payday loans

[radani]

What is the name of your state?ohio
i have more than one payday loan and i am unable to repay them. what do i do. close the account so i don't get nsf charges or let the checks bounce. what is best way of handling this. i am nervous of being charged with fraud. please help

 

[Veronica1228]

What is the name of your state?ohio
i have more than one payday loan and i am unable to repay them. what do i do. close the account so i don't get nsf charges or let the checks bounce. what is best way of handling this. i am nervous of being charged with fraud. please help

Sorry to tell you this, but you've gotten yourself into a fine mess. If you close the account you will be reneging on an agreement you made with the payday loan company. If you allow the checks to bounce you will incur NSF fees.

Either way you go you will be in big trouble.

 

[Ladynred]

There are only 3 ways to break this vicious cycle: 1) stop payment on the 'checks' and close the account; 2) pay them in full; 3) file for bankruptcy.

Using the stop payment and/or account closure you run the risk of being charged with fraud and writing bad checks, and payday loan places just LOVE this threat. However, they would still have to prove INTENT to defraud, and most people don't go about goading these loansharks with actual intent to defraud them. Proving intent is not all that simple.

All 3 have consequences of their own, #2 probably is the least, depends on your financial situation if it would mean being homeless or starving. You have to break the cycle or you'll be in an ever-deepening downward spiral of debt to them.