what happened if I lost my job and can\'t pay my payday loan back

what happened if I lost my job and can\'t pay my payday loan back

4 Answers

Legal lenders - Few things, They can take you to court themselves, sue you and put a lien on your assets. They can forego all that jazz and hand over the debt to a collection agency who are going to primarily harass you and try to scare you into paying up. If all else fails, they will drag you to court as well.

Illegal lenders - They can't sue you because the loan is illegal although they might threaten and harass and scare you a lot to coax you into paying up. If all else fails, the will sell the debt to a CA. From this point on, more harassment and annoyance follows and if the CA takes you to court, you just have to do what Soaplady mentions above.

A lot of ugly things happen actually. I had lost my job in 2006. I got a job in mid 2007. I can tell you that this period was absolutely hell. The payday loan companies used to call me everyday. They just made my life hell. Some threatened to sue me. Some told me that I would go jail. I can never forget that time.

My previous poster is right. Legal lenders can file a lawsuit against you if you don’t payback their money. In this case once the court issues an order against you, they can garnish your wages or place a lien on your property.

What state do you live in? If your lender is licensed in your state, then they can sue you because of non-payment of debt. But illegal lenders won’t be able to take any legal action against you.

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