Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

they have no check.??

Date: Wed, 01/09/2013 - 10:57

Submitted by anonymous
on Wed, 01/09/2013 - 10:57

Posts: 202330 Credits: [Donate]

Total Replies: 3


we recently got a 500$ payday loanfroma company in OK. they have all our information,etc, but when we got this last loan, she gave us the cash and we signed the usual paperwork, but she never had us fill out a check to leave... we didnt even realize it until 5 days later... they have not tried to contact us in anyway.  When the loan comes due, what will happen if we dont have the money?

We know the right thing to do, but we have also had a tremendous hardship suddenly dropped on our laps, and we may have to choose between electricity and paying the loan. Without our check, what recourse do they really have?

Thank you,
D.


since this is a storefront they can use legal remedies.contact them immediately and let them know the situation.btw yes even without the check they can exercise legal options if necessary.communication is key here.


lrhall41

Submitted by paulmergel on Thu, 01/10/2013 - 05:42

( Posts: 15514 | Credits: )


What is the name of the lender? If there was no checks drawn, you probably have given your banking information and consented to ACH withdrawals when you signed on. So basically, when the loan becomes due, they are going to take it out of your account. In case you revoke ACH and they cannot take the money out, your account will be handed over to collections. After that, they will pursue/negotiate repayment for a reasonable amount of time and in case it does not yield any fruitful results, they might sue you. That is the most concise probability picture that I can come up with. I can elaborate if you provide the name of the lender and the state that you are a resident of.


lrhall41

Submitted by Steve Barris on Thu, 01/10/2013 - 00:59

( Posts: 1043 | Credits: )


Is your lender licensed in your state? If yes, then you may try to negotiate with your lender and set up a payment arrangement with them. Inform them about your financial hardship. I hope they will consider your situation.


lrhall41

Submitted by anonymous on Wed, 01/09/2013 - 23:24

( Posts: 202330 | Credits: )