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  1. #1
    Join Date
    Nov 2008
    Posts
    7

    Default 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?

  2. #2
    Join Date
    Nov 2007
    Location
    Officially across the country from where I've been all my life
    Posts
    4,494

    Default 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.

  3. #3
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Payday Loan

    Since most of these payday loans charge a 200% or more interest rate, you should try to pay this off ASAP

  4. #4
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default 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.

  5. #5
    Join Date
    Nov 2008
    Posts
    7

    Default Re: Payday Loan

    How long does it take to get a judgement?

  6. #6
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default 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.

  7. #7
    Join Date
    Nov 2008
    Posts
    7

    Default 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?

  8. #8
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Payday Loan

    If the wish, they can work through a collection firm that is licensed in your state.

  9. #9
    Join Date
    Nov 2008
    Posts
    7

    Default 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

  10. #10
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default 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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