Tommy G asked:
I have 3 payday loans in South Carolina, but I don’t have the money to pay them back right now due to bills. Do they offer payment plans to customers with debt problems? Will they put me in jail or take me to court? Or will this just go on my credit report?
I have 3 payday loans in South Carolina, but I don’t have the money to pay them back right now due to bills. Do they offer payment plans to customers with debt problems? Will they put me in jail or take me to court? Or will this just go on my credit report?
you will not go to jail but they might take you to court — with the interest that payday loans charge you had better get them paid off before you pay any other bills!!!
Payday loans are just like any other loan with one exception, IF they are over $500 that is a FELONY bad check.
Some states vary on this but only by $$ amount.
First they will be presented to your bank which will not pay them and will start charging you for bounced check fees and you will owe the bank OR I have known the Bank to pay them and then the BANK comes after you for writing bad checks and you can be prosecuted.
Plus they will add in fees collections court costs and attorney fees, and you will eventually owe 3 times what you owe now.
then they will get a judgement and garnish your wages at every job until it is paid in full, You will have to hire an attorney to negotiate with them.
OR you can try to get a loan to pay them off from your bank or credit union. If you own a vehicle or Computer sometimes American General will give you a loan based on Household goods , car titles and Computers as collateral, if you don’t pay them back they will get a judgement to collect the collateral.
If you have other debts, credit cards and such, time to go to the attorney and file bankruptcy. It will cost about $250.00 to file and then you can make payments to the attorney, but he can stop all payday loans, before they go to collections if you are quick, We paid ours by selling items in our house and we sold a car, and took the bus.
for a month,until we could get another one and then filed.
It was a good decision, don’t put off going to an attorney.
You should read DAVE RAMSEYS Book. and Get financially healthy.
What I like to do at my company is invite a cusotmer in for a chat and over coffee and donuts let him know his situation is not his fault and work with on ways to extend pay back time and poo-poo interest amounts, because it so darn boring
Often we simply provide another loan to tie together all the other loans and by extending the pay back time it provides breathing room for the customer who already feels bad enough about something not his fault
You might try this with one of your lenders
If the company is legit the company belongs to:
pAYDAY ,Payday loans are the WORST you can get, Suze Orman says NEVER to get them, I guess you know that now, pay them off FIRST as the interest will rise dramatically, they can charge 110% interest even…take care of this situation 1st…IMMEDIATELY…and DON’T get ANY MORE payday loans EVER NO MATTER what state or what source they are from! Good Luck!!!