Hello. I'm a "newbie" and I couldn't find any information regarding payday loans. Maybe I'm the only one dumb enough to get them. I live in Texas and I have 3 online payday loans that are automatically debited from my checking account. I also have 2 in my hometown that I have given checks to that are not dated. I have recently had an illness and death in my family and was unable to make the last payments. I stopped payment through my bank for the online loans and now they are calling me constantly. A friend of mine experienced the same thing and they finally quit calling her and have never pursued anything further and she had 5 or more. The local loan companies have told me they will file either through the DA's office as bad checks or straight through the JP's office. I'm just wondering if anyone else has payday loan experiences and what the results were.
I got caught up in the payday loan nightmare too. When I couldn't make my payments I emailed the company and explained my situation to them. They were very patient and I was able to pay them off about a month after they went delinquent. These were also online payday loan sites. Try explaining to them what's going on with you. My loan companys even deleted the penalty and interest and I just paid what I originally borrowed.
I would assume it would be treated like anyother loan that is defaulted you are going to have to pay them back. or pay the consequesnces beyond being reported to the CRA's. I would try to take care of this asap because the interest that is going to accure is going to be astronomical. What could be a few hundred dollars now could be up in the thousands in a blink of an eye. I would take care of this ASAP.
While I have never used & will never use payday loans, I would suggest you get in touch with those companies and manke some sort of payment arrangement. Sometimes not paying bills won't affect you today but further down the road. Also know that they'll keep trying your checking account and as soon as any money goes into yor account they'll take it. If they force you to go into overdraft you'll be charged with more fees etc.
Nobody/company ever forgets about a debt someone owes them.
Thanks for all the replies. I was hoping someone out there understood where I was coming from. I actually did have one that said they could make arrangements for me to pay them out, so I will try to contact them all and hopefully they will work with me. Thanks again!
Yes call them ASAP. don't ignore them. Let's just say you day and let's say the phone calls stop and you are just getting some mail and such and you ignore it and 6 months to a year go by and then bam you could be hit with all that interest that accures on your pay period every month, in most case every two weeks. You're small bill now is going to be insane and then the collection attempts will be much more aggresive. CALL THEM!!!!!!!!!!!!!!!