Payday loans

Date: Fri, 02/25/2011 - 19:13

Submitted by anonymous
on Fri, 02/25/2011 - 19:13

Posts: 202330 Credits: [Donate]

Total Replies: 4

What is the statute of limitations specifically for unpaid payday loans. If you are not sure how payday loans work, a check is written out to tha loaner for the amount of the loan plus loan fee. Basically, letting the loan go unpaid, can be considered Check fraud. I just want to know how long does the loaner have to try and collect the debt? and what action can be taken against me?

It depends on what state you are in, the statutes all vary from

It depends on what state you are in, the statutes all vary from state to state. If you have a hot check out there, you could be charged with writing a bad check, again, it depends on what state you are in.

lrhall41

Submitted by Shazzers on Fri, 02/25/2011 - 19:52

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im in arizona

lrhall41

Submitted by on Fri, 02/25/2011 - 22:30

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Well, first of all payday loans are prohibited in your state per

Well, first of all payday loans are prohibited in your state per the Consumer Lenders Act applies. Ariz. Rev. Stat. 6-632, the small loan cap is 36% per year plus 5% fee. You must have obtained this loan before the laws changed?

A couple of questions; did you close your bank account the check was written on? Did the bank pay the check or did it bounce back to the lender? How long ago was this loan?

Quote:

STATE: ARIZONA †

INTEREST RATE

* Legal: 10%
* Judgment: 10% or contractual

STATUTE OF LIMITATIONS (IN YEARS)

* Open Acct.: 3
* Written Contract: 6 in AZ. - 4 outside AZ.
* Domestic Judgment: 5-additional 5 upon request (indefinitely)
* Foreign Judgment: 4

BAD CHECK LAWS (CIVIL PENALTY)
Twice the amount of check, costs of suit, reasonable attorney fees.

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE

* Bond: $10,000 minimum (based on gross income)
* License: Yes
* Fee:
o $1500 Application Fee
o $600 Annual Fee
o $23 per Officers/Managers

I am betting they will turn this over to a collection agency, if you start receiving calls from a collection firm do NOT admit to owing the debt over the phone, and do NOT make payment arrangements via the phone, instead be prepared and
[URL=http://www.debtconsolidationcare.com/forums/showthread.php?p=800358#post800358]CLICK HERE[/URL] to find out how to deal with collection agency phone calls!

lrhall41

Submitted by Shazzers on Sat, 02/26/2011 - 05:56

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I didnt close it personally but the bank did, due to money i owe

I didnt close it personally but the bank did, due to money i owed at that time. So yes it was closed. The debt was never payed, the check bounced and i took the loan out about over two years ago going on three. Whats really weird to me is that i've checked my credit and i don't see anything from the payday loan company on the report. Do you know why that is? Thanks for all the information.

lrhall41

Submitted by on Sat, 02/26/2011 - 09:54

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