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Payday Loan Default
Texas
Can anyone tell me what legal issues I would face if I just closed my checking account and did not pay this sharks anything more. It is just automatically withdrawn every two weeks. No checks involved. I need to get out of this cycle and really don't know what to do or how to handle this. Please help!!!
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Re: Payday Loan Cycle
fraud? breach of contract?.....etc
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Re: Payday Loan Cycle
You can expect a payday loan company to do whatever it can to collect the money, including trying to have you prosecuted. Don't do anything which could cause you to face a bad check charge.
If you do close your checking account, make sure you notify them in advance (in writing) that you are revoking the authorization for them to make withdrawals from the account, and that the account will be closed as of a specified date.
While stopping the payments won't stop them from trying to collect the debt, or assessing additional fees and charges as described in your contract, you neet to take care that it can only be pursued as a civil matter, not as a criminal matter.
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Re: Payday Loan Cycle
These people are legal Loan Sharks. What you need to do is get the money to pay them off and stop borrowing from them. these loans can destroy you get out soon as you can.