I took out four payday loans, and now they are all due. SInce I am noiw out of work due to my broken ankle, I have no money or no money coming in.Im out of work for the time being.....they automatically take money out of my bank account...since there is nothing there to take out, its going to cause my bank account to go very negative, and I wont be able to pay the loans back.Question is, will they be able to sue me ? will I be arrested for not being able to pay them ?Im concerned.please help.
2006-09-11 06:48:42 · 16 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
yes they can sue and until you pay them, they will bounce your account every week until they get their money. if you really can't pay, make your account even and close it. that won't make them unable to sue you but your account won't go further in the hole.
2006-09-11 14:43:23 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
You better call them and make some arrangements because you signed the papers. Of course they can sue you. You can sue anyone for anything, You may not win but you can take it in front of a judge. You are also going to get charges for every overdraft on you bank account. And simply closing the account won't help. There are laws against closing a bank account when there are uncashed checks and payments. Each state is different. Talk to your bank. Main answer: YOU HAVE TO take care of this FAST! I hope you didn't do a car title loan. They will repossess your car too.
I'm not sure how you got 4 different pay day loans at the same time unless you are using different companies. But it is a mess.
If you let this go, not only will is mess up you bank account, you will not be able to get a new account for a long time in the future until you pay the other bank off from the overdraft. Second it will totally destroy your credit. The interest is probably pretty high too.
Stop all of your unnecessary spending, cell phone, internet, going out to eat, everything and get this taken care of.
2006-09-11 07:04:00 · answer #2 · answered by HEATHER 4 · 0⤊ 0⤋
Most of the answers you've received so far are good, but are missing the most important long-term advice. NEVER deal with Payday loan places, rent-to-own places, etc.! They are ALL ripoffs, the loan outfits making you pay back WAY more than they give you and the rent-to-own places charging 3-times what the item would cost in a regular department or furniture store! Avoid those places like the plague!
2006-09-11 07:34:21 · answer #3 · answered by worldinspector 5 · 0⤊ 0⤋
No, you most likely wont be arrested. My mother in law did the same thing, and they just take it out of your account, and then it goes against your credit, and the bank will give you so much time to pay it back, and if you don't then you wont be able to open up a bank account for a looong time. My advice is talk to the people and see if you can work out a payment arrangement. Also see if your parents or someone will loan you the money intill you get pack on your feet :)
2006-09-11 06:53:39 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Here is a link to articles about payday loans. Good luck
2006-09-12 16:16:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I don't believe they are going to arrest you, Sueing may be an in the works but I'd call and see if maybe you can work out something, it's worth a try ...Alot of times they will work with you before going through the trouble of court..Did you have to give them a title to a vehicle , if so they can take it..or any colaterial you put up..You will also have some bank fines to pay if your not careful.
2006-09-11 06:56:08 · answer #6 · answered by Just Dreamin' 4 · 0⤊ 0⤋
For Finance and credit solutions I visit this site where you can find all the solutions. http://finance-solution.us/index.html?src= sfhkxJB83
RE :I took out four payday loans,HELP !!!!!!?
I took out four payday loans, and now they are all due. SInce I am noiw out of work due to my broken ankle, I have no money or no money coming in.Im out of work for the time being.....they automatically take money out of my bank account...since there is nothing there to take out, its going to cause my bank account to go very negative, and I wont be able to pay the loans back.Question is, will they be able to sue me ? will I be arrested for not being able to pay them ?Im concerned.please help.
Follow 15 answers
2016-09-25 10:03:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I don't believe there is debtors prison, but yes, you can be sued for defaulting on a contract.
Call them right now. Tell them the situation and see what you can work out with them. Call the bank and let them know. Now is NOT the time to hide your misfortune, now is the time to get some brainpower working to find a solution.
2006-09-11 06:51:56 · answer #8 · answered by words_smith_4u 6 · 0⤊ 0⤋
I am sure you will find this site very useful: WWW.IMMEDIATELOAN.NET
RE:I took out four payday loans,HELP !!!!!!?
2014-07-17 22:15:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes they could sue you, but it will take a little while for all that to work through the system
call them and try to work out something let them know your situation
and next time don't take out four , I'm glad my state MI only lets you take out 2 at a time
2006-09-11 06:55:05 · answer #10 · answered by kitty 2 · 0⤊ 0⤋
Best thing you can do is share this same information with them.
They are a business but know that things in life can change, so most likely have policies in place for events such as this.
Best wishes!
2006-09-11 06:53:26 · answer #11 · answered by Marsha 6 · 0⤊ 0⤋