what kind of trouble can you get into for not paying a check cashing place.....like Payday Express or Check and Go, serious answers only......I borrowed 200 and was supposed to pay back 217.......please if you have had this experience/ have dealt with the consequences / or you know the ordeal please let me know....thanks to anyone who can help
2006-07-11 11:40:05 · 7 answers · asked by truth 2 in Business & Finance ➔ Personal Finance
I had trouble years ago with payday loans.....The payday loan folk will report you to Teletrac, which is like Experian for people whom are considered credit risks......plus all 3 regular bureaus......they will call you at home and your place of business many times per day.......They can also take you to small claims......if this is your first loan with this company, you can expect some problems......it's a hellish situation, but eventually in a few months when things calm down a bit, they may settle for slightly less.......this is an albatross you don't want around your neck, believe me.......try to negotiate an equitable settlement if you can't pay right now......:-)
2006-07-11 11:48:46 · answer #1 · answered by fiddlefix 3 · 0⤊ 0⤋
I once didn't have the money to pay, so I called them and told them what was going on, and just paid half of what I owed them, and then paid the other half a week later. NEVER BORROW FROM THEM AGAIN! After that, I stopped borrowing, even though some of my bills are a week behind, it definately beats coming up with that cash to pay those damn payday loan places.
2006-07-11 11:43:59 · answer #2 · answered by 072206 1 · 0⤊ 0⤋
You can go to jail, although with the amount used here it would only be minor theft not grand theft, however, the intrest rate in these places go up rapidly and once it goes over $250.00, they can get you for Grand Theft. Since I am sure they took your name, address etc before lending you the money, they will be able to find you. If you can't give it all back, at least go in and pay the minimum they will let you get away with. Most likely that is the $17.00 difference from what you borrowed and what you owe, and they will let you go to next pay day at a higher rate.
2006-07-11 11:46:51 · answer #3 · answered by redhotboxsoxfan 6 · 0⤊ 0⤋
They'll turn it over to a collection agency. Charge you penalties and interest. Turn a $217 debt into several hundred literally overnight.
Conceivably, they could file criminal charges, but they would rather have the money, especially if they can bully you into more than they're entitled to.
The places should be outlawed, under the usuary laws currently in place. Way excessive interest charges.
2006-07-11 12:18:29 · answer #4 · answered by lowflyer1 5 · 0⤊ 0⤋
They normally deposit the check you wrote. I did that once and other week when I went to pay them, I would write another check. This went on for 6 months. The only I could break the cycle was to not pay it and let them deposit the check. The money was there...no problem.. I just never wanted to pay them. You signed something saying they take you to small claims court or did you?
2006-07-11 11:46:03 · answer #5 · answered by pretty_brown_eyes 6 · 0⤊ 0⤋
Does Imbezelment ring a bell? How about collection agencies, bad credit, not being able to rent an apartment, get a credit card, etc. Pay your Bills, you silly person.
2006-07-11 11:44:15 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Why WOULDNT you pay? You knew the rules before getting the money. People dont play when it comes to money. Pay your obligation.
2006-07-11 11:47:32 · answer #7 · answered by Kit Kat 6 · 0⤊ 0⤋