I took out a $500 payday loan with with repayment terms of 6 payments. I was a day late with making that payment and now they are telling me I must pay the balance in full by Monday or I will be prosecuted for passing bad checks, it was my understanding that they were not allowed to do that unless the check came back on a closed account (which it is not). I am trying to the best of my ability to pay these people everything I can, which is slightly more than the agreed upon payment, and that isn't good enough for them, is there anything that can be done?
2007-06-02 00:39:27 · 4 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
this is all I can find, but I am not sure if it applies to Missouri because I can't find the laws...
These lenders think they can scare you with into paying it back because you wrote a check, but that is just not true. The law forbids payday loan lenders from initiating or threatening a criminal prosecution against you or from collecting the treble damages that might otherwise be payable pursuant to the Civil Code for a dishonored check. They do reserve the right to collect delinquent loans using all legal remedies available including legal debt collection and civil court action. This is the most legal action they can take against you, it will take them months to take you to civil court, and another month or two to garnish your wages, if ever.
2007-06-02 00:57:59 · update #1
Sorry for you and they will screw you badly pay it off as fast as you can and close the chapter on this book.
2007-06-02 00:46:54 · answer #1 · answered by Michael M 7 · 1⤊ 0⤋
payday loans get you deeper in debt. its like a legal loan shark. I would suggest you examine your income versus expenses and spending habits. something is out of balance if you have to seek a payday loan. I know some things always happen that we cant control. A payday loan is a bad way to go.
2007-06-02 07:49:41 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you have a copy of the contract and are unable to pay it back by court, take that with you to court and proof of ALL of your payments. It may help. Otherwise, anything over$200.00 is a felony. I hope you can pay it off soon. Good luck.
2007-06-02 07:52:56 · answer #3 · answered by Ann S 4 · 0⤊ 0⤋
I kept asking them for a loan repayment plan and they eventually stopped calling. Learned my lesson on that, Never again
2007-06-02 08:15:16 · answer #4 · answered by Justin C 3 · 0⤊ 0⤋