COMPLICATED COLLECTIONS-CHECK ADVANCES

[MANTRA]

state of Mississippi: I have two checks out to paycheck advance companies. These are companies that you write them a check and they will hold it until your payday. I am on Social Security and work, but they approved the advances on my social security. They are due tomorrow, I do not have the money to pick these two checks up and they will not be good at my bank either. I lost my job a week ago. What can they do to collect these checks? Will they be turned over to a collection agency? Please help, they are due tomorrow. Thank-you very much.

 

[JETX]

Read your agreement. These types of places usually include a long list of possible actions that you could face for failure to pay. It is a good 'scare tactic' to help give you an 'incentive' to pay.

Bottom line... they can do anything from filing criminal on you for NSF, to 'siccing' a debt collector on you, to reporting your actions to credit bureaus, to filing a lawsuit against you.