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    richard wetzel's Avatar
    richard wetzel Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Nov 27, 2013, 08:23 PM
    Loan payments
    Is it againist the law to stop payment on a electronic draft for an unsecured cash loan. One of thoses deals where u get $800 put in your account , then they hit you for $120 draft twice a month forever , this was all done email. I want to stop the drafts with enough money in to cover so they can't say bounced or overdraft.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 28, 2013, 07:42 AM
    If you take out a loan, there is a contract involved. You have to adhere to the terms of the contract. What were those terms?
    richard wetzel's Avatar
    richard wetzel Posts: 5, Reputation: 1
    New Member
    		  
    #3

    Nov 28, 2013, 08:47 PM
    Quote Originally Posted by ScottGem View Post
    If you take out a loan, there is a contract involved. You have to adhere to the terms of the contract. What were those terms?
    To make payments via electronic drafts on checking every 2 week. Bank says if I have funds to cover draft and stop payment there is no crime or penalty , they have to collect another way.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Nov 29, 2013, 08:29 AM
    The contract doesn't specify any terms. As to the number of payments?

    Since you agreed to this contract, it would appear to be binding. Except that a contract like this with no term would be suspect.
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