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Debtconsolidationcare.com - the USA consumer forum

Payday Loans?

Date: Wed, 06/28/2006 - 19:41

Submitted by anonymous
on Wed, 06/28/2006 - 19:41

Posts: 202330 Credits: [Donate]

Total Replies: 7


A little over a year ago i took 2 out since my job had cut hours and i evntually lost my job and everything.. till this day im still not got a job and these 2 places have called and said ithey were going to get me for fraud and put me behind bars? What do I do i dont have anything to sell to pay them back right now.


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.


lrhall41

Submitted by Jenn on Thu, 06/29/2006 - 06:39

( Posts: 50 | Credits: )


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.


lrhall41

Submitted by Jenn on Thu, 07/06/2006 - 12:22

( Posts: 50 | Credits: )