Bad Check...(from a old payday loan)?

Question

Helpppppp...Can anyone tell me what steps is taken after a bad check is written...due to the fact I close a account 5 months ago thinking ever thing was taken care of...but now I get a call from a collection agency stating I had 5 days to send the money or he is turning over to the magistrate office..will i be put in jail ASAP if i cant come up with the money in 5 days.....help

Answer 1

You won't go to jail, you need to find out from the bank what to do about the check, you weren't specific on your question, so i can't really help, from prior teller

Answer 2

Don't stress yourself out over some scummy collection agent. Those guys will use any and all psychological scare tactics to make life on earth miserable for you, if you let them.

My suggestion is to negotiate the lowest possible payment necessary to close the account the agency is handling. You do have leverage to negotiating a settlement deal with them. Tell them you don't have the funds to pay the debt in full but will instead pay something like 60% of the balance owing. Threaten bankruptcy if you have to; they'll give if you're even half as persistent as those toads are. Also get everything in writing if they agree to deal with you.

And don't worry about jail; they can't throw you in the clink for one bad check (Just dont' make a habit of this or you *will* be put in jail.).

Finally, *DO NOT* use payday loans! It's really just franchise loansharking. These places should be closed as they operate on the fringes of the personal finance industry anyway.

Take valuable lessons from this experience and follow up with some books down at the library that explain in simple English how to get your financial self in shape.

Answer 3

You don't sound like you are in the US, that is too bad as in the US it is not a crime to write a post-dated check that bounces.

It might well be the same where you are from.

Many payday loan companies require you to give them a post-dated check at the time of the loan in the amount required to pay back the loan.

As they are aware at the time you give them the check that sufficient funds are not available to clear the check you cannot be charged with a crime if the check doesn't bounce.

Answer 4

collection agencies rarely say that unless they've been contacting you repetedly. furthermore, they often send that in writing, and don't call. they also don't offer such limited payment terms. i would first make sure this was a real agency by contacting them and requesting the info in writing. then if everything checks out i would try to work with them over a payment araingment. If it does go to trial, they will again offer you a payment araigment as the terms of settling. courts don't like to put people in jail, it's expensive. they'd rather mediate and plead out.

Answer 5

in case you wrote a bad verify, this is financial employer fraud and you may properly be arrested for that, no longer only sued. in case you closed your financial employer account specifically to evade them from amassing their debt, then this is fraud as properly you would be sued in civil court docket for defaulting on a private loan - it happens each and every day. in case you flow to court docket no longer only will you owe the finished quantity of the debt plus all accumulated activity, yet you will additionally ought to pay the winning part's legal expenditures. Your wages would be garnished till the finished quantity is repaid Did you're making ANY attempt to renegotiate the value words of the deepest loan while your circumstances replaced? If no longer, that turn into your best mistake. you need to have recommended them in the previous the deepest loan turn into due in regards to the substitute in circumstances to objective and negotiate a revised reimbursement plan. you won't be able to easily no longer pay a private loan for a year then anticipate it to vanish and not come back to bite you. do you be conscious of what the compounded activity is on a payday very own loan? this is 4000% APR in case you gave your friends as a reference on your man or woman loan application, then they could call them. in any different case how could they be conscious of who your friends have been at the beginning?

Answer 6

no, if you have to ,go to court the judge with give you a chance to make payment arrangements , that is the collection angency job ,to bug you,the next time they call tell them you want to make payment arrangements if they don't except that tell them to do what they have to do, and that is going to court they can't put you in jail without court judge hearing your case

Answer 7

Talk to your parents about it.

RARELY does first-time bad check writers go to jail.

Answer 8

how about just write a new cheque