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

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 advice?(i was desperate to give my kid a Christmas and had nowhere to turn..i know what an idiot i am..)

I did something stupid--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.

If you've already paid them $400, and the loan was only $200, what is it you owe them for?

If they're debiting $50 a week out of your checking account, what is that money for? Presumably to pay off the loan? If that's the case, it would only take a month to pay off $200.

Unfortunately, they can screw up your credit for a long time so you better try to resolve this with them. If all else fails, call the attorney general's office, department of consumer affairs, in your state and see if you can get someone there to help sort this out. I know payday loans have absurd fees and interest rates but if what you're saying is true and you've already paid $400 and owe another $450, thats something like 450% interest.

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

You should have read the contract in detail before appending your signature as all what you have said would have been spelt out in the contract. You cannot get arrested but you can be taken to court and from all indications, the court will compel you to pay the loan. Sorry but you just have to pay.

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

My advice would be to gather up any and all paperwork you have regarding this loan. I'm sure there's something in small print somewhere that spells out how much money they expect you to give them and when. Most likely it'll match up to what they're doing, but there's a chance it won't. If it doesn't, tell them so.

Ask them to send you, in writing, a statement of how much was paid, and what it was paid toward. (Did your $50 go to interest, some sort of %26quot;fee,%26quot; some sort of %26quot;membership?%26quot; This will help you match up what you've paid to what you find in the contract.) Also, you need a written statement of what it would cost you to pay them off in full by a certain date. (Obviously, in their minds, the amount you owe is still increasing. You need a quote for a full payoff on the following 1st of the month, as an example, with the understanding that if it's not paid before then it'll be more than that.)

Good luck!