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I am involved with payday loans and have limited income

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  • I am involved with payday loans and have limited income

    I am also involved with payday loans, I have 3 at this point with about $1600.00 in debt. These are renewed every month when I have to go in and pay them or renew. If I close my bank account can they force my acct to open back up and charge me excessive fees? Arrest me for bad checks, or what should I do, as I am on disability and have limited income.

  • #2
    re: I am involved with payday loans and have limited income

    Your bank account belongs to you, and you alone (provided it is not a joint account). If you choose to close it, no one can force it to be reopened, even if they are set up to draft money from your account automatically. This is NOT the same as writing a bad check.

    However, this will in all likelihood cause the payday loan company to sue you; the amount may be small enough that it will end up in small claims court. Many do.

    If you do not appear, the lender will probably be awarded a default judgment against you (meaning you will be found liable for the amount they claim you owe, and a court will have decreed that you do in fact owe the money). That's one thing. Collecting is another.

    Collection tactics vary, but in the end, this is an unsecured debt. Other than following the terms of the FDCPA there is little they can do to actually *force* you to pay. Garnishments, liens, etc. are all tactics they can use, but again, this is a small amount. Hard to say exactly what they will do, but converting a judgment for an unsecured debt into real money ain't easy.

    If you do close the account, what I would do is simply cal them, tell them you cannot pay, and that you will offer a fair settlement or some type of payment schedule. Don't sign anything without getting professional advice! And, do not expect them to be reasonable. What these legal loan sharks want is MONEY. Period.

    In this situation, what I personally would do is sell something I own, borrow the money from friends, family or even church or community organizations. If you are disabled and cannot work, I am willing to bet you can find the help you need somewhere.

    Get these loan sharks out of your life ASAP and NEVER borrow like this again. Payday loans are a fool's errand (no offense intended). Good luck.

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    • #3
      Payday loans in 1 hour

      These are some of reasons why lenders can afford to ignore bad credit while offering bad credit personal Payday loans in 1 hour.timely payment of the loan instead of default makes sense.

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      • #4
        Re: I am involved with payday loans and have limited income

        relax..they can't arrest you for this...they have to sue you for this and provided they have license for payday lending in your state...
        Same day loans Australia - Get the cash you need today

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        • #5
          Re: I am involved with payday loans and have limited income

          Fast loans provide you the fastest money whenever you are in the emergency need , so I think you should prefer these loan when you are in very much need of urgent money because they have high interest rate but these loans also give you the facility to repay for these loans as your comfort time zone.So if your income is low then you can go with the long time repayment.

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