Pay Day loan
Date: Wed, 05/12/2010 - 10:06
I took out a $1000 payday loan in Ohio. I lost my job and was unable to pay it back. The company is telling me they are going to prosecute me for check fraud. Am I in trouble?
We need more information before we can advise you: Name of pdl
We need more information before we can advise you:
Name of pdl
Internet or store front
Did you write a pre-dated check to secure the loan?
It was Ace Cash Express, a walk in store. They had me give them
It was Ace Cash Express, a walk in store. They had me give them a post-dated check.
Quote:Originally Posted by AnonymousIt was Ace Cash Express, a w
Quote:
Originally Posted by Anonymous It was Ace Cash Express, a walk in store. They had me give them a post-dated check. |
They're perfectly legal in your state, and yes, Ace Cash Express can and WILL sue you if you don't pay them what is owed. Have you tried calling them and making a settlement offer? You might want to at least make that attempt.
Did you close your account after you realized you couldn't pay this back?
If they are only at the stage of threatening you, it would be in your best interest to send them a letter certified, return receipt requested with an explanation of what happened, and a proposal to either pay them off, offer a settlement (at a lower price) or a payment plan. Ignoring this will not make it go away. Criminal actions are prohibited in Ohio when it comes to payday loans, see the link below.
http://www.paydayloaninfo.org/stateinfo/OH.asp
But that doesn't mean they won't sue you, so the sooner you contact them with your intentions, the better off you will be.