I have some questions regarding 2 payday loans that i have not paid. The first one (from april 08) and the other (from august 08). Ok well the april account was calling me for a while and then just recently i had a law office call me in regard to the april account. (by the way i never answered when they called at all) Now Im not answering the phone when they call due to all the horrible stories i have heard about this subject, is it bad that im not answering the phone from the law offices and should i start, also can they garnish my wages with 2 bad payday debts. I should also include that my 1st payday is from texas and the other is from new mexico, does that cause any problem? and the amount of both combined is about 1500. What options do I have???
THanks for your help by the way
also i cant go to jail? can i?
plus how long do i have have to fix this mess before it totally f***ks up my credit(which i think is already messed up by this)
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January 13th, 2009 at 1:12 pm
Ok, first you should answer the phone and try to make payment arrangements, maybe you can make payment to pay them off. Most likely they have already sent the items to collections which now is on your credit. It doesn’t matter where you took out the loans. The sooner you get these paid off the better it will be for your credit.
January 13th, 2009 at 1:28 pm
Answer the calls before you get into anymore trouble I am sure that you can work out a payment plan or something.
January 14th, 2009 at 12:47 am
You should work with your creditors to repay the debt. It’s a loan, not a gift, and you shouldn’t have taken it out if you couldn’t repay next payday. Yes, they can garnish your wages. It doesn’t matter which state. Your credit is messed up because you don’t know how to manage money. Start paying and clean it up. YOu won’t go to jail because you’re of no use to them in the slammer - they want people who work and earn money.
January 14th, 2009 at 2:37 am
Ignoring them will expedite the process of going to court and getting a judgment against you then they can garnish wages or attach your bank accounts etc. A judgment will stay on your report a long time.
1500 is about 4 or 5 months at McDonald’s so go to work and pay it off.
STAY OFF THE PHONE MAKING ANY DEALS, PERIOD. Verbal, should it ever go to court means nothing for your side if they deny that was the deal. IF you know the address of the Atty then write a letter with payment arrangements, send an extra copy ask them to have someone with the power to make such an arrangement to sign and send it back to you. Then and only then start paying with a money order only. NEVER allow them access to your checking account.
I repeat STAY OFF THE PHONE unless you have no written correspondence then answer the phone 1 time only and ask for them to send the info through the mail that you do not deal over the phone. DO not argue further simply ask for their address. Then write down the time, date and person you speak with and use that in court against them if it cmes to that.
January 14th, 2009 at 7:58 pm
No, you can’t go to jail. Check and see if these companies are legally doing business (I’d be especially suspicious of the ones from New Mexico or Oklahoma.) Check the Secretary of State’s website to see if they are registered to do business in your state. If they aren’t registered, report them to the attorney general. After you have your ammunition, then you are in a place where you can negotiate with them.
Texas law says that payday loan companies doing business in the state must accept a reasonable payment plan. If they refuse, they are violating state law.