My pay checks started beign garnished from sum bill collector adn I was unable to pay the cash advance place back..I had two accounts one worked out a payment arrangement the other will not what will happen they already tried to cash my checks but it was a no go. How long before they take met o court? and do they get back 3 or 4 times what your loan is
Has Anyone Been Unable To Pay Back One Of Them Cash Advance Places What Happens?
4 Responses to “Has Anyone Been Unable To Pay Back One Of Them Cash Advance Places What Happens?”
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Keep paying them off.. as much as you can handle……
Your credit WILL take a ding… sorry…
The best thing to do is payback the money..You borrowed it so now pay it back..That’s called responsibility. Most places will take you to court after 4-5 mths past due..I dont believe they will charge u 3 or 4 times what your loan is worth but you may have to pay the court cost on top of what you already owe.. This incident stays on your credit bureau file for 7 yrs..That’s a long time when you need to borrow money to buy a car or furniture.. good luck
YOu have gotten interesting advice so far but the first poster gave you what I think to be terrible advice with regards to changing jobs….
That MIGHT have worked a few years ago but now EVERYWHERE you work you HAVE to give your new employer your SS number PRIOR to being hired. If you quit work to avoid paying/garnishment, they will EASILY find you and where does it end?
They won’t take you to court. They will go through the same process as your 1st bill collector. They go to a court house and file a judgement. By the time everything is said and done and they locate your place of employment, request a garnishee it could be 3-6 months.
They used to be able to request much more than you owed to cover all their costs, but for a few years now you had to justify the amounts and can no longer stack all kinds of collection fees. Check your loan terms and conditions, it should say right on there. They may tack on $1-200 more just for other fees.
What you need to do is 3 things. First, change banks or at least bank accounts right now. This eliminates the chances any checks you handed out would get enforced. Don’t close the old accounts, just make sure there’s no fees and no overdraft so the account can’t go into negative. Last thing you need is the bank sending you to collections too. By leaving the account open they can’t nail you for fraud.
Secondly, change jobs right now. If you can, this way you won’t have to keep paying the garnishment you are getting deducted right now, depending on the amount owing.
Finally, STOP paying the other place that you made arrangements with. Screw them, it ain’t worth it at this point. Let them go to collections. Change phone numbers so you don’t get any creditors or collectors harrasing you.
That should take care of things for now. Remember, stop spending more than you make and you will NEVER be in this situation again.