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Wage Assignment for a Payday Loan

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  • 11-21-2008, 12:07 PM
    jeanne223
    Wage Assignment for a Payday Loan
    My question involves collection proceedings in the State of: Virginia
    I took a payday loan from the internet and was unable to pay it back in full. They called here at my job and said they were going to do a wage assignment. I do not remember signing such a document as it was all done over the phone. What should I do if one comes?
  • 11-22-2008, 06:20 PM
    CourtClerk
    Re: Payday Loan
    In order for them to do a wage assignment, they will have to obtain a judgment. However, when one comes, you should either pay it, or make sure your other bills are paid because they will be taking large chunks of your paychecks until it is paid off, including court costs and attorneys fees.
  • 11-23-2008, 05:57 PM
    OhMy
    Re: Payday Loan
    Since most of these payday loans charge a 200% or more interest rate, you should try to pay this off ASAP
  • 11-23-2008, 06:11 PM
    LawResearcherMissy
    Re: Payday Loan
    Quote:

    Quoting jeanne223
    View Post
    What should I do if one comes?

    Don't let it get that far.

    Make arrangements for payment with them BEFORE they go to court and obtain judgment. That stuff gets expensive, and fast.
  • 11-24-2008, 06:04 AM
    jeanne223
    Re: Payday Loan
    How long does it take to get a judgement?
  • 11-24-2008, 07:44 AM
    LawResearcherMissy
    Re: Payday Loan
    However long it takes them to go to court. No one can tell you when they plan to do that.

    Call them TODAY to get this sorted out. The longer you delay, the more interest you rack up, and the more likely it is that they will take this to court.
  • 11-24-2008, 08:47 AM
    jeanne223
    Re: Payday Loan
    This is an internet out of state lender how can they take me to court? I have heard from many sources that they are not licensed in my state?
  • 11-24-2008, 08:55 AM
    aaron
    Re: Payday Loan
    If the wish, they can work through a collection firm that is licensed in your state.
  • 11-24-2008, 08:58 AM
    jeanne223
    Re: Payday Loan
    Don't they have to notify me in writing first? I know I have to repay this but I can't repay it in full right now. I am behind on all my other bills. What would a reasonable settlement be? The loan was only $200
  • 11-24-2008, 11:02 AM
    M'sta Mikey
    Re: Payday Loan
    You need to read the contract/load agreement you signed with them. It will detail what actions they can take to collect and how much they may collect.
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