pay day loans not paid

[nancylyn]

I have several payday loans that I have not paid. I closed my checking account to avoid the additional charges. The checks were returned to the pay day loan stores unpaid by the bank. They have been calling me, I have told them I would pay payments. One sent me a facsimile letter and a copy of a "me" vs. "them" typed up letter with a motion to the court to collect.. in the letter they wrote, unless you make arrangements we will follow through with filing legal action. I called them and they want me to pay for the check plus interest and 1/2 the attorney fee ..originally the check was 349.00, now they say I must sign and say I will pay 595.00 Should I allow them to turn it over and pay the court later, will that be cheaper. Or should I sign the agreement, can they make me pay back that much if they are only holding my check for 349? Or should I say I will only make payments without signing anything? What can they do, what can I do, what would be the best solution to benefit me? My daughter-n-law works for one of these loan places and says all their store can do is collect the check plus the bounce charge, no extra interest, I owe them the amount of the check plus 28.00 bounce charge that is it, shouldn't all the stores follow the same rules? Are they trying to corner me into paying paments more than what I am obligated to pay. I am going to pay them back , but I don't want to sign anything or pay what I don't legally have to. Please let me know asap, I told them I would be in Fri.

 

[Theresagail]

Depends on what you originally signed when you did the check loan. Also depends on what the judge will allow them to collect, some judges get quite angry and the interest rate in which they hold debtors liable too, but some judges really don't care. It is up to you if you want to get rid of the "nightmare" and pay it, or go to court and see what happens, Court is costly sometimes and you would have to pay that back.

 

[Michael Wechsler]

What attorney fee? Your best bet is to call up, make an arrangement to pay a certain amount and that will be considered paid in full. Nobody wants to go to court. You may want to negotiate paying back the total sum, any hard expenses, e.g. check bounce fee. Interest here is negligible and I'd pay it if this settled the matter because they can also charge you for the money spent to collect from you. Be prepared to hand this over and you will probably avoid the extra fee. Best is to take a firm stance and that no judge will extract blood from a stone and that, in this day when nobody is paying their bills, they should be happy to have someone who is paying in full with all appropriate fees. If that works, consider yourself fortunate. This shouldn't have happened in the first place and good luck. PS - any settlement you make must include a writing from the creditor and a release of all claims against you for this matter.