Can i stop paying payday loans? i want to clear all debt

Discussion in 'Personal Finance Q & A' started by Ammo_Ram, Jul 18, 2016.

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  1. Ammo_Ram

    Ammo_Ram Newbie

    Can I stop paying payday loans? I'm in the process of clearing my debt. First step for me is to find out if I really need to pay it and what the consequences will be. This might not be an ethical thread but I need clarification, please refrain from abuse. I want to know whether I can stop paying payday loans and what the consequences are fro stopping. I also want to know Can I be sued for a payday loan? and finally can you be arrested for unpaid payday loans. Please can someone give me some clarification. I have $5000 dollars worth of unpaid payday loans and I want to know if I can write this off. Thanks in advance @Find Some Money
    Alistair likes this.
  2. Simrin

    Simrin Newbie

    A lot of people are asking can I stop paying a payday loan and the simple answer is NO. You must pay off your payday loan because the consequences can escalate and spiral out of control. The first consequence is you will be faced with more interest and fines. The Payday Loan company will contact you to find out what is going on. If you choose to bury your head in the ground they will send a default notice and if you continue to ignore them they will close the account and then the trouble will really start.

    Once the payday loan account is closed it is sold to third party debt collectors who will add more fees and charges. They will hound you and visit you at your home. These debt collectors will take legal action and will try and summon you to court. A simple $5000 dollar pay day loan might turn into a bitter $50,000 struggle and these nasty debt collectors might even get you to secure the debt to your home.

    If the case is taken to court and you refuse to pay as instructed by the court you might be arrested for breaking the ruling. Debt is nasty business, you might think you're getting away with it but the debt companies will sell your debt without thinking twice about the consequences.

    My advice to you is to pay the debt or at least contact the payday loan company to let them know your having financial difficulties. If you admit your circumstances these payday loan companies will stop interest and charges and come up with a better affordable repayment plan. I really hope you make the right choice which might seem painful in the short run but will be worth it in the long run.
    Alistair likes this.
  3. Alistair

    Alistair Newbie

    As @Simrin says things will get nasty if you refuse to payoff a payday loan. I thought I would chime in here because I've seen this happen to someone I know. The individual loaded himself with Payday loan debt thinking the only consequence was a tarnished credit report. Things started to turn sour when the Payday loan company sold the debt to debt collectors who eventually took the aforementioned individual to court. The defendant was ordered to pay nearly $3000 dollars for a $500 loan. Just pay it off and vow never to get into debt again. Good Luck
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