I recently took out a payday loan and in order to do so they required I acomplia side effects write a post dated check. I can’t afford to pay the amount right now. If I simply close out the account to avoid overdraft and NSF check fees from my bank, is that considered fraudulent and can I be criminally charged?
If I Close My Account After Writing A Draft To A Payday Loan Company, Will I Face Tough Legal Punishment?
4 Responses to “If I Close My Account After Writing A Draft To A Payday Loan Company, Will I Face Tough Legal Punishment?”
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your account won’t actually close if new checks keep coming in. they open it up to charge you the nsf fees. fun fun fun.
Also, a good place to check is…http://loan.deal4-you.com/
Best of luck to you.
Yes, I beleive you can for writing bad checks you can go to jail or prison. Yikes! Go back to payday loans and say the account is closed and you need to pay cash for your loan-so they will know you didn’t intentionally defraud them and they won’t call the police,maybe. I know the fees are horrible-you might beg off the fees-depending which bank you have-if it the first time-sometime banks will forgive the nsf charges-you can try. You don’t want to be arrested and have a record-better to pay the awful fees than go to jail. Be honest and it will work out better for you.
It is illegal to kite a check. Worse, if you tell anyone why you closed the account, as you just did, you give them the element of “intent” on a silver platter in the criminal charge. Try negotiating paying a portion of the loan with another check in return for the one they currently hold. Keep this up till you have it paid off. Then don’t do business with them again. If you can’t afford cash for something, how can you afford to pay for it 3, 4, or even 10 times? That is what just happened.
Good luck.
The payday loan sharking busiess probably won’t go to the trouble of litigation to recover a small ammount of money. So, don’t worry about that. On the other hand, you might be well advised to go to them and pay what you can from the closed account. Get that debt paid off quickly or the boodsuckers will bleed you white. In the future, NEVER go to a pay day loan bandit.