What happens if you default on payday loans?

Guest I TROLL post was deleted. Pay no mind to their comments :twisted:

Cool new mod. Someone else to delete posts

that's right pdl humanoid.now get lost will ya.btw,i deleted your post not cool abyss.I delete alot,but don't make a big deal out of it.call people names and you will be gone.can't wait for your response guest.

I seen his former post Paul, and before I could respond it was zapped!! :lol:

Yea, you are right. At least we are all on the right track to becoming what we want to be..... debt-free and stress-free!

That is awesome! I am so glad you are able to delete the ones that are completely rude. Way to go!!!!!

Thanks for all the help. I already feel better about the whole situation. I am feeling like I am going to actually make it through.

You will, just stick to your guns and keep us posted!

I definitely will do that. Good day!

i have several storefront pdl and a couple of signature loans. they have been really good to work with me, but I had to close my checking account because fast cash was taking out more and more money leaving me in the negative. Now, I can barely pay the fees of the other pdl's. What can the storefront pdl do to me if I just tell them I can't pay them? I am soooo depressed!

keep dialogue with the storefront.explain your situation.let them know when you can pay them.try to work out a payment plan when you can pay them.most of all keep the lines of communication open with them.they can take legal action.they more than likely won't if you keep in contact with them.

I live in Las Vegas, NV, I have two (2) internet payday loans that are about to default because my bank closed my checking account because of excessive NSF activity and because I have been suspended from my job for 21 days without pay. I am unable to pay these loans when they come due on the 21st of this month. What will happen to the borrower in a situation like mine?

First, who are your loans with?

Second, I hope that you are out beating the bushes for another job. A 21-day suspension is not a sign of a long future and in this economy, I would be looking at Plan B. As it currently stands, you could interview and not have to touch on your current job status. This would also help keep from bigger financial issues in the future.

Let us know the answer to the first question and more help can be provided.

I have 4 pdl out right now and I can't catch up. I live in New York and am thinking about closing my checking account and settling each one separately. How should I handle the companies?

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I work for a online pdl company and they can get away with it b/c the actual lender isn't even in the USA. The company that does the customer service is in the USA but since they aren't the actual lender, that's how they get a way with it.

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Get away with what. I recalled a company like you refunding me over $900. You may scam us, but we will fight back ;)

Does anyone know the laws in Texas?

i took out a loan from the internet about 1 1/2 years ago and they are now coming after me telling about legal actions. They want 900 from me now and i dont know what to do, but before that another person called me telling about two other loans that i had taken out, which I NEVER took out ont he internet. i onyl had one loan and it wasnt approved and i never received the money, but looks like to them that i did> how can i prove this..thorugh my accountt that i never received the money? because i never took it out...i did fill out the info. online, but never received the money in my account.

I have 34 pay day loan. Unfortunately I can't pay right now. One say that they will inform the socila security and red tag. Others by leaga action. I am in the state of Massachussets.

Please, please help me

I have 4 PDL's. I am in Massachussets. One threatening me by informing the social security and red tag. Others by legal action.


Please help me by giving an anser to deal the situation.

To help you need to list each loan and the amounts you paid and owe, and if they are internet or storefront. then the great people here will be able to help you from that point.

Does anybody know where i can get a list of licensed pay day loan companies ?

I have a pay day loan that I couldnt pay back, I tried to make payments but my account got shut down do to overdrafts. I never heard anything more from these people untill today. A woman called and claimed to be an investigator in Georgia seeking my statement on this loan. She stated that I had 2 days to pay back the money or they would come get me and I would go to jail for theft by deception. I live in Alabama not in Georgia,but I took the loan out online and can not remeber what the name of the site was. They refuse to send me any info by mail. BUt still claim to prosecute me. Can I really go to jail for this? I would take care of it but I dont have any means of paying the money in 2 days? Please someone emaill me with some info. kebndjl @ aol. com

i made a pay day loan with advance america an got lay off my job that why im in default of my pdl what can they do to me will igo to jail i live in ohio

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I am in over my head! I currently have 7 online payday loans out and can no longer pay my bills! 6 of them rollover automatically and I make a minimal payment on the others. They are all at 400%+ APR. I have paid the fees so many times that I have more than re-paid the loan in the fees. I am now understanding these kinds of loans/interest rates are illegal. I live in North Carolina. What are the steps I should take to get out of this cycle?

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Is cahsnetusa and check n go legal in ohio?
thanks

I have a quick question I am going through a debt consolidation program and they advised me to close my bank account what can I do to make sure no of the pdl ach transactions go through after I close the account and make sure my bablance does not go into the negative

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okay so I took out 5 online loans and I got laid off...what is the rule in KY?? thats where I live and i cant afford go to jail over this stuff.

how do i find out if the payday co is licensed in texas?

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I applied for 2 payday loans. Neither company contacted me to tell me I was approved but the money was put in my account. A few days later my purse was stolen and I had to close all accounts and reopen them. I have no idea when the first payment is due, I think it is next week. What can these companies due to me legally? I am going to pay them off but after reading all the post I am kinda nervous about giving them my new account info. I am in Texas.

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I live in Louisiana, I have 4 unpaid payday loans from internet payday loan companies. I was unable to keep up with all the fees and interest so I closed my bank account. Now I get daily calls at work and home with threats. I tried to arrange a payment plan but the companies refuse to send me anything in writing. The calls are not from the original payday loan companies and I am leary about sending money to them. Does anyone know if internet payday loans are legal in the State of Louisiana.

I understand that payday loans in NY are illegal. That being said, if I have several of them, would I be correct in saying that I would only be liable for the principle?

Also, earlier in the thread, there is a very well written letter that can be sent to these places basically telling them to cease and desist debiting your account. If this is delivered to them, and they continue to debit, is there action that can be taken?

I am torn between just closing my account and rolling the dice and dealing with it, or using one of these payday loan consolidation plans(I was going to call Destination Debt Solutions). I am not a deadbeat...I borrowed the money, I want to pay them back...but it is too much all at once.

Thanks for any response...
Mike Watters

yes being in NY you are only liable for the principle.that being said anything debited in"fees"goes towards the loan.example.

you borrow from let's say USFASTCASH 200.00.they debit two 60.00 payments.you only owe 80.00.got to the sticky titled DEALING WITH ILLEGAL LENDERS.it's at the top of this very forum.it will give you all you need to get these places out of your life.besides with all your pdl's being illegal they won't work with a settlement place,and all you will do is pay them $$$$ when you can do this yourself at little to no cost.

Thank you Mr. Mergel!

please,call me paul mike.

Check your payday loan laws first. Then, close your bank account (set up a new one, but do not give the information. Send them a cease contact note such as the one below:

Internet payday lenders are not regulated in the state of Kentucky and are therefore illegal.

http://www.kfi.ky.gov/faq.htm

Please cease all contact, or I will take action as suggested to me by the Kentucky Department of Financial Institutions.

You will not go to jail, nor will criminal charges be file. Actually, they are the criminals.

Hang up quickly or do not answer their calls. If they continue contact, make a complaint to your state Department of Financial Institutions.

I live in Tx. and I lost my jon earlier this summer, and I have about 6-7,000 i payday loans. I had to take out more to try to pay off the rest, and then when I did pay them off, I found myself re-applying for the same ones I paid off because I had bills. Now I cannot afford to pay them off, because my new job isnt paying as much as my job, I had to close my bank account because it was negative $500. Are these PDL companies going to take me to court? I attend to pay them back in full when I get my income tax check, hope they could hold off until then

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Hello,

the answer to your question about how to stop this vicious cycle it's in you. If you wake up one day and say out loud, no more!! it will stop but you need to follow all of the advices you get from here, read, listen, study, and don't waste time :) that should do it! I wish you the best!

Someone please help!!! I took out a payday loan and lost my job 3wks later. Now I have a guy named Nick Flemming calling me from BMG saying he is a federal crime investagtor and they are sueing me. The balance is $763 and i have to pay it by tomorrow. They are asking me to send the money to a Guadalupe Munoz in San Antonio Tx but they are calling me from Pompano Fl. Is this legal?

I live in texas if that helps.

Tiff, do not admit to owing a debt to a voice on the phone. Owing a debt is a civil matter, NOT a criminal one. So whoever is calling you is trying to scam you out of money.

I have a payday loan that I keep extending and I pay back $15 a week in fees and $15 on principal. Between all the fees I have paid back more already then the original $300 loan. Since this company is not licensed in the State of Michigan can I consider my debt paid in full?