Alright , I have 4 payday loans that i have taken out . Keep getting calls everyday at my job . I couldnt pay them the whole amout back but i have been making opayment to them . They keep calling stating that they need more money . Im unable to pay the full amount . With me making a payment of 50.00 to them every other week can they come after me ?
2006-09-20 08:37:43 · 18 answers · asked by bjhoney262000 2 in Business & Finance ➔ Credit
I worked for a payday loan company for 8 years and this is a story I have een too many tiimes. Payday loans can be helpful if used in the right way and VERY infrequently. The problem is that it quickly spirals out of control. If you ask these places to stop calling you at work, they have to or you can sue them. That would be the first step I would take. Tell them not to call you again at work, point blank. If you are making regular payments and you have expressed this verbally or in writing as to the schedule of said payments, as long as they accept your payments they are accepting this payment arrangement. BUT.....make sure you do not miss a payment or they have every right to proceed.
Different companies will proceed in different ways. Some will just use a collections service like a normal unpaid debt. Others will try to prosecute you for writing bad checks, and in some states they can do this. My best advice to you is to continue making the payments on time or consider a consumer credit counseling agency, they may be able to get you lower payments and get rid of some of that interest.
Depending on what state you live in your state may offer you some relief with this nagging. Some states have special laws pertaining to repayment of payday loan companies when you get in over your head, but most of those require you to enter consumer credit counseling. Most states are on the side of the borrower, not the lender, when it comes to payday loans. I hope you just don't live in Ohio.
Make sure to read the Fair Debt Collections Practices act to be informed of your rights as a consumer. Also, check with the CFSA (Community Financial Services Association) some lenders belong to this "self-policing" association and agree to abide by certain rules over and above government law. If you are familiar with these things you will be better able to "persuade" these companies to leave you alone and accept your payments without hassle.
Hope this helps from someone who was in the business and knows the ropes.
2006-09-22 09:08:03 · answer #1 · answered by mrwrinklesmom 2 · 2⤊ 0⤋
For anyone in this type of situation you can look to other types of loans - you don't HAVE to look at a payday loan as the only form of credit available. Payday loans, and their lenders, are thrust upon the public as if they have to be the answer. They do serve a genuine purpose but if you know you cannot pay the loan back when you next get paid - do not get this type of loan. Explore unsecured, personal or instalment loans. These give you a longer period in which to pay back the loan.
2014-10-06 10:11:13 · answer #2 · answered by chrisburgoyne78 1 · 0⤊ 0⤋
Payday
2015-11-11 04:42:20 · answer #3 · answered by Oni 1 · 0⤊ 0⤋
I've done the "payday loan" thing. WRONG move, Exlax!!! FOUR of them????? You might as well kiss your a** goodbye. You have to pay them a minimum every week - the amount on the contract. You signed this. If you don't pay them the required payment they will continue to harass the crap out of you.
I did NOT pay mine and I had to get another job to avoid their phone calls BUT that's about all they can do. Call, call, call, call.
One more thing to keep in mind, if you don't pay them chances are your personal checks will not be accepted anywhere either if they use "TeleCheck" or similar check scanning company.
They canNOT garnish your wages. This type of "preditor" loan does NOT allow it.
Your email has NOT been confirmed!! this is my reply to your email:
I'm in southern illinois. Check with your state laws but as far as I was concerned, I quit paying them. I told them I couldn't pay the amount of interest they were charging me with & asked to make other arrangements. They declined so I closed my bank account which was MT anyway & didn't answer their calls. Eventually they quit calling, nothing has ever been reported on my credit report by them, & they never sent anything legal or otherwise to my home address. They just kinda went away, but like I said, Telecheck will not accept my checks because of this so I cannot write checks at alot of places like Wal-Mart, CVS, & Kroger. This would be inconvenient but I just use my debit card there.
Also, MY payday loans were NOT local. I did those too but paid them off & QUICK. The ones I ignored were the ones I got online.
My suggestion to you would be to get these paid & STAY AWAY. They're nasty.
If you absolutely cant do it, keep records of everything you've paid & arrangements you've tried to make. If they take you to court they'll lose. These days this type of "preditor" loans are getting more & more monitored by the law & they're getting slapped with more & more restrictions.
2006-09-20 09:38:53 · answer #4 · answered by amee2you 3 · 0⤊ 0⤋
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RE :Payday Loans !!!!?
Alright , I have 4 payday loans that i have taken out . Keep getting calls everyday at my job . I couldnt pay them the whole amout back but i have been making opayment to them . They keep calling stating that they need more money . Im unable to pay the full amount . With me making a payment of 50.00 to them every other week can they come after me ?
Follow 18 answers
2016-09-25 09:53:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
From your question, it seems that you have taken payday loan before and now you are unable to repay those loans. It would surely create problem for you. So you need to find out a good strategy so that you can find a solution to this problem.
2014-08-25 23:52:54 · answer #6 · answered by Philips 4 · 1⤊ 0⤋
No, if they cash your check (aka payment) they are accepting that as an acceptable amount. Expect to continue to hear from them at work until you are paid in full. You can tell them that they are not to call you at work again and any correspondance must be sent to you via mail. If they call you after that you can sue them for $2,500 for each call according to the FDCPA, a federal law. So potentially they can end up owing you money.
If they try to take legal action, which I doubt since they will lose as long as they are cashing your payments, you can countersue them for unscrupulous lending practices. You should file a formal complaint with your State's Attorney General immediately so you will be on record and perhaps stop their predatory lending practices. To file a complaint, you merely have to send a letter (include your name and address), stating the situation (include all the facts) to your State Attorney General, and state that they are violating the FDCPA.
2006-09-20 08:51:07 · answer #7 · answered by kwahaddi 3 · 1⤊ 0⤋
yes. If your agreement was to pay back the whole amount at once they can come after you. However maybe you can call the collection dept and work out a schedule so they will stop bugging you. Just tell them either take the $50.00 every 2 weeks or what ever you work out with them and tell them NOT to call you at work, or else you could lose your job and then they'll get nothing from you because you'll be unemployed.
You'll have to be firm though.
2006-09-20 08:50:00 · answer #8 · answered by ? 6 · 0⤊ 0⤋
Do they know where you live? I hope not. Seriously, payday loans are one of the worst things you can do financially. They will eat you alive.
2006-09-20 08:41:05 · answer #9 · answered by Anonymous · 1⤊ 0⤋
If you stop repaying the lending money, they have the right to take legal action against you according to payday loans policy.
2014-09-15 00:26:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋