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    minaa's Avatar
    minaa Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Dec 5, 2006, 01:15 PM
    Payday loans
    I live in PA and like an idiot I have payday loans that I now can not afford to pay back. What will happen to me if I do not pay them back? Can I be taken to court or are they sent for collections? Should I declare bankruptcy? Any advice would be helpful.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 5, 2006, 01:38 PM
    What will happen is the creditor will go after you in whatever ways they can. This could mean engaging a collection agency, it could mean suing you and getting a jugement against you. From there they can garnish your salary or any other cash asset.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #3

    Dec 5, 2006, 04:11 PM
    Hello minaa:

    I would sue them for usury. You probably won't win, because these scum suckers got their friends in congress to say that 167% annual interest ISN'T usury. They can get their friends in congress to call a duck an elephant too, but it's still a duck.

    It's the only shot you got. Otherwise, get ready for their steamroller!

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Dec 5, 2006, 04:20 PM
    On your "payday" loan, did you write them a check for them to cash on your payday ? If so, and this is what they do here, they will threaten and sometimes actually will, cash them, let them bounce and then press criminal charges on the bad check.
    minaa's Avatar
    minaa Posts: 4, Reputation: 1
    New Member
    		  
    #5

    Dec 6, 2006, 05:47 AM
    I did not write any checks, everything I did was over the internet. I never physically signed any paperwork. All they do is withdraw the money form my cheking account when it is due.
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