 Credit Card Default Advice Needed? |
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I am looking for a legit loan place that will lend to someone with very poor credit. I am going to school and financial aid did not cover all my school expense I am looking for a legit lender.
I ... |
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Heres my story:
A few years back my step mom recieved some of my credit info in the mail .. instead of informing me .. i'm about 90% sure she stole my info and opened a credit card.<... |
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 Can a bill collector change the agreed montly payment from $200 to $2000? |
| I was laid off about 2 years ago and had something repossessed (about $10K), I took full responsibility and made contact last year with the collection agency to arrange monthly payments, I've ... |
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 Credit card problems - are these specific to HSBC or does every bank do it? |
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 Should I consolidate my credit cards?? |
| I have a $15k Car Loan, $6600 credit card, and $1500 credit card debt. I'm 22, student and I work part-time so my income is only $8o0 a month! Have you ever heard of going to a credit union and ... |
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| well i got one for my birthday i want to use it but i don't know how and do you need to have an account and do you need a debit or credit ... |
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 Does paying off defaulted balances automatically immediately increase your credit score, on eg experian? |
| My boyfriend, stupidly, lets not go there, has 4 defaults on his credit report giving him a super low score. 2 are settled, 2 have a bit of money outstanding on them. Does anyone know if he was to ... |
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| Should credit card solicitations by mail be prohibited? |
| If you throw these solicitations away without shredding them, you open yourself to identity theft. Why should the banks be allowed to place your financial safety in jeopardy every day with this ... |
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 Im 18 and want an overdraft? |
| iv just turned 18, i am with lloyds tsb on an under 19's account, theres not alot of info on their website about applying for an overdraft, wen can i apply for an overdraft? it says i can apply ... |
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TheRealOne | If you have written a check @ a check cashing place & cannot pay it, what will happen? |
I know someone who has a check out at one of those check cashing places & he just recently lost his job. He had some checks bounce, so they closed his checking account out & he's in the negative. He's in debt now. He's worried about what this check cashing place could do to him, if he can't pay the check off. I know that if he doesn't go down there & pay, that they will try to cash the check. But like I said, his checking account is now closed. Does anyone know what they can do to him? Can it get really serious, like could he be taken to court or anything like that, over it? I think he may have written a check to another check cashing place as well. He said when he signed the form, it said he was agreeing that he didn't have checks out over $500, but w/that other one, it's over $600. What if he can't pay either one? Does anyone know from experience or that maybe works for a check cashing place? Dont know if it will help, but he's from TN. I'm trying to get advice, to help him. Thanks |
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Wade M
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Writing worthless checks is a criminal act and you can be arrested for it. I have a habit of reading the arrest section of the newspaper and they arrest people for writing worthless checks.
I do not know if this qualifies for that, but it is something to take a serious look at.
The one thing that I can guarantee you is that this person could end up in a court, either civil or criminal. What this person needs to do is communicate with the check cashing business. If this person ends up in front of a judge, he needs to be able to explain what happened and how he has tried everything in his power to repay this debt. It is easier for the check cashing business to work with the customer than to go to court. I would bet that if this person it making an honest attempt to repay this debt, they can avoid the courts. |
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Matt
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This will get very serious. He could find himself in serious trouble.
He needs to go talk to them immediately and make arrangements to pay the money.
Good luck |
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kate
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1/2 of the cases in small claims are defaults at the check cashing places .
Their default % rates are about 500% plus and endless list of fees .
The $500 will end up costing him about $1200 .
Only uber fools use those places , guess he won't be any more !
Once they have the court judgment , they can begin garnishment proceedings for any assets or wages once he is employed again . |
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echo
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Here is a very easy to read link to the Tn. Attorney General concerning bogus checks:
http://www.attorneygeneral.org/gencheck.html
edited to add another link showing the bad check criminal statute
http://www.attorneygeneral.org/tenbad.html |
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MarineMom
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I think what they will probably do is keep trying to contact him to get the funds from the bounced checks. If that does not work, they will send it to collections. I had a friend that the same thing happened to several years ago. She had taken out two cash advances from two local check cashing places and then not only could she not pay them, she ended up leaving her job and moving out of state! Of course they called me because I was a reference and they asked me if I knew where she was ect. Eventually, she said that they showed up on her credit record as collection items. Other than that, I think with such small amounts that they are dealing with, they would not bother to take you to court which would be too costly for them. But I guess if a business wanted to press charges over check writing fraud they could take you to court. But, I doubt that would happen since they were written in good faith at the time and before his account was closed.
EDIT: Just found this from the link that someone posted below about check cashing fraud and and how they consider cash advances where you post-date a check just an IOU and do not criminally prosecute those cases:
"CHECK ADVANCE" TRANSACTIONS
For the above reasons, checks written in so-called "cash advance" transactions (where money is loaned in exchange for a post-dated check, which is returned on payment) are not covered by the criminal bad check law. There is essentially an understanding between the parties that the check is not good on the date the money is received, and that it is not expected to be good until the future time when it is post-dated. The check is essentially an IOU, or collateral for the loan.
The business can indeed sue civilly to collect the loan. But threats to file criminal charges are not appropriate.
Sounds like your friend is really struggling financially. I hope he gets his life in order soon. |
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dfs raj
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Cheque is an alternative payment method. When someone (payer) issues a cheque to a party(payee), the concern party(payee) could go to the bank where the cheque account(payer's) is maintained or any other bank where his own account(payee's) is maintained for clearance of the cheque.
When the said cheque is dishonored for 3 times or whichever number of incidents fixed by bank, then the said account would be closed for non-compliance of banking rules.
In your Friend's case this is the scenario. So what would happen after this is a probability of the payee takes an action to recover the due from your friend, and actions include
a) A legal means in the event fail to contact your friend
b) Your friend's name to be blacklisted by both banks and creditor.
c) This could be regarded as "Breach of Trust" on the part of your friend.
So I would suggest your friend immediately contact the payee to arrange default payment in whatever manner that is agreeable to both parties. Usually an amicable solution is possible as this is not something unusual. THINGS WILL GO UGLY ONLY WHEN YOUR FRIEND IGNORES THE ISSUE. ADVISE HIM ACCORDINGLY. |
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A F
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Writing a check and having a closed account or insufficient funds is a criminal offense. This can result in substantial fines and a criminal record. If it happens more than once there can be even more serious penalties. Because of the seriousness of this he needs to try and see if family or friends can help him out. Some check cashing places will extend the time for a payment. But he is looking at about 20% a month in fees, interest and whatever else they call their charges.
He can get food from a food ministry (see www.secondharvest.com which can help him find food ministries near him) he may be eligible for food stamps and unemployment, possibly he can get help with rent and utilities through a chuirch or by going through agencies listed under Social Service in the yellow pages. He can go to a temporary employment or day labor place as ways of surviving day to day, week to week till he gets a new job but if there is any way friemds and family can help him - not expecting return but being happy if they get it - that would be a very good thing. |
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Scorpio
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They will try to withdraw it from your account,, causing and overdraft,, they will wait until your next payday and do it again,,, they can do this 3 times.... then they will turn you over to a collection agency that will call your house all day and night until you pay. |
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Unit 30
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They will come & take his mother-in-law away. Sweet deal, huh? |
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