Payday loan nightmare!!?

My wife had not been home for Christmas in 5 years, we had a new born nephew we hadn't seen yet, and neither of us make abundant amounts of money. We live humble lives and don't have things outside our needs. After Hurricane Katrina struck, the plane ticket prices skyrocketed. Trying to be a good husband, I took out some payday loans to help us out. I don't have family or a network of friends to borrow from. I found myself stuck. I was repaying the finance charges each month, and had to take out more loans to pay them off. In June I couldn't pay the rates anymore. At one point it was $1,400 a month! My bank became overdrawn and my account was closed. I've made arrangements with a few of the companies to repay them, but not all of them. I was threatened with jail last week. Can I be prosecuted? Some people say that as long as I didn't take the loans out with intent to commit fraud, I'm safe. Others are saying differently. Please help!

Payday loan nightmare!!?

i work for check n go(a payday loan company) You cannot be taken to jail....so don't believe it. They will tell you that and more. We actually go to our customers homes and jobs and call their family and friends until they pay us. I know it's messed up . I would NEVER reccommend anyone to get a payday loan. They will usually try to accomodate you and give you time to pay them off . Talk to the manager and get a payment scedule with them

Payday loan nightmare!!?

No jail for you. Failure to repay a loan is bad credit, not a crime.

It sounds like you need to file bankruptcy.

The second you do, no creditor is allowed to hassle you.

Also, if you're in California, they're not allowed to call you at work. Although I don't know who you'd report them to...

Payday loan nightmare!!?

Failure to pay a credit obligation is a civil matter. Don't worry about going to jail. If you're being threatened with incarceration by collectors, then it is they who are breaking the law.