lolah Posted February 8, 2007 Report Share Posted February 8, 2007 I got into the vicious cycle of taking out payday loans about a year ago. Every payday, I pay one off and then take out another the next day. Well, this time, I had two out that I couldn't pay. One of the companies turned my check into an ACH for a completely different amount. I immediately went to my bank to dispute the ACH and have it returened and stopped payment.Now, the companies haven't started harrassing me yet, but I am sure they will. I searched on this site and can't find any info for Ohio. Does anyone know what legal action they can or cannot take against me? I am going to begin by writing a letter and requesting a payment arrangement. I already know they will say that they need payment in full, but before the harrassment starts, I am going to try communicating with them positively.The total amount owed is $1035. I had every intention to pay as I have been for the last year, but was unable to this time. Any suggestions? Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted February 8, 2007 Report Share Posted February 8, 2007 wow.. i am so glad those companies are no longer legal in NC.. they are really tough to deal with.. if you dont pay them.. they can sue you.. pure and simple and they will add lawyer fees and additional interest and anything else they can get away with.. sadly Ohio has some not great SOL laws.. they have 15 years to file suit.. so if you owe it.. call them and try to work it out Link to comment Share on other sites More sharing options...
lolah Posted February 8, 2007 Author Report Share Posted February 8, 2007 Well, I have every intention to pay still - but will have to pay in payments. Hopefully they will accept it. Thanks. Link to comment Share on other sites More sharing options...
maryv Posted February 9, 2007 Report Share Posted February 9, 2007 Lolah, they will take payments and they CAN'T charge you interest. The sooner you start the payment arrangements the better. I had this happen to me and believe it or not, I made $200 month payments and they were ok with it. It was the PayDay Loan Store. Interest rates were NUTS!!! Do that before they sue you and you will have to pay out the WAZOO. Trust me.I'm in Illinois. Link to comment Share on other sites More sharing options...
LadynRed Posted February 9, 2007 Report Share Posted February 9, 2007 they will take payments and they CAN'T charge you interest.Who says they can't ? Are you in OH ?? They most certainly CAN and WILL tack on more interest, its in the 'agreement' you sign ! How do you think they make 400%+ in interest ??? Not ALL will agree to payments, it's going to vary. They ARE likely to be vile and nasty, it's typical of the industry - which I just wish ALL states would outlaw !Lolah, you MUST break the vicious cycle. In order to do that you MUST stop taking out loans and you MUST stop paying them -- at least on THEIR terms. Link to comment Share on other sites More sharing options...
maryv Posted February 9, 2007 Report Share Posted February 9, 2007 They can't charge intreest because there was a "LEGAL NOTICE" sign they had up on their wall that if you haven't made a payment in 30 days (or more) you can enter into a payment plan and not be charged any further interest. I did state that I lived in Illinois because I realized that person is in Ohio and I wasn't. Link to comment Share on other sites More sharing options...
Methuss Posted February 9, 2007 Report Share Posted February 9, 2007 Because a check was the security instrument on the loan:If you pay the face value of the check within 30 days of a written (sent certified mail) demand from the bearer of the instrument then they are barred from suing you for anything more. 30 days after the certified letter is sent to you, if you have not paid the face amount of the check, they can sue you for 3x the value of the check. (O.R.C. 2307.61(A)(1)(.) Link to comment Share on other sites More sharing options...
lolah Posted February 9, 2007 Author Report Share Posted February 9, 2007 Yes, I am in OH. I can pay one check this month and one next month. I just hope they will accept payments. If not, I will be in for it. But, it's my own fault. Oh my goodness...what did I get myself into?!? I am so overwhelmed with my credit and wondering if it's even fixable! Link to comment Share on other sites More sharing options...
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