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assparks2002 | Can a payday advance company send me to collections if I don't pay back? |
A co-worker borrowed money from a check 'n go, but has no money to pay it back. She put a stop payment on the check, and has refused to answer their calls. Can they send her to collections or subpoena her to court? |
 |
 
wrkey
 |
She can't just 'stop payment' on the check. These companies make these loans based on the check that is written to them. By putting a stop payment on the check, you friend has basically written a 'hot check' and can be prosecuted for it.
Now, this company will probably do the following:
1. Once they discover the check is 'hot' they will begin the prosecution process which means that will notify her by certified mail to make good on the check.
2. While they are waiting on the response, the interest charges will continue to accrue and they will be EXTENSIVE (as much as 40% per annum) plus they will tack on NSF charges, lates fees, legal fees, etc and then charge interest on that amount as well.
3. If you friend ignores the request for payment, after two weeks from receipt of the letter (or denial there of) the company will then file with the DA's office and pursue hot check charges. A bit later your friend will be notified that she is being charged and will have to respond in court and/or have a warrent issued.
4. Step 3 can take from 1 month to 3 months, in the mean time, interest will continue to be charged along with all other fees and legal expenses. (See #2 above.)
5. When the day does come in court, she will be found guilty because she wrote the check and then stop paid it. Then she will not only have to pay back the loan company but also the court cost, fines and possibly jail if she has any other charges prior.
These advance companies are a huge rip off and they lure people in with their 'quick cash today', gloss over the fine print and the poor 'customer' will find theselves paying back twice (or more) than the original amount.
I suggest your co-work find a second job, sell something or find some other way to get the cash to pay these 'legal loan sharks' off.
Good luck and I hope this helps! |
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Tee
|
I don't know where your friend lives, but here in Florida if you don't pay they do call & try to give you a break like a grace period...but not for much longer. It's considered a bad check. I know that the bad checks are sent to the State Attorneys office and if you ignore that after a while there is a warrant for your arrest. (did not happen to me my husband) |
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acermill
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They can do both. A payday advance firm is nothing more than a short term lender with terribly high interest rates. |
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Dave
 |
Yes, they can and will. In California, you can ask any bill-collectors to stop calling you, whether the bills are current or old, and legally, they have to stop. They can still send you bills after that, and you still owe them the money, but they can't call you anymore. |
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Bob
|
They will do everything in their power to get the money without going to collections, because collections will cut down their repayment by about half. So, they'll harass and threaten her for awhile. Then they'll go directly to the bank with her checks and see if they can get a cashier's check from it, even if it overdraws the account the bank may do it. Then they'll threaten her a lot. Finally, it'll go to collections. She's better off doing anything in her power to pay it right away, even if it means selling blood, getting a second job, whatever, because it's going to get a lot worse before it gets better. |
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*Cara*
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Yes of course they can. They can also take her to court. She basically stole the money from them by putting a stop payment on the check. She needs to find a way to repay them. Can or are you willing to help her? Those places are ruthless about getting their money back. |
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latrailera2000
|
Yes |
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dumbuglyweirdo
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They can send her to collections.
Be glad they can't come break her legs. It used to be "legal."
Try to help her, if you can. And help her not spend her money so bad anymore, maybe. If she listens to you, that is. |
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julz49221
 |
Jeeze this Co Worker of yours sounds like a real loser. She needs to get her head out of her *** and start paying off her debts! The police can come and arrest her and take her assets away if she signed a document that she has put her vehicle or other possesions up for collateral against the loan. She needs to be hung by her toenails for scamming those poor check n go people! My mother works at check n go!Thats why the economy is so piss poor, due to losers like her! If I saw her on the street I would beat her up! |
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