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Can’t pay 2 Payday loans Michigan

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[COLOR=black]I have 2 payday loans out right now. Both are $600 + $76 fee[/COLOR]

[COLOR=black]If I close the checking account can I be charge for criminal offenses. [/COLOR]

[COLOR=black]I understand that Michigan prohibits criminal charges on the bad check part of it, but can they pursue criminal charges if I close the account?[/COLOR]




Debts are civil, not criminal. If a company is threatening criminal action, report them to your AG's office and the FTC

Sub: #1 posted on Sun, 08/14/2011 - 03:54

SOAPLADY SOAPLADY
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[COLOR=black]I understand that debt charges are civil and not criminal. [/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]I also understand that in Michigan, pay day loan checks cannot be prosecuted for bad check laws. [/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]What I don???t understand is, some states prohibit criminal charges unless you close your bank account prior to date of satisfaction. [/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]Does anyone have any experience or knowledge for Michigan on this matter? What happens if you close your bank account, knowing that you have outstanding ACH that you have authorized? [/COLOR]

Sub: #2 posted on Sun, 08/14/2011 - 07:27

etyler19 etyler19

(Posts: 11 | Credits: )

Hi,

Debts are civil and no one can take any criminal action against you! However, as you owe money, the best step that you can take is to repay them to avoid future harassments. If you find it impossible to repay the money now, you can opt for payday loan consolidation. You can bundle the payments and repay then in easy and affordable monthly payments, thereby being debt free. :p

Sub: #3 posted on Sun, 08/14/2011 - 20:51

amy.nickson1986 amy.nickson1986

(Posts: 72 | Credits: )

Amy is right. You should check from the Michigan Office of Financial and Insurance Services whether or not pdl companies are licensed in your state. You will be responsible for both the principal and interest, if they are licensed in your state. If they are not licensed, then you will have to pay only the principal amount. If you have paid extra than the borrowed amount to the illegal lenders, then ask them for the refund. If it seems difficult to payback the debts in full, then you may go for payday loan debt settlement. It helps you to repay your debts asap.

Sub: #4 posted on Mon, 08/15/2011 - 01:04

sally.nachelle sally.nachelle

(Posts: 275 | Credits: )

The lenders are legal.
It is Check N Go
and
Advance America


Can I close my bank account without commiting bank fraud, knowing that I have outstanding ACH transactions?

Sub: #5 posted on Mon, 08/15/2011 - 09:58

etyler19 etyler19

(Posts: 11 | Credits: )

Check n go and Advance America are legal lenders. You shouldn't have to close your account.

Did you get these online or at a store?

Sub: #6 posted on Mon, 08/15/2011 - 10:50

OhioGal1 OhioGal1
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Advance America was online
Check N Go was store front.

I was going to close the checking account to prevent it from overdrafting when the ACH came through.

Can I close the account and not get in criminal trouble for knowing that there are outstanding ACH transactiosn that I had authorized.

Sub: #7 posted on Mon, 08/15/2011 - 15:48

etyler19 etyler19

(Posts: 11 | Credits: )

You need to revoke ACH authorization (an email will do, or a signed note in person at the store). This will force your account to collections. Then you can negotiate a payoff with the collections dept. Tell them this is what you're doing.

Sub: #8 posted on Tue, 08/16/2011 - 14:02

OhioGal1 OhioGal1
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(Posts: 5253 | Credits: )

Check N Go has a written check from me. I dont think they run it as an ACH. Can that be revoked?

Even if I send the ACH revoke to the other lender, I would still like to close my account just in case.

So..... Does anyone know if that would be a criminal matter when closing the checking account in Michigan ?

Sub: #9 posted on Tue, 08/16/2011 - 19:05

etyler19 etyler19

(Posts: 11 | Credits: )

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