What are the laws for payday and instalment loans

What are the laws for payday and instalment loans in the state of new mexico? Will my wages be garnished if i cannot pay . I have every intention of paying them but my interest payments monthly is close to 4000 monthly this leaves me with negative 300 or 400 $ . Taking me further down

3 Answers

Have you ever thought of consolidating your loans? You may go for free consultation with a credit counselor belonging to a debt relief service. Consolidation really helps you with your interest payments.

I agree with Anna. You can get information from the New Mexico Financial Institutions Division in order to know whether or not pdl companies are licensed to operate in your state. If you don’t pay to the legal payday lenders, then they may sue you for non-payment of debt. Once the court issues a judgment against you, then the lenders can garnish your wages. Otherwise, if the lenders are not licensed to operate in your state, then they can’t take any legal action against you.

Payday loans are legal in New Mexico. You can check out the pdl laws of your state from the given page: http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html (Please select your state from the drop down and check your state laws). If you find that your payday lender is licensed to operate in your state, then they may take legal actions against you and garnish your wages if you cannot pay off the debts on time.

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