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Will I Be Kept Behind The Bars For Not Paying Back My Payday Loans
It would be hilarious if it wasn't so sad. If you read through the thousands of blogs about payday loan places, you really begin to wonder about the cleverness of those who frequent them. Payday loan places, that is. The only thing apparently sadder than the people who seem to be getting these exorbitant loans are those who seem to be defaulting on them. State and federal regulations have long required payday loan shops publish and distribute borrowers' rights material with the loans they issue, yet the internet is full of questions, posted by the worried who appear oblivious as to what payday lenders can and cannot do. This editorial will help you separate the payday loan fact from fiction.
Am I gonna get imprisoned for not paying my pay day loans?
Did you get arrested for not paying your water bill? In the USA, there are no debtors' prisons. You can thank your founding fathers for that. These used to be in England, but they don't exist here. It really does not make a lot of sense, our founders decided. After all, if you're in jail, how can you work to cover your bills? What can happen, however, could be that the payday lender can commence with a civil charge against you and sue to recover the money you owe them.
I can't pay. Is there anything I can do?
Well, whatever you do, don't disregard them. Many payday advance places will attempt to work something out with you. Some require, however, that you simply contact them before the loan is due to make arrangements for repayment. There is something called "hardship repayment" that a lot of do not advertise. Given our present economy, if you have had something happen such as loss of a job, you might be eligible for a pay back plan. It is vital to ask for this although and many won't be much easy about offering.
What's a repayment plan?
Instead of rolling over the loan and continuing to pay interest, a settlement plan, also termed as hardship repayment plan, converts the loan, if you will, into a longer term loan. In this way, your entire loan is split into many payments, usually not more than four, and the interest or finance charges end. So, if you borrowed $500, which, with the finance charge would be $588, that repayment system might look something like four payments of $147 to be made every two weeks (every pay day).
Are they really allowed to call me non-stop?
Sadly, yes. You can request them to stop calling you every hour on the hour, but they may not be a third party collector and thus legally allowed to contact you ad nauseum, if they so desire. You can however ask them not to call you at work
See, you got yourself into this mess and now you will have to get yourself past this mess. Part of this requires you take action and make yourself aware of your rights and options. Grab the phone and call. It might not be easy, but the truth is you might be surprised that many of these companies are willing to work with you.
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