What happens if I close my checking account with my payday loans due?
Brittany B asked:
I let myself get ****** into this quick said, If I close my checking account and then promise to pay them within 30-45 days what will happen. The interest is killing me. I can pay them off within 30-45 days if I’m not paying the darn interest. I’m in California. They have signs saying they can’t use the Criminal Process for collecting their cash.
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I let myself get ****** into this quick said, If I close my checking account and then promise to pay them within 30-45 days what will happen. The interest is killing me. I can pay them off within 30-45 days if I’m not paying the darn interest. I’m in California. They have signs saying they can’t use the Criminal Process for collecting their cash.
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9 Responses to “What happens if I close my checking account with my payday loans due?”
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December 3rd, 2008 at 8:23 pm
Love to help you,but dont understand your question?
December 4th, 2008 at 5:20 am
The interest is the whole point of the loans. If the payments are being automatically deducted, closing your account with a negative balance will result in you getting reporting to ChexSystems and you may never be able to open another bank account. If they are not being automatically deducted, not paying them will probably result in a civil lawsuit which will result in a judgment which will be good against you for something like 20 years and which will earn interest until paid off. It will allow them to garnish your pay, seize your bank accounts and lien your real property (all for the life of the judgment - 20 years in some states).
Anything you pay them in 30 to 45 days is going to be applied to interest charges first. You will not even touch the balance.
December 5th, 2008 at 9:40 pm
Basically they have a hook in your jaw real bad. That’s why they call them “predators”.
If you close your checking account the payments will bounce. The debt will go into default and they will sue you. At that point, The interest stops and they will begin the collection process. This will probably include a small claims court hearing, a judgement against you and then they will attempt to garnish your wages, etc.. , but at least the interest gets stopped. You may be able to save enough up to settle before your court date.
You should first tell them you can’t continue to pay their interest rate and ask them to re-finance to a lower rate of interest. That is the fair and honest way of doing it. Do not tell them your intentions. Just ask them for a better interest rate and a longer term for the loan.
Your one saving grace here is that there are laws in california which forbid these predators from “rolling over” the loan in lieu of longer term financing. If they have changed your account number and “rolled” the loan more than once, you may have legal recourse.
Consult a lawyer before you close the account. If you can’t get one because of your financial condition, check with your “legal Services” group in the county where you live. If you are not sure, contact your local “bar association” they should be glad to give you a refferal.
hope this helps.
December 6th, 2008 at 1:47 am
Be careful if you need to apply for an online payday loan. Each state has different regulations, and I’m not familiar with the California rules and regulations. Try contacting a local cash advance office so you can get help before taking out the loan.
December 7th, 2008 at 3:55 am
I read your question a few days ago and I remembered it when I found this article on not paying back payday loans. You may want to read it.
If you want some more information, I would check out…
Take care.
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