In august I was stupid and took out a payday loan. I had an emergency that caused me to travel out of state. In september when it was due, my husband had to be rushed into the hospital, and I had experienced bad fraud on my bank account. I called the loan place and asked what I could do. I realize that I have a debit that needs to be paid, I just couldn't pay it then. They told me there was nothing to be done. They'd cash the check. I had rent due and everything. So, I paid the bank $30 and put a block payment on the check. I called the loan place and told them that I'm more than willing to make payments on the amount owed. They gave me some outrageous payment plan and told me that they're going to keep on cashing the check. Since then, my spouse has lost his job and we've been having extreme financial difficulty. I check the my account to day and the loan place electronically deposited the check and put in the wrong check # on purpose. Is that legal? Is that fraud?
2006-11-10 08:50:05 · 6 answers · asked by Totalconfusion 1 in Business & Finance ➔ Credit
You were admittedly stupid for not understanding that payday loans are a death trapp that can be impossible to get out of. Your problems are not going to concern them in any way, since they are legally protected by the agreement that you signed.
You need to get a second job to earn extra money and pay them off fast. They have every right to keep hitting you for all the penalties that you agreed to when you signed the contract.
Payday loans are a legal scam and while I feel sorry for you, you are stuck until you get them off your back by paying off the loan.
2006-11-10 08:56:55 · answer #1 · answered by united9198 7 · 0⤊ 0⤋
altering your check is potentially fraud. Many places have a disclaimer that they will attempt to present the check electronically. Somewhere in the fine print, they may be covering themselves to put 9999 in as the check number.
Those guys are sharks, steer clear next time. I highly doubt you'll get anywhere with a fraud claim in the end, since they'll probably say the same thing about you cancelling their collateral check.
2006-11-10 16:55:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That they wrote the wrong check number, yes, that might be considered fraud on their part. But don't forget, you defrauded them on the loan they made to you.
I hear you and can offer my sympathies to your situation. Clearly, much of what happened was NOT your fault. But remember. it wasn't THEIR fault either, so you can't entirely blame the loan company for trying to collect THEIR money back. It is their money. Maybe their "outrageous" payment plan is not great, but is it better than the original agreement you signed?
2006-11-10 17:15:57 · answer #3 · answered by Vince M 7 · 0⤊ 0⤋
No that is not fraud. You borrowed money from them and they will stop at nothing to collect the debt. Putting a stop on the check is fraud because of the arrangement you made with them in the first place. They are ruthless and prey on people in tight situations.
2006-11-10 16:56:04 · answer #4 · answered by Gone fishin' 7 · 0⤊ 0⤋
Find a financial counsellor quickly - Social Services Dept of your city.
2006-11-10 16:54:06 · answer #5 · answered by Smilin' Fred 4 · 0⤊ 0⤋
NO! What they did is NOT legal...but first you need to get into Consumer Credit Counseling thru Catholic Charities. They can help you and it's totally FREE.
2006-11-10 16:53:46 · answer #6 · answered by Anonymous · 1⤊ 0⤋