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If we stop payment on the checks

Date: Sun, 11/25/2007 - 21:09

Submitted by bbygurlcga
on Sun, 11/25/2007 - 21:09

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Total Replies: 3


my husband got 3 $600 pdl's and we cannot afford to pay them back. If we stop payment on the checks,we gave to them, is that considered check fraud? and will this affect our credit in any way? we live in SC, and im not sure of what the laws are on this.


I'm sure someone will be along with a cut-and-past of South Carolina law. All I can tell you is that many - but not all - states have provisions in their payday loan laws that exempt checks written to secure a payday loan from other laws regarding bad checks. But even if that's the case in SC, it might not cover your situation.

BTW - Are these all storefront loans? Internet loans don't use checks to secure them, just ACH debit authorizations. Their collectors will claim they are the same (and that the prosecutor's office and the FBI have nothing better to do than go after people that don't pay their payday loans . . .) but they are NOT.


lrhall41

Submitted by FreakyFriday on Sun, 11/25/2007 - 21:13

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