What if you are having problems repaying an ACE payday loan?

Question

i have a 400 dollar payday loan and have renewed it like 3 times and am not able to pay it off with out giving up my other bills. In texas does anyone know what they can do if it takes a while to pay it off.they cal from irving and said they would file a case but when i asked where and when and how can i call where they are sending it no info was given.i can do it in small amopunts but not the whole thing..Any answers????

Answer 1

Look at this way, they deal with these loans every day they know what they are doing. Forget the legal questions angle. You could put a stop payment on the check you give them, and try to make payments, but I would guess you would be hit with a 29% interest rate, penalty fees, and fees on top of fees, with some random charges they just make up for fun on top.

If you did not pay within a week or two I would guess they would send it to a collection agency.

As a side note why our govt regulators let these companies do this is beyond me.

So solution: Sell anything you don't need, get a part time job, cancell your cable, internet, and get the thing paid off.

Answer 2

first ,they will run your check that you had written them to get the loan,ans if that doesn't go through they will charge you additional fees along with your bank ,due to insufficient funds
then they will call you night and day to try to get you to pay,and if that doesn't work out they will turn you to a collection agency ,then the final thing is arbitration,in other words you may have to go to court.But this balance will go on your credit.
I am speaking of experience.

Answer 3

I have provided a url for you. The site has a free shareware debt management strategy software program that helps in determining how you can best pay off your debts. I used it and it has been my saviour but the trick is to do what the software data printout tells you to do. It is very manageable.

Answer 4

Here you can get rates: CREDIT-AND-FINANCE.COM