Payday Loans

[Sharkbitten]

What is the name of your state? Pennsylvania

I am in over my head with legal loansharks (Payday Loans). They have been outlawed in my state but continue to operate. How?
I would like to know what my legal rights are as far as settling with them without having to continually rollover or pay down the fee and balance. I am thinking about defaulting and making payment arrangements. I was even thinking about closing my bank account. What could happen to me if I cannot pay them?
I have 1 in this state and the others are over the internet. There is one on the net that does not even have a phone number or address..just a fax number and 2 that I never signed contracts with just typed in my name.
I am desperate for advice.
Thanks
Sharkbitten

 

[Jeter]

Let me see if I understand this correctly: You contracted multiple lenders and borrowed way more money than you knew you could pay back. You would like to know how you can get away without honoring the terms that you agreed to. You have information that says that the operation isn't legal in PA- but you borrowed the money anyway. Now that you can't pay it back you want to blame them for lending it to you.


If they are legal and you can't pay:
they can at least damage your credit. Further, they can sue, obtain a judgement against you which would be a lien against your real estate (if you own any). Bank accounts and personal assets can also be attached to enforce payment of that debt.

If they are illegal and you can't pay:
Get a good disguise, head for mexico and avoid anyone who's name is Bruno "3 fingers" Fanelli.