My mother in law took out a payday loan through Ace and has not repaid it. As of right now it is in their collections department, but I want to know if it will just stay a collections issue or does she have to worry about a warrant for a hot check.
2006-08-24 06:36:47 · 5 answers · asked by me:0) 2 in Business & Finance ➔ Personal Finance
Ok here is the correct answer....they CANNOT take out a warrant for a bad check on your mother in law. This is considered a loan and there are no debtors prisons. If you read the article posted above by extremenerd you will see that was just a letter sent out by the collection agency as a scare tactic...it says Warrant Intended..and was not an official police warrant. Trust me because i worked for a PDL (ashamed to admit) They cannot do anything and if they do start to threaten criminal action let them know that you will contact the FTC and report them for illegal collection activities- believe me that will stop them. Just make payment arrangements and pay when you can. Tell your mother in law don't worry the police will not come to her door. Good luck!
2006-08-26 04:28:15 · answer #1 · answered by Anonymous · 2⤊ 0⤋
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RE:Does anyone know if Ace Cash Express will send an upaid check for a payday loan to the DA's office?
2014-07-16 00:43:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The collection company is subject to regulation by the Fair Debt Collection Practices Act. It is illegal under this act to threaten the arrest of a debtor for refusing to pay a debt, valid or not. I hope that you got the name of the collector who called you, and made a note of the date and time you were contacted, as well as you have the address and telephone number of the collection company. Take the information you just provided, and consult an attorney in your area who deals with debtor's rights. You *may* have a cause of action against the collection company for violation of this act. If you prove that they are doing it to others, then you have have some class action matters to discuss. For a referral to an attorney, contact your local or state bar association.
2016-03-27 03:48:03 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Unfortuanately, many of these payday loan operations do not hesitate to press criminal charges against defaulted repayment. Here is an example:
http://www.edcombs.com/CM/News/news3.asp
Sorry for the bad news, but I hope this helps!
2006-08-24 06:58:32 · answer #4 · answered by extremenerd 7 · 1⤊ 0⤋
Find the best rates for people in your situation at: MYLOANSRATES.NET
2014-05-06 18:42:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋