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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33539
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I have some outstanding payday loans and just found out that

Resolved Question:

I have some outstanding payday loans and just found out that I will be lay-off in a week. I cannot pay the loans, what are my options?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 5 years ago.

Unless the lender secured your loan to your assets, the lender's recourse is to sue you and try to collect. Meanwhile the interest owed on the loan will mount. But, if you can't pay, then there's little that the lender can do.

 

You can try to negotiate with the lender for a lower interest rate and payment plan. But, if the lender doesn't want to negotiate, then you may have to declare bankruptcy at some point in the future to get rid of the debt.

 

 

Customer: replied 5 years ago.
I have a total of 4 loans ranging from $300 to $1100. Does that affect the lenders decision to sue or not? I have been able to pay previous loans but now that I will not have a job I cannot pay the loans. Thank you for all your information.
Expert:  socrateaser replied 5 years ago.

The existence of multiple loans certainly will affect the lenders ability to collect. But, because the individual amounts are relatively small, the lenders will almost certainly take you to small claims and get a judgment, and then try to collect.

 

They probably won't be successful, but the cost of a small claims action is minimal, so the risk is small for the lender.

 

 

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33539
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 3 other Bankruptcy Law Specialists are ready to help you

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