Ok, I have a major problem. I live in Missouri and

Ok, I have a major problem. I live in Missouri and I currently have 5 payday loans. I am unable to pay them back the way they are wanting them like I had planned to do...so I called a payday loan debt consolidation company.
They told me to close my bank account and open a new one so I could pay them and they would pay my lenders.
2 of my lenders are currently refusing to negotiate with my consolidation company and requiring me to pay a large amount of money or their sending it to a debt collection company.

The consolidation company said if they send it to a collections company to send them the info and they would try and negotiate with them a payment arrangement.

Am I going to go to jail for closing my bank account? It's not like I'm not trying to pay I just can't pay what their asking...Please help! Any personal experiences would be great

2 Answers

Payday lending is legal in Missouri. You should contact with the Missouri Division of Finance to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:
# Address - Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
# Phone - (573) 751-3242
# Fax - (573) 751-9192

If the lenders are not licensed in your state, then you are required to pay them only the principal amount. Illegal lenders won’t be able to take any legal action against you. If the lenders are licensed, then you will be accountable for both the principal and interest. Non-payment of debt isn’t a criminal offense. It’s a civil case. So you can’t go to jail for not paying off your debt and closing your bank account. You can contact with your lenders and try to negotiate with them. You may try to arrange a better payment plan with them.
 


What companies did you borrow from?  Are they legal?

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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