I took out a loan with a finance company, part of the terms of the loan was to submit a check as collateral. Well I made 3 payments, refinanced the loan and then I fell behind on payments. Shortly after that, my checking account went into overdraft status for 2 months and subsequently, the checking account was closed. Well today I get this letter regarding warrant for arrest, so I assumed that the finance company submitted the check for payment and it was returned as "closed account". How do I rectify this situation as quickly and painlessly as possible. I do not have the funds to pay the loan right off, nor any additional fees, Nor do I have enough to post bond. Will the court work with me. In total I owe $250. The amount of the original loan. Help..
2007-09-06 15:31:03 · 3 answers · asked by Texas_Chanell 1 in Politics & Government ➔ Law & Ethics
Turn yourself into your local PD or courthouse. They may let you PR bond out, and it'll look better than you getting picked up, which we eventually happen away.
In future try to stay away from these fast cash/ check into cash etc loan places. They'll squeeze every drop out of you that they can.
2007-09-06 15:49:18 · answer #1 · answered by lpdhcdh 6 · 0⤊ 0⤋
Get an attorney if you can find one. This is a both a civil and criminal matter. In some states it's a felony to pass a check on a closed account!! Plus, there was likely an acceleration clause in your loan documentation so you owe all that money now.
Get an attorney and see what he or she advises in your jurisdiction. They may say you should turn yourself in ASAP to avoid having to bond out, or they may not. Hint: don't commit any traffic violations when you are on your way to see the attorney because you'll get picked up on the warrant.
Good luck!
2007-09-06 15:58:57 · answer #2 · answered by emmy 2 · 0⤊ 1⤋
Go see an attorney immediately in the morning. DO NOT WAIT. If you have the loan papers, take them with you. If you have payment receipts, take those as well. Infact, if you have an account statement from your bank, TAKE THAT TOO!!! Printing one off the web is fine. You do have options, and the options depend in part on the loan agreement. You may be the victim of a crime as well. I can't tell you if you are or are not, especially with the information that you have provided. However, a licensed attorney in your state CAN HELP YOU. Go see one. If you can't afford one, tell the attorney & he/she can refer you to a cheaper legal service.
2007-09-06 15:37:14 · answer #3 · answered by cyanne2ak 7 · 1⤊ 0⤋