Q&A: With these payday loans…what happens if you close your checking account account and just not pay them back?
Question by Sizematic: With these payday loans…what happens if you close your checking account account and just not pay them back?
I have a direct deposit account w/ one of these companies… but the interest is killing me and I’m just barely able to get by. I’m considering closing my checking account and not paying them back. Its not nice, or fare, but I’m just getting my start out of college and I want to be free of this debt…
Will the interest just continue to accrue and accrue and accrue?
Best answer:
Answer by Flamingo
Eek! Payday loan places are serious about getting their money. If you close your account, you are in breech of contract, they’ll come after you, sue you, and you’ll end up in worse shape than you are now. Call them and see if there is any way to have your interest rate lowered, or work out a more suitable payment option. They’re vicious, they may kill your dog…
Best of luck,
Flamingo
Know better? Leave your own answer in the comments!
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Yes, interest will continue to accrue, and the fact you close the account won’t help b/c they can still come after your future income. And, the paperwork you signed almost certainly provides that if you default (which, if you close your bank account, you will), they can charge you for the fees their attorney charges to chase you down.
Best thing to do, as with any creditor, is take the issue head on — call them and try to work something out. True, they can come after you, but they’d rather work something out than chase you down, they are in the loan business, not the loan ENFORCEMENT business.
You might also consider calling an attorney of your own — you never know, there might be a consumer law in your state that makes their loan documents unenforceable. Not super likely, but maybe worth a shot.
Good luck.
Payday loan places are like loansharking made legal (I don’t know how, since there are laws against charging that much interest) So.. I’ll bet they send someone to your house to “make it clear to you that it is imperitive that you pay promptly” Don’t pay any mind to that baseball bat they’re holdin… it’s all show I’m sure.
PAY UP DEADBEAT! Or they WILL get you anyway, HaHaHaHaHa!!!!!!!!!!!! Serves ya right DEADBEAT!
It is your moral obligation to pay it. consider you have a business and one of your customer does not paying you. How do you feel.
Back to the question, they will report you to 3 credit beureau, and it is your credit score that may bite you in the butt later like, higher interest rate loan, higher car insurance, or deny in the good job because of your credit score. Do not think like that in life.
Look at ENRON, and Alll the CEO getting to trouble with your kind of thinking. Be a stand up guy and you will be reward for your action
That bad credit will always follow you.
When you look for a place to live, a car, another
card. See if another company will take you.
If you truly want to be free of this debt and the ensuing negative consequences. You will get TWO jobs (one full and one part time) out of college and pay off this payday loan.
Shame on you for getting the loan shark loan in the first place.
Shame on you for even thinking that “breach” of a written contract is a way to “free” yourself.
You were in bondage the very day you signed the contract.
Man up! Get two jobs — pay the payday loan off or deal with this ‘ish for 7 years on your credit — it is as simple as that.
And by the way, how you would like to explain the payday loan in a job interview?
Ugh!
this was a question asked to suzy orman on her show. her recommendation was to borrow $ $ $ from friends or family to pay back these type of companies and never ever under no surcumstances borrow from them again. dont pay any other lender if u have to. get another job or do what ever u can within your laws and morality ofcourse. the interest will only grow and grow. and so will you debt. please pay it of asap and forget about it. u sound young since u a just grad from college. dont ruin your life or credit, not even for a short period. and if u r embarassed to ask for help, then dont be. it will be much worst later.