What happens if you default on payday loans?

If you're sure they aren't legal then CLICK HERE to find out how to deal with illegal lenders.

I have a payday loan in TX that I need help with, please!! I got the loan with every intention of paying it right back as everyone else! I have now been paying $120 twice a month for 5 months, I have paid over 100% more than the original loan was for! I am drowning and need help! My credit is shot and I cant get a loan to just pay it off. A coworker suggested to default on it, but I gave them a check for the full loan amt and everytime I renew it I have to give them another one. I don't want to go to jail over hot checks. Would that be considered a hot check in TX? Please help, I am desperate!

Are there any PD Laws in WI

Quote:

I have payed my pay day loans five times over but they keep sucking up my checking acct in Wis

Who did you borrow from??

I live in TN and have 3 internet PDLs that I have been paying on since August 2012. I just recently was laid off and had to close my bank account because the companies were debiting my account and causing it to go in the negative. They call and email everyday stating I owe the full amount with interest. The companies are 500fastcash, nationalpayday.com, and oneclickcash. I am trying to work out a payment plan but they are demanding payment now. If I offer only what I borrowed is that not enough to finish the debt with them? I am trying to pay it back but feel so overwhlemed. Any advice is greatly appreciated.

I live in Tx and I got a PDL from Ashland Funding for about 300.00 back in January 2012. Well I defaulted on the loan due to other hardships and it is now with this lawfirm called Universal Litigation. I am now receiving calls at work claiming I committed check fraud. My checking account was closed by my bank due to the NSF fees incurred. I spoke to a gentleman named "Chris" who wanted to put me on a pmt plan to settle for around 530 but the only way is to give them my debit card by phone. When I asked for something in writing, I was advised I will not receive anything until it is settled in full. When I hesitated, he states he will call back when I'm ready to pay or send someone to my residence with a summons to appear in court, and disconnected the call. I recorded the conversation. How can I try to get a cease and desist letter to stop the harassing calls?

I live in louisisna and I have three payday loans I didn't pay back what can happen to me

Hi, I took out some online loans. I could not pay them all back. Now, they call my job back to bac threatening to take me to jail. I went to a debt consalidation center, Can they arrest me for closing my account?

what state are you in? names of lenders? amount originally borrowed? and amount paid back so far? Good possibility that your lenders are illegal. Also, you can handle the lenders yourself. No need to go with a debt consolidation center...just costs you more money. Answer questions, and we can help you further

Please register with the forums, if you have not done so!!

And to put your mind at ease while you at getting the info together that bingonut asked for so we can better assist you - Is no you can not be arrested for closing your bank account, there are lots of reasons one may need to close down their bank account.

It would be better if when you post your response to create your own thread when you are in the payday loan help - just at the top ask expert and post your info that bingonut asked about lenders and we will be able to help more from there in your own thread!

Hi,

I got a loan for $150 from 500fastcast. I know it was stupid, but I didn't have a choice at the time. Shortly after I took out the loan a company called Fast Cash Fast started taking $30 ACH debits out of my account, they did this 3 times. I called my bank and told them I had no idea who this fast cash fast person was, so they returned the money to me. I'm lead to believe that Fast Cash Fast got my info from 500 Fast Cash. I shut my checking account down a week ago today and opened a new one with the same bank. Now this is my question, I know I owe 500 fast cash the $150 I borrowed plus the interest for a total of $195. I have it set up to make just one payment. Can I just e-mail them telling them that my account is now closed, the reason and that I will send a money order for the full amount on September 3rd...that's when my SSD will be deposited. I live in the State of Pennsylvania by the way. Thanks for any help. Penny

This has been answered in another post.

I had a payday loan from about 3 years ago, the account closed due to a rough divorce. I just got a call from someone claiming to be a lawyer saying if I didn't settle the debt right now today for approximately $1200 (original loan $500) that he was issuing an arrest warrant for me. The loan originated in Alaska and I currently live in Hawaii. Is this accurate? I'm willing to pay it back, but I need him to work with me. I asked for the name of the PDL so I could contact them directly and he wouldn't give it, wont' provide any information on the original debt.

I have recently heard from a PDL company & they were serving me with a restraining order in 4 hours & that was at 9:00 am yesterday 8/15/13. They cannot find my house !thank God! Oh well......

a restraining order really?that is absolutely pathetic on their part.they really reach as far as what they threaten illegaly.

Restraining you from what, exactly?

I live in Texas. I would like to know if I close my bank account can I be charged with check fraud.

Of course not. Read the thread.

I have (2) Payday loans: one with Riverbend, the other with CashNetUSA. Both Internet Loans. I live in SC.
Riverbend borrowed: $400.00 - I've paid $210.00 in fees only so far.
CashNetUSA borrowed: 650.00 - I've paid $486.39 (about $143.00 toward principle and the rest in fees). Do you think these (2) PDL's would be willing to negotiate a payoff with me on "only" the principle.
After they're paid - I'm done with PDL's.

cashnetusa is a CSO so they might settle,but it might be based on what you owe as they are legal,and not just the principle.riverbend is illegal,and as an illegal they will fight you,but you only owe 190.00 and should pay that at your leisure.

I live in Tennessee and took a PDL out with CashNetUSA for 430.00 in December. My husband and my inlaws received a phone call yesterday from someone from Nationwide check services saying that they were trying to get ahold of me due to suspicion of 3 counts of check fraud. They specifically told them this. I called back and it was in regards to my ACH payments that were due to CashNet. They evidently deposited it three times before the revocation went into effect. As I was talking to the lady she kept reiterating to me that she is not trying to collect the debt but the checks that were presented for payment and were returned NSF. That it was check fraud. That she is not a debt collector that her client is Falling Streams and that they are not a payday. So my question is would this be check fraud? I'm confused since it was originally a PDL.

the bitch broke the law hand over fist.first off you never gave checks,and ACH DEBITS can be revoked at anytime so there was no check fraud.report her first to your local police.then to your AG.then ignore here as again she broke the law hand over fist wit the calls to those people.

Thanks for your reply. I just contacted them to get a mailing address to send a C and D to. The address they gave me though is to a UPS store in Colorado. When I asked what name I needed to put on this I was informed I didn't need to put a name that with just the address it would get to them. Do I need to call them back and get more information?

Is Greensight Funds an illegal PayDay Loan company? I live in South Carolina

Also, where can I find a template of what I can send to an illegal PDL Company regarding me not paying and/or paying only the principle owed?

REGISTER WITH THE FORUMS!!!!!!!!!!!!!!!!

They are a DE based lender and probably illegal. Use the link in my signature line for full information on how to deal with them.

I have 4 online loans out. Risecredit acecashexpress checkngo and cashnetusa I am in ohio. I know I will have to pay them back but I can not keep going like this. What is the best action to take

Arrow One Lending ripped me off on a PDL. This company is not even a licensed PDL banker. What do I do?

Report to your state's AG and the FTC.

I had my bank put a hard block on the ACH withdrawl. I have paid almost 2000 on a 2200 loan. Should I send something to CashNet or just wait for the phone calls? I am in SC.

Sorry, both of my loans are online loans with these Pdl's

Hi everyone,
This website is awesome and so informative. We have been drowning in pay day loans and have just had enough. It has been going on for a few years now. We recently moved from CA to OR. I was so sick and tired of all our pay day loans and barely scraping by, that when we moved we switched bank accts. and set up a new one. We emailed our old bank, b of a to block the eft's from coming out but they did not so we just keep getting dinged. We have missed two months of payments. We have decided to join a consumer debt counseling group, but haven't had the funds to pay them. My question is, what is the best choice to make for this mess? Thank you for reading.

if the only debt you have a problem with pdl debt then go to the sticky in SOAPLADY'S signature on dealing with illegal lenders.it has the ACH revocation letter as well section E on revoking ACH'S.you have to keep on BSofA.you nned to see a manager to get the ACH'S revoked.so to summarize you don't need a counseling group for pdl's,or your bank.you can handle this yourself.