payday loan default consequences

Date: Thu, 06/11/2009 - 16:58

Submitted by anonymous
on Thu, 06/11/2009 - 16:58

Posts: 202330 Credits: [Donate]

Total Replies: 2

The payday loans that I have are not internet loans, but loans I opened by going directly to the place of business they operate from. I have only been able to pay the interest on these loans, some of them I have had for almost a year. I have already let some of them default. My question is can they turn these loans over to the District Attorney and prosecute me criminally? Some of them have threatened to do so. I also have been told they will come to my house, place of employment ( I am on Social Security Disability), and that they send the checks held for collateral to my bank as many times as they want to until it clears. I have changed my back account to another bank because if they did this I would be totally wiped out and would not be able to pay rent or utilities. I am worried that I have done something illegal as they have told me I have.

Can I use the cease and desist letter that was on this site in my situation?

Thanks very much

the companies are:

Check-n-Go they sent the checks through my bank sometimes daily for a period of two weeks

Check into Cash--threatening D.A. action

Cash Stop--threatening D.A. action

Cash Advantage

First Cash--they are calling ten to fifteen times a day

Oh dear, I really feel for you. :( The one's you haven't defaul

Oh dear, I really feel for you. :( The one's you haven't defaulted on- ask them for an EPP (Extended payment plan), that will stop the interest and allow you to pay them off in four seperate payments. They can and will sue you. As far as the checks, you need to place a stop payment on them, send a letter to these places in writing, send it certified return receipt mail and let them know you are placing a stop payment on the checks but are willing to work out a payment plan with them, this way you will have proof that you weren't bailing on them and attempting to make good.

lrhall41

Submitted by Shazzers on Thu, 06/11/2009 - 19:43

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Sorry Shazz, but I am going to step on your toes here... You

Sorry Shazz, but I am going to step on your toes here...

You have stated that you have already changed your account. If all of the checks are on the old account, do not worry about stops. My big concern here is the two that are threatening the use of the DA. You need to call the Corp Office for each of these companies and report the employees. For Check Into Cash, call 423/479-2400 and ask for Steve Scoggins. He is the President and will put an end to this "right now". As for the others, I would do the same thing and call the Corp Office. Do not wait, do it TODAY!! This is not what I want representing me and my business and I can guarantee that threatening criminal prosecution is not what the companies listed condones or will tolerate. As for the calls, they are entitled to make contact with you once a day.

lrhall41

Submitted by PDLOwner on Fri, 06/12/2009 - 08:14

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