I did something dumb--took out a payday loan at Christmas...B.I.G. is name of company.. ever heard o

i payed about $400 on $200 loan..they tell you if you don't call them and tell them %26quot;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 tip?(i was desperate to give my kid a Christmas and had nowhere to turn..i know what an idiot i am..)

I did something dumb--took out a payday loan at Christmas...B.I.G. is name of company.. ever heard of it?..?

Fortunately, you can't get arrested. We don't have debtors prisons in this country.

Also, a good resource is...

http://www.surveyland.org/jump.php?link=...

Best of luck to you.

I did something dumb--took out a payday loan at Christmas...B.I.G. is name of company.. ever heard of it?..?

Don't run away from them. Read the documents you sign before you took the money. Call them and try to negotiate with them, what interest they charging you, try to close this with them and report them to BBB, Good Luck!

I did something dumb--took out a payday loan at Christmas...B.I.G. is name of company.. ever heard of it?..?

Hi there :-)

I'm sorry to hear of this problem you are having but I'm happy your kid had a christmas. I would not worry about the payday loan. My friend took one out around the same time as you (but from a different company) and everything was fine until they starting debiting money from her checking account left and right. She ended up closing out her checking acct. I think basically what's going to happen with this situation (and probably yours too) is that it's going to ruin your credit but as far as going to court or jail. I seriously doubt it. The loan company will just have to turn it over to a collection agency and then to your credit report. I don't really think there is any recourse you can do except walk away and STAY AWAY FROM PAYDAY LOANS.

I did something dumb--took out a payday loan at Christmas...B.I.G. is name of company.. ever heard of it?..?

There is a lot of useful and intresting information here to help answer your quetion.http://loan.online-supporthome.info/cred...