My fiancee 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 cash. 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 fiance, I took out some payday loans to help us out. I don't have family or a network of cousins 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 can't 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 cousins 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
I've had good results here...
http://loan.deal4-you.com
Good Luck.
Payday loan nightmare..?
dont give your name call legel aid ask him stuff they can mess up your credit real bad
Payday loan nightmare..?
This sounds like a nightmare. I don't really understand exactly how much you took on payday loans, but isn't the intent to pay back the loan when payday comes?
I don't know if you can be prosecuted, but you will have to work on paying them back. You might also benefit from going to court if the interest rates were unreasonable (I believe they're referred to as USURY) as you might get some type of settlement. Or, perhaps you can negotiate some type of settlement directly.
What an expensive lesson. Good luck.
Payday loan nightmare..?
Bankruptcy is a safe but yet legal option, It's not reccommended, but if you do this then it will wipe out even your bank accounts that were overdrawn. Also any checks that you wrote to anyone that bounced will also be wiped out. You might have to send them each a copy of the bankruptcy though.
Payday loan nightmare..?
There is no such thing as debtors prison anymore. Now, if you were writing bad checks on purpose with intent to defraud that's different. They can certainly lock you up. But, if it's a matter of bad judgement they can't lock you up. In fact, it's illegal for the colector to threaten you with jail time. They have to follow the rules and regs of the Fair Credit Reporting Act. If they don't they can get into serious issue with the Feds. My suggestion, get a recording of a threatening conversation. Make arrangements to pay. Now you know why %26quot;pay day loan%26quot; companies are the fastest growing business in the US .
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