Many people will discourage you to not plunge in the abyss of payday loans but when people around you are making use of it you may fall prey. The payday loans are tempting, and it is the lure of getting loans within twenty-four hours is something that makes someone jumps the gun. When you are in a dire need payday loans paint a rosy picture and many a man or women have gone for the bait. People don’t seem to go for the logic and don’t seem to check out that sky rocketed interest rates are not what you would want. But people think for the time being the assessing nature just goes out of the window when the cash to supplement your paycheque that month comes in hand so easily. Take the help of mark curry payday lawsuit .
How to settle payday loan lawsuit
It is the lender who gets to make merry, they know the desperate or love to overspend such customers are many in the populace and they fall into the debt trap more often then not. The sad thing is the lender can get the defaulter of single payment to court. It is better to negotiate than get into the legal mess. The lenders have sought third party agencies to recover their debts which don’t seem a good idea for the borrower. Here the situation can worsen and the third-party can be aggressive and abusive too, you wouldn’t want that.
What the lender can do and perhaps resort to get their money back
- Collection agency can levy your bank account
- Garnish your wages
- Perhaps put liens on your property
If you don’t want to be part of any of this, it is best o negotiate and get it settled without getting you all the financial turmoil. You could discuss the repayment terms with the lender and get into some settlement plan of sorts. Learn to know your rights as a debtor. There are times when you can also sue the lender. You can do the following
- Ask them the proof to show that you owe them.
- The online loans scheme is not allowed to provide loans in some states and if they do so they are liable for a violation of the state law prevalent there.
- The lenders may use the post-dated cheques that you give them, if they bounce due to insufficient funds as bad cheques to enforce for having a case against you, but it cannot come under criminal code and hence they can’t use these cheques against you.
- They cannot be calling excessively to collect their loans when even told to stop doing so, if this happens the borrower can make them pay a certain amount per call that they make.
When you can’t pay your payday loans the following things happen
- You will a would a lot in terms of overdraft fees
- Constant collection calls from the lender.
- A huge dent in credit scores
- A day in court
- Garnishment of your pay cheque
And to top it the mental turmoil you would have to bear.