Posted May 14, 2014 2:16am
Posted May 14, 2014 10:47am
Here is some info that may be helpful in your situation.
CAN THEY SUE YOU. Yes, they can sue you for the unpaid balance.
WILL THEY SUE YOU. Probably not. Payday loans tend to be for small amounts. My firm has handled thousands of debt lawsuits, and only a handful of them have been for payday loans.
IS NOT PAYING THE LOAN BACK "REGULAR" FRAUD. No. Fraud basically means that you lied to somebody to get them to lend you money or give you something or enter into a contract with you. Not repaying a loan is not fraud.
IS NOT PAYING THE LOAN BACK "CHECK FRAUD"? No. There are 2 "check fraud" type laws in Texas:
Penal Code 32.41: Issuance of Bad Check. You only violate this law if you give someone a check
or authorize a payment knowing full well that it will bounce and intending never to pay it. You didn't violate this law.
Penal Code 31.06: Theft by Check. You violate this law if you purchase goods or services with a check or electronic payment, the payment bounces, and you never make it good. (By purchasing goods or services and and not paying for them, you effectively "stole" them.) You did not violate this law either.
BOTTOM LINE: You're just dealing with a collection agency that is making questionable threats to scare you into paying them. You can make payment arrangements with them. Or you can ignore them. If you choose to pay them, make sure to get the payment arrangements in writing and don't, under any circumstances, give them permission to draft your bank account for payments.
Hope this info helps.
Message me back if you need further info or if you have any follow up questions.
Category: Payday loans