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Can't pay storefront PDL's in CA. Need quick response please.

Date: Sat, 03/05/2011 - 20:48

Submitted by Jordan3690
on Sat, 03/05/2011 - 20:48

Posts: 28 Credits: [Donate]

Total Replies: 8


I have several storefront payday loans in CA and I can't afford to pay them anymore. I'm putting my bills first now. Have a few questions.

1. What can they do if I don't pay them? They have checks as collateral but the checks are for an account I closed because of internet loan companies. I don't want to get in trouble for the checks so what should I do?

2. Is it true that if I try to make any payment arrangements (no matter how small) they can't take me to court? Say if I tell them I can only afford to pay $20 a month shouldn't they accept that instead of trying to take me to court? It shows that I'm willing to work with them.

3. What if I just tell them I have to default on the loan?

I know some lenders have an Extended Payment Plan but I can't afford $75 twice a month on 8 loans. I also know that it's only legal to have one in CA but only learned that recently :(. I don't really have any close friends capable of lending me $2000 and my credit isn't great. Please help. Need quick response.


Quote:

Is it true that if I try to make any payment arrangements (no matter how small) they can't take me to court? Say if I tell them I can only afford to pay $20 a month shouldn't they accept that instead of trying to take me to court? It shows that I'm willing to work with them.

It depends on the lenders really. If I were in your shoes, I would opt to send them a letter (certified) outlining what I could afford, I would also send them a good faith payment with that letter Then I would continue making those payments as outlined in the letter I sent. If they sue you at least you made an effort and that will go in your favor in a court of law. On the other hand, if they turn it over to a collection agency you can go through the process of validation.


lrhall41

Submitted by Shazzers on Sun, 03/06/2011 - 07:41

( Posts: 17344 | Credits: )


How does the court process work for something like this? Like most normal people, I get nervous about court. Do I get a public defender? Or is that only for criminal cases? Obviously I can't afford an attorney. How long does it take for something like this to go to court?

Sorry I have so many questions. I've never been in a situation like this.


lrhall41

Submitted by Jordan3690 on Sun, 03/06/2011 - 09:32

( Posts: 28 | Credits: )


It depends on the lenders but, store front lenders usually turn unpaid debts over to a collection agency, or if the amount isn't very high they will let in store collections handle it. I think this is a question that PDLOwner can answer more accurately than me. You might want to send him/her a PM and ask.


lrhall41

Submitted by Shazzers on Sun, 03/06/2011 - 09:37

( Posts: 17344 | Credits: )


The ideal situation would be to have an attorney, but not everyone can afford one. I think the main thing you need to do is keep exact records of all communication and all payments you make. These store front lender may not even pursue these loans in court, it may cost them more to do so, but it's best to be prepared if that happens.

If you send a PM to PDLOwner with the names of the store fronts, he/she would be able to tell you what action you can expect.


lrhall41

Submitted by Shazzers on Sun, 03/06/2011 - 14:42

( Posts: 17344 | Credits: )