2006-10-14 11:44:52 · 7 answers · asked by SHARLENE S 1 in Business & Finance ➔ Credit
You can put a stop payment on any check that hasn't cleared your bank yet.
However if you legitimately owed money to the company you wrote the check, they can turn around and sue you for the amount of the check plus up to 3x the amount of the check for damages (that's the law in California; other states probably have similar laws), so you might want to think twice before putting a stop payment on a check.
2006-10-14 11:46:24 · answer #1 · answered by I ♥ AUG 6 · 3⤊ 1⤋
In addition to the previous answers, most payday loan shops collect their own debts, therefore they are NOT limited to the FDCPA practices (fair debt collections). They can hound you at work, after hours, etc. Also, did you pay a fee in advance to borrow the money? If so, then the check was exchanged for cash and technically not a debt; therefore they can turn you over to the DA/County atty for prosecution of a hot check, depending upon the circumstances. As one person said above; pay them back and DON'T USE THEM AGAIN!
2006-10-16 07:48:04 · answer #2 · answered by MJ 4 · 0⤊ 1⤋
Hi
Frustrating isn't it. I have been in a similar spin and you just keep wasting money. It was suggested to me by a friend who worked in a bank to consider a debt consolidation loan. (that, I thought was the last thing I needed to do) but in the end that's what I did. It's important to stick with the reputable lenders though. I found one at a site called loans-only. I consolidated all my debts (I had 5) with a low interest rate and I was allowed to pay it off quickly without any penalties. Before that I was stressed out. I learned to borrow only when I have to from that pickle.
Roy
2006-10-17 13:17:28 · answer #3 · answered by Roy 2 · 0⤊ 0⤋
I don't think I'd put a stop payment on a payday loan check. roy40372 is right, they might just come to get ya. At the worst you really might get sued for more than you owed. good luck
2006-10-14 14:19:55 · answer #4 · answered by WAKE UP 3 · 0⤊ 1⤋
If you do, they will send your account to a collection company, which will damage your credit. If the amount is large enough, they will sue you. I see this regularly on credit reports, of which I see a couple dozen a week.
Do yourself a favor: Live up to the agreement you made, and never use those companies again. Just having them on your credit reports harms your scores a bit.
visit www.LearnAboutCredit.com
2006-10-14 16:40:52 · answer #5 · answered by supercreditguru 3 · 0⤊ 2⤋
Yea put stop on your check if you do that they will garish your wages so think twice before you do it why do you not want to pay them off
2006-10-14 18:10:50 · answer #6 · answered by pattibcacl 6 · 0⤊ 1⤋
YES FOR ABOUT TWENTY DOLLARS THE BANK WILL STOP THE CHECK BUT THOSE LOAN SHARKS WILL GIVE YOU A FIT. MOST OF THEM BELONG TO THE MAFFIA AND THEY WILL GET YOU. WHY DO PEOPLE MESS WITH A BUNCH OF MOBSTERS IN THE FIRST PLACE. THEY CHARGE YOU 780% INTERST .
2006-10-14 11:49:56 · answer #7 · answered by roy40372 6 · 1⤊ 4⤋