Hello Everyone,
I have a personal payday loan that gets automatically debited to my account for the amount I owe. Unfortunately when the debit went through there was no available funds. I received a threating phone call from a processor that the loan was turned into. They were telling me I had to pay the full amount by a certain time that day or I would be served on fraudelant charges to a finicial instituition. I told them that I would not be able to pay that amount by the time given. In which I was at work and it had to be paid by 2 pm that day. I did though tell them that I would be able to pay this by the following week. Of course this was not good enough. What can I expect to happen with these charges? Or was this just a scare tactit to get it paid?

Thanks A lot - Greengrass!

They are using scare tactics. It's not an issue of fraud, it's an issue of non-sufficient funds; no different than a bounced check.

As with any nsf transaction, though, you do need to take care of it asap to avoid further expense (nsf charges, late charges on the loan, etc.) or court action.

It is not fraud, but depending on the amount of the check that will not clear the bank it may be a felony or a misdemeanor.

Now they can take the check that will not clear to the court and have charges filed. Locally here you would be picked up and the bond to get out of jail just happens to be the amount of the check plus costs of court.

So you get picked up and can't get out of jail till you come up with more money than they are asking for now.

Now I am not saying this to scare you, normally they will go a week or two trying to get you to pay, they would rather make you pay and even keep you as a customer than put you in jail.

But if they file charges it can happen, not for fraud but for bad check

Now of course it is possible that a DA could charge fraud, but he would have to show that at the time you gave the check to be withdrawn, you knew you would not have the money to pay. So you did this with the intention to defraud. If you wrote a 30,000 dollar check with 100 dollars in the bank.

Now if you wrote a 300 dollar check with 2 dollar in the bank, did not have a job and no idea of where the 300 dollar was coming from, they may look at it, but most likely not.

Hello green:

Fraud, not fraud - who cares? When you put your body into the hands of prosectors, they will not treat you very well. Lots of them are going to build their careers on your poor booty. You're just fodder to them. Something to be used.

Maybe it isn't fraud. Maybe the prosecutor thinks it is, and what if he can convince a judge that it is too? That's not unheard of, youngster.

So, if there is ANYTHING you can do (short of committing another crime), to pay these leeches back, it would be my advice to do it.

I didn't even mention the civil and credit penalties you're going to suffer because of this, but you will.

excon

Green- how were you planning to pay this debt? If you didn't have it on the due date, how did you think you would have it one week later? And what will happen next month? Has it ever happened before?

You might want to look into credit counselling. The penalties and fees imposed can start to add up.

As they helped you in your critical time providing loan it's obvious they would like the money repayed back on time and you too should have done that. That's why they are using offensive tactics. However they won't harm a lot. No teletrack payday loan are although meant for user help however they are required to be paid on time.