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What happens if I am unable to pay the payday loans

Date: Fri, 02/24/2006 - 08:57

Submitted by anonymous
on Fri, 02/24/2006 - 08:57

Posts: 202330 Credits: [Donate]

Total Replies: 32


I made a huge mistake and got several payday loans. Some I have paid off and others I am struggling to pay off. What can they do to me if I can not pay the full amount each month that they insist on?


First change your checking account information. Close the one you have and open a new one. At one point I had 13 loans, and I'm down to 6. I'm taking one at a time and paying them off and then going to the next one. It's been 8 months since i've closed my account and I don't answer the phone (caller id is wonderful). They haven't "done" anything to me besides call.


lrhall41

Submitted by rmunson on Fri, 02/24/2006 - 10:05

( Posts: 30 | Credits: )


Just sharing my thought here. Usually, the lenders don't take any legal actions unless the debt amount is huge. Besides, they won't run after one person knowing all the court costs involved in it. The lenders are doing business and they have lots of other consumers' files. You and I are just a blip to them.

I was discussing this issue with our member who is a lawyer in Virginia. Have a look at this thread.

http://forums.debtcc.com/forums/after-defaulting.html


lrhall41

Submitted by david on Fri, 02/24/2006 - 11:19

( Posts: 1229 | Credits: )


Hi tmcgilvray

Welcome to the forums.

After you log in the forums, you won't be viewing the donate button in your posts. Same thing applies to other users as well. But, if you want to donate your points to other member, you can do so by clicking on his/her donate button and others can make donations to you from their log in. Simply speaking, the user can't donate the points to himself and that is the reason, we don't see our donate buttons in our log ins.

Hope, I have cleared your query. Do keep in touch with us.

Regards
Mike


lrhall41

Submitted by Mike on Fri, 02/24/2006 - 13:42

( Posts: 1317 | Credits: )


I agree. Those who visit this forum regularly know how much it helps to the new visitors in getting the information. The members here offer suggestions to everyone on an individual scale. When someone shares his experience here, it is helping many others. This really makes this board interactive and helpful.


lrhall41

Submitted by david on Fri, 02/24/2006 - 15:12

( Posts: 1229 | Credits: )


When I found this board, just reading that others had the same difficulty I did made me feel much, much better. the people here are friendly and very helpful, and knowing that we are all in the same boat makes it so enjoyable (not that we are all in trouble, just that we have common issues!)

The main thing for me was to RELAX. I tend to get worked up over everything...so I try to fall back on my fathers sage wisdom he gave me years ago...

"Son, if it ain't gonna kill you, why get worked up about it!"


lrhall41

Submitted by eric.williams on Sun, 02/26/2006 - 09:03

( Posts: 23 | Credits: )


I have another question...I have one payday loan that I got here locally and the company did not hold the check like they were suppose to and of course it bounced. I have been making payments on it to get it paid off. Can they still file criminal charges against for a bad check if they choose to even though I have paid some on it and am trying to pay it off?


lrhall41

Submitted by tmcgilvray on Sun, 02/26/2006 - 11:10

( Posts: 5 | Credits: )


Tracey

The banks do not like you writing post dated checks to begin with. You're paying for something that you don't have. All payday loans are unsecured debt. Banks usually cash post dated checks early if presented to them, therefore you will have to debate with the local company. It's kind of a toss up. If you speak with one of their managers, they might be willing to deduct any NSF fees you incured with your bank. But to answer your question, no; they cannot file criminal charges against you. They may try to take you to small claims to recover your money, but that is as far as they'll go.

Regards
Mike


lrhall41

Submitted by Teleport on Sun, 02/26/2006 - 11:17

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From what I have been told and understand is that a post dated check to the online payday loans companies and you default is considered bad debt and they can't charge you with check fraud. If you get a payday loan at a walk in place, they can charge you with check fraud because the check was not post dated, like I said earlier this is what I have been told.


lrhall41

Submitted by Not so Lucky on Sun, 02/26/2006 - 15:30

( Posts: 3041 | Credits: )


Tracey - Many posters here have had to make the same decision to close or change checking accounts/banks because we no longer could afford it and quit frankly felt that we had paid enough and wanted our paychecks back.

Best to take some time and scan around the forums to see what others did to get over this.

I had 3. The only place I had problems with was Sonic Payday. They are very nasty. On the others. I sent a request for verification of debt to Cashnet500 stating that I had already paid over 3X the amt of the original loan and never heard back. A few weeks later I receieved an e-mail from a company that appeared to be them called cash123 offering a new loan since I had paid off a previous loan so I guess that account is settled.

A place called QuickPayday kept calling and sending e-mails until I wrote back asking for proof of debt in written form. I have not heard back from them either. Read about some legal issues they have in a few states. One where they even had to pay a 2mil class action suit in Colorodo for charging excessive interest.

You see. Many of these loans are not legal loans and there is nothing they can legally do to you. Demonstating some knowledge of the law ( citing fedral loan laws and loan laws in your state ) will cause many of them to back off. Especially if you have already paid above and beyond the amt of the original loan. In some cases you may even qualify for a refund.


lrhall41

Submitted by Glynnie11 on Mon, 02/27/2006 - 00:20

( Posts: 216 | Credits: )


Glynnie,

I have not heard back from CashNet 500 either. I have tried via certfied mail, fax, and e-mail. Have you done anything further with this? They are listed on my program with T & C and first payment has been sent. Quik Payday is now totally ignoring me and they are not offering new loans according to their website.


lrhall41

Submitted by Cow & Chicken on Mon, 02/27/2006 - 18:06

( Posts: 3571 | Credits: )


I haven't heard nback from Cashnet500 either. I sent them a letter showing the interest I already paid and sent them a counter offer (sent two letters). Haven't heard anything from them.

A few months ago I dealt with Quikpayday. They arranged a payment plan and they are know paid off. However, they would only accept payments via Western Union. But I kept all of the paperwork. They would not send a statement or anything saying it was paid in full. But I have the reps name that I dealt with and all of the transactions. So we will see if they ever reappear. Hopefully not.


lrhall41

Submitted by Htgt123 on Tue, 02/28/2006 - 07:15

( Posts: 156 | Credits: )


I have found that most companies are willing to work with you however there are some companies who are real jerks about and they make you feel really small inside. I've read about people kinda complaining about Sonic but, actually they aren't so bad. I think it's called cash ltd are extremely rude and unwilling to help you. How do I deal with people that are not willing to budge much?

J


lrhall41

Submitted by on Thu, 03/30/2006 - 13:27

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hello, i have over 12 online loans and 4 in person. the ones in person are all working with me, and currently i'm generating a letter to mail/fax/email to the online companies to make payment arrangements. one particular company (payday avenue) is extremely rude and sent me a letter threatening me about garnishing wages from my pay and wont accept arrangements. i think their company is based out of PA and i live in SC, can they garnish my wages???? i need help desperately


lrhall41

Submitted by on Tue, 05/30/2006 - 15:04

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First, check the garnishment laws in your state. The payday loan company must comply with the laws of your state if they have such intentions.

Under the laws, your wages cannot be garnished without a court hearing. The company has to file a case in the court and you will be asked to show your presence. Summons will be served to you 20 days before the court hearing. You should have proof of all your payment efforts explaining your situation. The judge will likely take decisions in your favor.

I will like to send a proposal to the payday loan companies. Try to send some money in advance and place yourself in the comfortable situation.

You must make payment arrangements after reviewing your account thoroughly. Most of the lenders charge excessive interests and fees that are beyond the state laws. You must agree to the charges before sending the payments.


lrhall41

Submitted by Justme on Tue, 05/30/2006 - 15:52

( Posts: 479 | Credits: )


I am unable to pay the 3 payday loans I have, I am speaking with a debt consolidation company which will help me but I don't want them to take the finance fee... what can I do??


lrhall41

Submitted by on Sun, 09/24/2006 - 06:04

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Are these internet pdls? And what state are you in? If these are internet pdls chances are they are not licensed to lend in your state. Find out your state's laws regarding pdls. Find out if your bank will let you put a stop payment on these loans, some will but do charge a fee. If these are internet pdls this site has template letters many have used and have had success in getting their pdls marked paid in full because they have paid well over the legal interest/fees for their state, and have paid in excess of what the principal balance is.


lrhall41

Submitted by WHEREAMI? on Sun, 09/24/2006 - 06:56

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Thank you for responding. These are internet PDLs and I am in New York State.. where do I go to find out the state laws on payday loans?


lrhall41

Submitted by on Sun, 09/24/2006 - 09:15

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