Money Question

Updated on November 28, 2008
J.S. asks from Spartanburg, SC
7 answers

Hi Moms,

Has anyone ever had to default on a payday loan? If so has the been any legal action taken?

I have 2 and am unable to pay them at this time and it will be a while before I can pay them.

What can I do next?

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T.B.

answers from Atlanta on

I have not been in your shoes, but call legal aid and get some advice. They may be able to guide you, with the economy being messed up who knows what those payday loan people may do. Good luck.

1 mom found this helpful
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H.N.

answers from Spartanburg on

I have been there! Fortunately I was able to call and work something out with them! I would call each week untill I was able to pay! My biggest advice is pay them and stop!!! These get you into a viscous cycle that will pull you deeper and deeper! I have never felt so desperate as I did when I was using pay day loans! I had one and would go to another place to get another one to pay the first one and then get another loan at the first place to repay the second loan! I had actually had four different advance places giving me loans at my worst! You may be broke and have hard times but it will be better if you stay out of these places! I have had to move and had a car repoed but nothing felt as bad as being in that mess! Sorry for dragging on just don't want anyone to feel what I did at that time!

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A.W.

answers from Atlanta on

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A.B.

answers from Augusta on

I work at a financial institution and I see these places bringing in checks to cash against our members. Heather is right it is a bad cycle to get into. If you dont pay or dont get anything worked out they can take you to small claims court and could possible have a judgment put against you, but that would be the last resort I would think. I would just call them and get something worked out and try to pay it off ASAP b/c the interest rate at those places are through the roof! These places are designed for you not to get out of. They should be against the law! I hope that everything works out for you, may God Bless you and keep you close!

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A.K.

answers from Spartanburg on

I don't know anything about them, other than they are trouble. If you're having some financial issues, I HIGHLY recommend taking a Dave Ramsey class at a church. It's awesome. So many great ideas on becoming debt free.

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A.R.

answers from Spartanburg on

Hi J.. I can relate to your question. I have been in the same situation, those payday loans are nothing but trouble. You get caught up paying all those fees and it just doesnt seem like it was every worth it in the first place. I hate to say this but I have defaulted on a few of them in the past. They will not do anything except the usual....calling you to ask for payment then turn it over to a collection agency, which then they will call you non stop. But thats it, no legal action. I hope this helps.

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S.W.

answers from Spartanburg on

1st talk to where you have the loans....they will usually let you pay the interest....then get out of these loans ASAP....these are a bad idea...I know a lady that lost her car because of them....do whatever you can to get out of them....if you can borrow the money from somebody do it NOW....if not go talk to them as I said earlier....just get out of these as soon as possible...they do not mess around if you default

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