will lead to garnishment of your wages and damage your credit rating.

If this is an internet lender, please let us know - but it sounds like a storefront to me.

As far as the law goes, no rollover means they cannot renew or extend the loan any further than the original term of the loan. i.e., they can't take a loan that was supposed to be paid in 2 weeks and give you another 2 weeks to pay it - especially if they charge a fee to do so.


lrhall41

Submitted by SUEBEEHONEY70 on Fri, 11/30/2007 - 15:58

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Hi, sue! We posted together! :lol:


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 15:58

( Posts: 9317 | Credits: )


Well, at least we said the same thing! :D


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 16:00

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Guest -

I hate to say this, but the PDL companies don't care that you're a good customer - the minute you default, regardless of how many times you've re-written with them, you become a collection account in their eyes - someone that will be taken to court to get their money. They only see dollar signs, not people. I'm sorry, but that's the truth, as I'm sure you're finding out.

Your state law does not specify a repayment plan - so they don't HAVE to offer you a way to pay the loan other than what they've already offered.

You will need to either find a way to pay the loan off or go to the court date and hope that the judge will set up a payment plan for you that you can afford. Whatever you do, DO NOT miss the court date.


lrhall41

Submitted by SUEBEEHONEY70 on Fri, 11/30/2007 - 16:06

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guest, PayDayUSA isn't one that I'm familiar with. However, in Kentucky (although it does vary quite a bit) most storefronts will turn you over to corporate/collections/or attorney to collect the loan amount. If they do decide to take other action against you, it wouldn't be "criminal" action, it would be "civil" action. I'm just very surprised that are jumping right to that rather than using a collection service.


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 16:07

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i can handle a civil suit but ... not a criminal!thank u for the advice and some reality this was only suppose to be short term well guess what these things are horrible.....i feel bad about the whole situation...but if i dont do it im gonna be homeless and no x-mas for kids....


lrhall41

Submitted by on Fri, 11/30/2007 - 16:13

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Thanks, suebee! We are a good team tonight!


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 16:13

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guest, you will not be "criminally prosecuted".


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 16:14

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guest -

take care of your family's needs first...but whatever you do, don't miss that court date. If you have no way to pay the loan in 2 days, and they won't work with you further, you'll need to go to the court date.

I hope things get better for you, and that you and your family have a nice Christmas!

Cannr...we are indeed a good team! I needed some stress relief and haven't had time to post lately with all the crap going on in my life...so I came here to read a few posts and started answering some...I feel a little better now. :-)


lrhall41

Submitted by SUEBEEHONEY70 on Fri, 11/30/2007 - 16:16

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sue, helping people makes a person feel better! :wink:


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 16:19

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You're MORE than welcome! If you need anything at all, come on back. We'll be here! :D


lrhall41

Submitted by cannr on Fri, 11/30/2007 - 16:23

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Guest -

Do not close your bank account when dealing with a storefront. You need to try and work this out with them or go to the court date. Those really are your only two options.

If you close your account, they will simply take that as a refusal to pay and take you to court if you don't report to their location to pay them.

Please, Please, PLEASE don't mess around with this any longer. Try to find a way to pay it if you can. If you can't, then you need to go to the court date and try to work it out from there.


lrhall41

Submitted by SUEBEEHONEY70 on Fri, 11/30/2007 - 17:42

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