can you get charged for theft for non payment of loan i rec'd a loan 2 months ago at a area loan company for 350.00 and lost my job and am unable to repay the loan back they left a message and said they will file theft charges. I am in texas.
2007-09-11 09:40:33 · 9 answers · asked by julz3494 1 in Business & Finance ➔ Credit
No
2007-09-11 09:44:00 · answer #1 · answered by StephenWeinstein 7 · 0⤊ 0⤋
I live in Texas and I can tell you that no-they cannot file theft charges for a loan-believe it or not it is against the Texas Constitution. Go to the State of Texas website and read info. by the Office of Consumer Credit. Actually, these lenders have violated the federal Fair Debt Practices Collection Act and you can report them both to the state and to the federal government (Federal Trade Commission). It is illegal for them to threaten criminal action when it is not allowed. Inform the lender that you are aware of your rights and you will be reporting them. I hope, though, you will work with the company to repay your debt. Good luck.
2007-09-12 11:37:41 · answer #2 · answered by JLB 2 · 0⤊ 0⤋
Never heard of that one!!! Go on line and look up the description of theft in the Texas law books...we call them Revised Codes. You might have to have a lawyer interpret them for you just to see if it's true.
(I thought that's what collection agencies were for!)
2007-09-11 16:52:32 · answer #3 · answered by njunprincess 4 · 0⤊ 0⤋
No, but not paying back the loan will ruin your credit. See if you can get them to give you a grace period or if they will accept smaller payments on the loan without reporting you to the credit agencies.
2007-09-11 16:47:27 · answer #4 · answered by jml167 4 · 0⤊ 0⤋
Is this a payday loan? I've noticed payday loan collectors tend to threaten jail.
They can take you to court and sue you. Might win a judgment. But a payday loan company might not be so anxious to go to court.
2007-09-11 17:26:48 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
No the concept of "debtors prison" was abolished in the U.S. long ago. The only debt you can be jailed for not paying is taxes.
2007-09-11 16:48:54 · answer #6 · answered by jglick1999 4 · 0⤊ 0⤋
No, this is a civil matter not a criminal matter as they loan you the money.
They will however hound you, Good luck
2007-09-11 16:53:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
ive never heard of that. they can garnish your wages to collect them money. but i dont think they can call it theft. they could report it to the irs as income and you would have to pay taxes on it too.
2007-09-11 16:57:40 · answer #8 · answered by Volsfan 4 · 0⤊ 0⤋
only if there's fraud involved.
2007-09-11 16:46:50 · answer #9 · answered by Jonathan B 4 · 0⤊ 0⤋