What happens when I do not pay my Pay by Day loans and they send the check to my bank?
I made mistake on having too many payday loans and paid too much 386% interest already and cannot afford it now.. they said they will send my cheks i wrote them to the bank.. AND THEN WHAT?! I will lose my bank account and get a enw one.. and pay it off eventually? HELP? steps to do..?! I have terrible credit and even got denied by Capital ONE =(
December 11th, 2010 at 5:56 am
They will send your check to the bank, the bank won’t pay it (if you don’t have enough money in there), you will have returned check fees, overdraft fees, daily negative balance fees, you’re going to have fees out the ying-yang. Plus you will have fees from the place you got the loan (s), & whatever checks/debits you have that aren’t cleared yet will bounce as well. With bad credit you’re in a bind, and I’m guessing you don’t have anyone to borrow from? Sorry I couldn’t help you, you’re gonna be pretty messed up. (sorry)
December 11th, 2010 at 6:31 am
That’s exactly what they will do…I hate to tell you, but….in the payday loan industry, it’s exactly what it means…payday. There is no if about sending your check to the bank, you wrote them a check to hold and signed a contract to borrow the money until your payday…then probably renewed it cuz it was nice having that extra money…I’m not trying to lecture you, I do this for a living and people don’t understand…We try to help people, and yes, the interest rates are high, but…we do check how much you make versus what you can handle in a loan. Yes, they will deposit your check, probably overdrawing your account because you GAVE them a check, then if it bounces, they have every right to take you and sue your for it….get a judgement, garnish your wages, and get the money that you owe them. This is not a regular loan…it’s a payday loan, and they were nice enough to help you out when you needed it….borrow if you can from someone, pay it, don’t get into this mess again or over your head with debt you can’t afford, it’ll come back and bite ya in the butt like it’s doing now.
December 11th, 2010 at 6:35 am
It will go to the bank, you will get NSF funds, if you don’t pay withing a certain time, they will put it on your credit bureau report, the national checksystem, depending on the amount they can eventually sue you and get a judgement against you. Lastly, sometimes when you either continuously write bad checks or you write a check that is large amount, they will give you time to pay, or they can take you to jail. This is serious, you really need to take care of it. You need to contact the the Pay by Day loan people to try and resolve this matter as soon as possible.