i payed about $400 on $200 loan..they tell you if you don't call them and tell them "i want to pay the loan this week, they will debit $50 a week out of your checking account. i had to close the account and now they are haunting my reference person and saying they will take me to court-(according to them, i owe another $450. Do i have any recourse? if they take me to court, what will happen? if i don't show, can i get arrested? also,these people are based out of england and do not offer a mailing adress. any real advice?(i was desperate to give my kid a Christmas and had nowhere to turn..i know what an idiot i am..)
2007-03-26 14:09:09 · 6 answers · asked by knownot 2 in Business & Finance ➔ Personal Finance
These firms are legalized loan sharks. The fees that they charge are outrageous!!
That doesn't change the fact that you agreed to their terms, and you now owe them the money. Why don't you just bite the bullet, and pay them off? You were good enough to take their money, but now you are hiding from them when it comes time to pay the piper.
Chalk it up to a lesson learned....
Good Luck!!
2007-03-26 14:14:31 · answer #1 · answered by pnk517 4 · 0⤊ 0⤋
The worst thing you can do is "do nothing" and hope for the best. You needed the money for Christmas and now you have to pay back the loan.
The comment about legalized "loan shark" is unnecessary. Used wisely, a cash advance loan is less expense then having a $35 NSF from the bank and another $35 charge from the merchant. Also some banks will charge you a daily overdraft fee of $5 to $8 each day your checking account is negative. When you add up all the fees compared to a $15 to $20 fee per $100 for a cash advance, the legalized loan shark comment can apply to banks.
Read your contract carefully (unlike the first time when you took the loan) and see what if any recourse you have. You probably signed a contract which obligates you to arbitrate any and all disputes.
Foreign cash advance companies usually do not follow US federal or state laws.
Check with your state Dept of Admin (which governs payday lenders) and see if you have recourse with them. They may be able to assist you with this company.
2007-03-27 16:57:40 · answer #2 · answered by Tim S 1 · 0⤊ 0⤋
Don't beat yourself up, we all make mistakes. Did you not receive any Paper Work to sign, and read it first? You need to always read the fine print, thats how they get you. If they gave you no phone number to contact them, surely you have an address.(When they mail you anything, write on it NOT AT THIS ADDRESS) and the post office will return it hopefully. If nothing else, have your Contact that "BIG" keeps bugging to change their number or just tell them they will report them if they keep harrassing them. Hopefully this will just disappear, keep your fingers crossed. Learn from this mistake, but know you are not alone in doing such a stupid thing, this is how we all learn not to do it again.
2007-03-26 14:25:00 · answer #3 · answered by donna_honeycutt47 6 · 0⤊ 0⤋
Hopefully you ave proof that yu pai the loan back. That will be only way you can get away from them. Send them coppies of the paperwork showing that you paid it back then call a lawyer! If you don't deal with them and get it handled quickly they will keep adding interest! Good luck
2007-03-26 14:23:24 · answer #4 · answered by suequek 5 · 0⤊ 0⤋
If they take you to court and you don't show then the court may order it taken directly from your pay check. I doubt they will cause this sounds like a scam.
You might want to take them to court.
2007-03-26 14:18:10 · answer #5 · answered by 2Negative 6 · 0⤊ 0⤋
Try http://goo.gl/WCVCtu
2016-07-20 21:25:34 · answer #6 · answered by ? 5 · 0⤊ 0⤋