Posted January 6, 2011 12:09am
Threatening criminal action in a civil matter is against th law. these companies are very predatory and their loans have been found to be illegal in may states because the effective interest rates are usuruious (interesst higher then allowed by State law).
if you meant to repay it when you took out the loan and can't now because of unforseen circumatnces then you should not be chraged with a crime and if you are you should sue the prosecutor and the police because their immunity would be waived by such an act.
I represented over 1000 (one thousand) Marines in north carolina and I had them put stop payments on those loans because they were illegal. The pay day lending prctice is now illegal in North Carolina.
Get an attorney who does FDCPA (Fair Debto Collection Practices Act) work and go after the collectors who are violating federal law. Good Luck.
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Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.
Category: Payday loans