Idunno asked:
I have three payday loans, an emergency happened and I needed cash quickly. So now that little loan turned into three. I’ve been paying interests on all three loans, but I can’t afford to do this any longer. I know was dumb for dealing with these people in these the first place. I want to know if they can take legal action against me, If I stopped paying them. I will eventually pay them back(via collections)
I have three payday loans, an emergency happened and I needed cash quickly. So now that little loan turned into three. I’ve been paying interests on all three loans, but I can’t afford to do this any longer. I know was dumb for dealing with these people in these the first place. I want to know if they can take legal action against me, If I stopped paying them. I will eventually pay them back(via collections)
Tags: Collections, Emergency Cash, Payday Loan, Payday Loans
March 25th, 2008 at 2:31 am
Yes, they can take legal action against you. In fact, since it was a loan, any court action would probably include wage garnishment, and you don’t get out of paying interest just because it goes to collections. Sell some plasma, do some market research, mow some lawns, but pay it back. If you stop paying it will only get worse. Payday loaners do not mess around (they bank on the fact you’re going to default or not pay back on time).
March 27th, 2008 at 3:39 am
They probably don’t need to take you to court. Look thru the paperwork you signed. You may have given them the right to garnish your wages without going to court. They most certainly have authorization to take your bank account.
Be prepared for some really nasty collection calls. They don’t care if it violates the law or not.
The only way to dig yourself out is to pay them off one at a time. Have a garage sale, sell blood, collect alum cans, get a second job.
March 27th, 2008 at 4:25 am
Whatever you do, don’t “close out your bank account”! I mean the one you gave them access to for your payday loans………….if you do they can claim FRAUD on your part! It then becomes a CRIMINAL ACT on your part, and not a civil (collections) matter.
Good Luck!