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  1. #1
    Join Date
    Feb 2007
    Posts
    1

    Default 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 It is just automatically withdrawn every two weeks.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!!!

  2. #2
    Join Date
    Mar 2005
    Location
    Florida
    Posts
    435

    Default Re: Payday Loan Cycle

    fraud? breach of contract?.....etc

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default 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.

  4. #4
    panther10758 Guest

    Default 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.

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