Payday Loans?
Date: Wed, 06/28/2006 - 19:41
Are your payday loans internet or store front? If they are inte
Are your payday loans internet or store front? If they are internet, they can't charge you with fraud or have you arrested.
Tammy's right. If they are internet PDL companies, I wouldn't e
Tammy's right. If they are internet PDL companies, I wouldn't even worry about it because chances are they are not licensed in your state to do business and have no legal recourse to collect against you if you default. Storefront PDL companies, however, are (most of the time) registered to do business in the state and CAN legally take action against you if you default.
Even if you are in default with store front lenders, they can't
Even if you are in default with store front lenders, they can't arrest you, though...The most they will do is take you to court and get a judgement to garnish your wages...If you wrote a check at a store front place it's not check fraud, because the check was post-dated.
Also, if they get a judgment against you and you don't have a jo
Also, if they get a judgment against you and you don't have a job for them to garnish your wages they can also place liens on your property (if you own any) and attempt to seize any other assets or personal property you have.
Did you try to see if you can work out some sort of payment arrangements? Even so, most likely what would happen is they would send you to collections first before they attempt to go through the courts to get a judgment. Having to go to the court system is much more expensive than sending you to collections. Also, if the loan is for a small amount it may not be worth if for them to take you to court. It is also usually a lot easier to deal with collection agencies than it is to deal with these people.
Lastly, even if they do get a judgment and garnish your wages (if you're working) there is a percentage limit of how much they can take from each paycheck until the debt is paid off. In other words, they can't take your entire paycheck at one time to pay the debt, they can only take a percentage.
They can only take 25% of your disposable earnings. And that's s
They can only take 25% of your disposable earnings. And that's storefront lenders..If you have internet lenders they'll never be able to find a judge to issue them a judgement. Trust me.
The percentage they can take out of your paycheck varies dependi
The percentage they can take out of your paycheck varies depending on what state you live in. I think they take it from your net pay, meaning how much you bring home after taxes are paid.