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Can a collection company for a payday loan company have you arrested for anything?
Wiki User
∙ 12y ago
NO. No matter what state you reside in, a debt is debt. It is always a civil matter, not a criminal one. The only difference would be a storefront lender whom you physically wrote a check to. In that case, you would be writing a bad check. Chances are, your loan was an internet loan. You never wrote a check. It is a loan. They will make threats trying to scare you into paying them. It is illegal for them to do that. Many states have made payday lending illegal. You would need to research your State and find out.
Wiki User
∙ 12y ago
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Can you be arrested for not paying a payday loan back in the state of Wisconsin?
No.
Can you be arrested in Texas for stop payment on a payday loan check?
No you cannot be arrested; but some financial institutions will not place stop payments on payday loan items. Some banks do not place stop payments because the financial institution would be interfering with a legal contract that you signed that allows the pay day loan company to debit your account.
What is the law if you do not pay your payday loan?
The payday lender will initiate legal collections processes (under the FDCPA) and make all attempts to collect the debt. If after all collection efforts complete the borrower has not paid, the lender may sue them in civil court to recover their monies (plus any costs associated with the collection process). Because payday loans are low, many lenders just writeoff the amount and don't pursue legal recourse. Legally, one cannot be arrested for not paying a payday loan UNLESS the loan was acquired under fraudulent means.
What is the best fee for a payday loan?
The best fee for a payday loan should be something reasonable yet something that the company can benefit from. Anything from 5-15% of said loan would be a good rate.
Who is Payday Loans?
payday loan yes was a payday loan company that was bought out by Spotya there now at http://www.Spotya.com
Can a pay day loan company get a Body Attachment if you cant pay?
A Payday loan company cannot get a Body Attachment to arrest people who have not paid them back. There have been tactics used by some collection agencies where individuals are threatened to be arrested by a federal officer for defaulting on their Payday loans. However, these tactics are considered a unlawful so no negotiations need to be made with these collection agencies.
Can you be arrested for not paying a payday loan back in the state of Wisconsin?
No.
Can you be arrested in Texas for stop payment on a payday loan check?
No you cannot be arrested; but some financial institutions will not place stop payments on payday loan items. Some banks do not place stop payments because the financial institution would be interfering with a legal contract that you signed that allows the pay day loan company to debit your account.
What is the law if you do not pay your payday loan?
The payday lender will initiate legal collections processes (under the FDCPA) and make all attempts to collect the debt. If after all collection efforts complete the borrower has not paid, the lender may sue them in civil court to recover their monies (plus any costs associated with the collection process). Because payday loans are low, many lenders just writeoff the amount and don't pursue legal recourse. Legally, one cannot be arrested for not paying a payday loan UNLESS the loan was acquired under fraudulent means.
What is the best fee for a payday loan?
The best fee for a payday loan should be something reasonable yet something that the company can benefit from. Anything from 5-15% of said loan would be a good rate.
Who is Payday Loans?
payday loan yes was a payday loan company that was bought out by Spotya there now at http://www.Spotya.com
Is payday express a reliable company to loan from?
I have no experience in borrowing from payday express, but based on customer testimonials found online, Yes, payday express is a reliable company to loan from.
Can a collection agency issue a warrant for a payday loan check that went back?
If a Payday Loan company hires a collection agency to collect on your account they can send your account to an attorney to collect the amount of the loan and any NSF fees that you have accumulated. However, it is stated at the bottom of your contract that if you close your checking account that the loan is made from, that you can be charged with fraud.
What happens if you don't pay an online payday loan?
Generally, the payday lender will conduct collection processes in order to receive their money. Some lenders will sell the debt to a third-party collector and some will do the collection themselves. Depending on the situation (and the amount of money involved), the lender may sue you in order to get a judgment to pay them. If this is the first time that you have not paid a payday loan, you will likely get harassed for a while, but they will be unlikely to come after you. If this is the second time that you have not paid a payday loan and you are working with the same company, they will most certainly come after you for the money.
Are online payday loans legitimate?
The answer to this question depends on which online payday loan company you are talking about. The Lending Tree is a good example of a legitimate payday loan company, but I would steer clear of online payday loans all together.
Can the money store in valley Alabama have me arrested for non payment of a payday loan?
Yes
Can you be arrested and charged in Arizona for an unpaid online Payday Loan from 2009?
A person cannot be arrested and charged in the state of Arizona for an unpaid online Payday Loan from the year of 2009. A person may either be sued or their wages may be garnished.
