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1337h4x0r | Can you be jailed for an unpaid loan or other debts? |
So I took out a payday loan because money has been really tight and I have been trying to get money matters fixed. I have had the option of requesting more time every 15 days so far and had to pay anywhere from 40-60 dollars to keep the loan ppl happy. Well my account went negative before they tried to take the most recent payment and when they tried to debit it from my account it came back and they emailed me saying it bounced basically and I can't pay them just yet. It will more than likely take a few weeks before I can really do anything. Can they have me put in jail for this? They tried calling me too and I googled it and found other people showing letters they received saying that they would have the FBI investigate them and try to prosecute to the fullest extent of the law... etc etc.
That kinda freaks me out. Does anyone know what they can or cannot do? I am going to try to get on top of everything but need a few more weeks before I can do much.
What should I do?
Additional Details
Also... Because at least one person pointed it out I did NOT write them a check. They make you give them your bank account information nowadays and they just take it out like you would get a direct deposit... Except instead of a deposit it's a direct debit by them. And I didn't have money in there for them to take but there is no stopping them from trying unless you can pay them the extension fee which I don't have right now so my bank did a returned funds thing and now I'm negative a bunch. And that is why they are starting to call and email me. Because they didn't get their payment. |
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Ebbie
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Ok, first of all.... no more pay day loans!!! The interest they charge is outrageous and most people end up paying them at least an additional 1/2 of what they borrowed. Ok, you made a mistake. Second of all, they cannot threaten you in any way. That is illegal. If they do this with you on the phone, tell them you are (and make sure you do it) reporting them to the Federal Trade Commission for illegal debt collection practices. Also tell them that they are to no longer contact you via telephone and they are welcome to correspond with you via mail, and you will do the same. At this point you can tell them what your plans are, but it probably won't make any difference. Then, write them a letter telling them what your plans are on repaying the loan back. Make a copy of the letter for your file. Send this letter to them via certified mail so you have proof they received it. Also, if they send you a threatening letter, make a copy of it, and write a quick letter to the Federal Trade Commission explaining to them the illegal practice this company is practicing in collection debts and enclose the copy of the letter from the loan place. If you don't pay it, depending on how much it was, they can file papers in the court and get a judgement against you. This could mean they could try to garnish your wages to get their money. If its a small loan, they may let it go, but they probably have some low life lawyer that will handle a bundle of cases like this and get the money - he probably makes a 1/3 of what he collects for the company. Its all a racket. If they do take you to court, go and appear and have the paperwork showing you have made attempts to repay the loan. Yes, this will probably effect your credit, but once you get it paid within a year or two you can get it removed from your credit report. They are so easy to put bad things on your credit report but it takes an act of GOD to get them removed. The credit bureau system is such crap and needs to be revamped... don't get me started on that one. Anyway, here is a website explaining the practices that debt collectors have to follow. I hope this helps. http://www.ftc.gov/bcp/conline/pubs/credit/fdc.shtm |
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Sgt Big Red
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If they put people in jail for owing a debt, half the country would be making liscence plates.
All they can do is try and collect, but they are not allowed to use illegal tactics under the following.
CITE: 18USC894] TITLE 18--CRIMES AND CRIMINAL PROCEDURE PART I--CRIMES CHAPTER 42--EXTORTIONATE CREDIT TRANSACTIONS
Sec. 894. Collection of extensions of credit by extortionate means
(a) Whoever knowingly participates in any way, or conspires to do so, in the use of any extortionate means (1) to collect or attempt to collect any extension of credit, or (2) to punish any person for the nonrepayment thereof, shall be fined under this title or imprisoned not more than 20 years, or both. (b) In any prosecution under this section, for the purpose of showing an implicit threat as a means of collection, evidence may be introduced tending to show that one or more extensions of credit by the creditor were, to the knowledge of the person against whom the implicit threat was alleged to have been made, collected or attempted to be collected by extortionate means or that the nonrepayment thereof was punished by extortionate means. (c) In any prosecution under this section, if evidence has been introduced tending to show the existence, at the time the extension of credit in question was made, of the circumstances described in section 892(b)(1) or the circumstances described in section 892(b)(2), and direct evidence of the actual belief of the debtor as to the creditor's collection practices is not available, then for the purpose of showing that words or other means of communication, shown to have been employed as a means of collection, in fact carried an express or implicit threat, the court may in its discretion allow evidence to be introduced tending to show the reputation of the defendant in any community of which the person against whom the alleged threat was made was a member at the time of the collection or attempt at collection.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice. |
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sarge927
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They can't have you arrested for failure to pay, but they can place liens or attachments on any property you own (your house, your car, etc.), they can seize these assets if you fail to pay, and if you have a job they can have your wages garnished.
If they say they're going to have the FBI investigate or that they're going to have you prosecuted to the fullest extent of the law, they're blowing smoke. Scare tactics, plain and simple. Unfortunately, if you signed the agreement for the payday loan they can continue to gouge you with their unreal interest rates. You'll have to pay up at some point, so your best bet is to do whatever you can to pay them off immediately. |
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address man
 |
First things first. AVOID THOSE PAYDAY LOANS LIKE THE PLAGUE. They're ridculous and benefit no one except the company who lends the money. I know loan sharks with a better interest rate.
You can't be jailed for debt or your account being overdrawn. |
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Linda R
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They can not put you in jail. Being unable to pay your debts is not a crime, it is a civil matter. Unfortunately, they're probably piling on a bunch of fees for your NSF item, so you balance due will climb and climb until you pay it off. Payday loans are such a bad deal, as you are now finding out, that I think they should be illegal. If it were me, I would try to borrow from a friend or relative in order to pay them off in full and get rid of this debt. Then you can pay back the loan on terms you fully understand and can meet. |
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Culture Warrior
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These people are amazing. They will tell you anything to get you to pay. Pay Day loan companies prey on the unfortunate.
YOU WILL NOT GO TO JAIL FOR AN UNPAID BILL!!!!!!!
If I could send my customers to jail for not paying their loans, that would be great. Unfortunately, that would not fly in this country. The lender takes a risk of not being repaid and reduces that risk with interest. In your case, a ton of interest.
They are scum. If it were up to me, I would stop down there and ask them where I can go to jail and not pay the bill. Call them on their bluff.
It's probably some 22 year girl that is telling you this and has no clue. |
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MewMew2008
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First, no, they can't put you in jail. When they use terms like "fullest extent of the law" in an attempt to collect a debt, they are relying on your lack of knowledge to try to scare you into paying. There is no such thing as a debtor's prison - unless, of course, you owe child support :) Debt (other than child support) is a CIVIL matter, not a CRIMINAL matter.
However, when you say "tried to take the most recent payment", do you mean that you wrote them a check (postdated or otherwise) and it bounced? If that is the case and they were determined to do so, I suppose they could have you charged with "Theft by Check" taking this matter from a civil case to a criminal case.
What to do? If you really intend to straighten this out - don't avoid their phone calls. Tell them honestly when you can make the payment and then stick to what you said. In many states these pay-day loan places have been shut down because they charge terribad interest rates and don't follow the law about lending, too bad that is not the case in your state :( Pay the loan off and never, ever go that route again. Best of luck... |
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blondie
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No you can't go to jail for not paying your debts and not for bouncing an automated debt. If you had written a check then you could be prosecuted for writing a bad check but you didn't so you can't. If you're still worried consult a lawyer. |
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shady fan
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Nope they will just take all your money not to mention your house. |
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Dimebag Darrell
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Dude, you better hurry up, possibly ask family members or something, they would most likely give you more of a grace period to pay them back, you can go to jail for this be careful dude. |
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