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Need help with payday loan

Date: Sat, 06/10/2006 - 11:27

Submitted by anonymous
on Sat, 06/10/2006 - 11:27

Posts: 202330 Credits: [Donate]

Total Replies: 9


I am thinking about defaulting on a payday loan.Will "stop payment"on the check help some people told me that is fraud.Will a electronic draft be stopped also??Gas prices are putting a hurt on our family and this is the only way out.Thanks Bud
PS;I live in south carolina any info would help.


Bud,
do you only have one pdl? Yes, a stop payment would help, but remember that it's temporary (6 weeks?) and can be pricey..Changing accounts can also help. And no, you won't be charged with fraud, or uttering or writing, or embezzlement, or larceny. You never actually wrote a check. What you need to do, though, is get in touch with the pdl right away and tell them what's going on, and that you're defaulting. They probably won't do much to help you, but by keeping in contact with them it looks better for you and makes things a lot easier in the long run..They have no reason to call you or your references if you're talking to them regularly. Let us know how it goes.


lrhall41

Submitted by finsfan13 on Sat, 06/10/2006 - 11:52

( Posts: 6919 | Credits: )


Bud, explain the present problems to your lenders before making any such move. They might understand your situation and arrange payment plans for you. You won't need to adjust your bank accounts if the arrangements are done.

There are some charges on putting a stop payment on the check. The company might use a different amount to make the debits. It will be better to block the transaction code of the company. No debits can be done if the userid is blocked. Talk to your bank and make the arrangements accordingly if your lenders are not willing to work with you.


lrhall41

Submitted by Justme on Sat, 06/10/2006 - 11:55

( Posts: 479 | Credits: )


Definately try to make arrangements with the lender, and talk to your bank about blocking their ID.

If you make arrangements with the lender, they will be more likely to work with you. Which PDL company is the loan from? One of us may have worked with them before and will know how to handle it.


lrhall41

Submitted by Jessi on Sat, 06/10/2006 - 17:01

( Posts: 3361 | Credits: )