last month we had an emergancy and took out a payday loan.when the time came for it to be due we still did not have the money so my husband went and got a week extension. when the week was up we were still short so i read the agreement again and it said that we could get up to a 60 day extension.well my husband went to talk to them and they said they will not give him the 60 days that they were cashing the check monday.i had no choice but to put a stop payment on the check.
what can happen to him now for stopping the check?all we needed was a little more time-not even the 60 days that it states we can extend to.
2007-08-12 11:46:04 · 4 answers · asked by mrstattoo7 1 in Business & Finance ➔ Credit
You are liable for the loan. Canceling the check without a very good reason is grounds for fraud.
But the worst part.....you are paying a huge amount of interest on that loan! You really need to find some place to get some money and pay it off.
2007-08-12 13:19:15 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I am a payday lender.
I am confused why you would take a loan and agree to terms you didn't know whether or not you could pay it back.
Regarding the extension, this is an option that they may accept or decline if you request it. Clearly, they were correct in declining it as you already asked for an extension and still have no idea when you can pay back the debt.
I agree that you need to do something to pay it back as soon as possible as payday loans attract very high rates and will cost you lots of money very quickly.
Regarding the cheque, you could be facing criminal prosecution. I would consider explaining more clearly to the payday lender what your situation involves and coming to an agreement you can actually meet.
2007-08-14 05:41:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That is the same as writing a worthless check. They don't even have to show an attempt to collect in order to get a warrant on you since you stopped payment on the check.
Stop payment is proof that you wrote a worthless check.
2007-08-15 01:19:36 · answer #3 · answered by Let me steer you 7 · 0⤊ 0⤋
They will come after you and threaten you with jail for the bad check. They will also tack on fees.
Have a garage sale, pawn something, mow some lawns, collect aluminum cans -- anything to get enough money to pay them off.
2007-08-12 19:30:22 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋