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A Payday Loan is a small loan that at least in theory, is paid off by the borrower’s next payday. The mechanics of the loan process are as follows: You go to the Payday Lender and give the lender some proof of employment, maybe a copy of your most recent pay stub, and then write a post-dated check to the lender for the amount that you want to borrow plus the fee for the amount they borrow. The lender then gives you the loan amount and agrees to hold your post-dated check until your next payday.
When the loan becomes due, the lender either deposits your check or you agree to hold the check until your next payday for an additional fee. Borrowing money this way gets pricey in a hurry. Lets say you borrow $200 with a charge of $30 but then you roll over the loan one paycheck over for an additional $30 charge. Congratulations, you just paid thirty percent
The Federal Trade Commissions, Bureau of Consumer Protection provides anexcellent example, pointing out that if you borrow $100.00 from a Payday Lender with a charge of $15.00 and roll the loan over once for another $15.00 fee and then pay off the loan, you just paid 391% interest to borrow $100.00 for a month.
The reality is that most Payday Loans are for a range of $300.00 to as high as $500.00 with much higher fees.
What can and can’t a Payday Lender do if you don’t pay back the loan?
One Thing They Can’t Do Is Put You In Jail!
At least they probably can’t!
Why can’t they?
Because when the Payday Lender takes a post dated check it knows that the money is not in the bank.
If you go to a store and knowingly write a bad check, that is a crime, and if a District Attorney can prove that you wrote the check knowing that you didn’t have the money in your bank account you will be fined, and even perhaps go to jail.
This is because of what you intended to do when you wrote the check.
The store owner had every reason to believe the check was good, the Payday Lender does not.
The Payday Lender Knows It Is Taking A Bad Check, and you wrote the check with every intent on paying back the loan.
It is unlikely the a DA will ever accept charges for a bad check under these circumstances.
I should point out that if someone were to write a check to cover a Payday Loan and then immediately close the checking account, that the DA might look at the issue a little more closely.
What Can A Payday Lender Do?
- They can call you to demand payment. Repeatedly and relentlessly!
- They can simply attempt to cash the check, or if they have authority to automatically withdraw the money, they will, with the likely result of overdrawing your checking account.
- They can sue you, and get the amount owed, court costs interest and attorney’s fees.
- They can garnish your wages once they have a judgment.
- They can turn the debt over to a debt collector.
Very rarely does someone go to a Payday Lender as their first borrowing source. Payday loans are often a sign that an individual is in a bad financial situation.
Payday loans can be discharge in bankruptcy.
Speaking with an experienced bankruptcy attorney should be considered.
The original post is titled Pay Day Loans and Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
A Payday Loan is a small loan that at least in theory, is paid off by the borrower’s next payday. The mechanics of the loan process are as follows: You go to the Payday Lender and give the lender some proof of employment, maybe a copy of your most recent pay stub, and then write a post-dated check to the lender for the amount that you want to borrow plus the fee for the amount they borrow. The lender then gives you the loan amount and agrees to hold your post-dated check until your next payday.
When the loan becomes due, the lender either deposits your check or you agree to hold the check until your next payday for an additional fee. Borrowing money this way gets pricey in a hurry. Lets say you borrow $200 with a charge of $30 but then you roll over the loan one paycheck over for an additional $30 charge. Congratulations, you just paid thirty percent
The Federal Trade Commissions, Bureau of Consumer Protection provides anexcellent example, pointing out that if you borrow $100.00 from a Payday Lender with a charge of $15.00 and roll the loan over once for another $15.00 fee and then pay off the loan, you just paid 391% interest to borrow $100.00 for a month.
The reality is that most Payday Loans are for a range of $300.00 to as high as $500.00 with much higher fees.
What can and can’t a Payday Lender do if you don’t pay back the loan?
One Thing They Can’t Do Is Put You In Jail!
At least they probably can’t!
Why can’t they?
Because when the Payday Lender takes a post dated check it knows that the money is not in the bank.
If you go to a store and knowingly write a bad check, that is a crime, and if a District Attorney can prove that you wrote the check knowing that you didn’t have the money in your bank account you will be fined, and even perhaps go to jail.
This is because of what you intended to do when you wrote the check.
The store owner had every reason to believe the check was good, the Payday Lender does not.
The Payday Lender Knows It Is Taking A Bad Check, and you wrote the check with every intent on paying back the loan.
It is unlikely the a DA will ever accept charges for a bad check under these circumstances.
I should point out that if someone were to write a check to cover a Payday Loan and then immediately close the checking account, that the DA might look at the issue a little more closely.
What Can A Payday Lender Do?
- They can call you to demand payment. Repeatedly and relentlessly!
- They can simply attempt to cash the check, or if they have authority to automatically withdraw the money, they will, with the likely result of overdrawing your checking account.
- They can sue you, and get the amount owed, court costs interest and attorney’s fees.
- They can garnish your wages once they have a judgment.
- They can turn the debt over to a debt collector.
Very rarely does someone go to a Payday Lender as their first borrowing source. Payday loans are often a sign that an individual is in a bad financial situation.
Payday loans can be discharge in bankruptcy.
Speaking with an experienced bankruptcy attorney should be considered.
The original post is titled Pay Day Loans and Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
A Payday Loan is a small loan that at least in theory, is paid off by the borrower’s next payday. The mechanics of the loan process are as follows: You go to the Payday Lender and give the lender some proof of employment, maybe a copy of your most recent pay stub, and then write a post-dated check to the lender for the amount that you want to borrow plus the fee for the amount they borrow. The lender then gives you the loan amount and agrees to hold your post-dated check until your next payday.
When the loan becomes due, the lender either deposits your check or you agree to hold the check until your next payday for an additional fee. Borrowing money this way gets pricey in a hurry. Lets say you borrow $200 with a charge of $30 but then you roll over the loan one paycheck over for an additional $30 charge. Congratulations, you just paid thirty percent
The Federal Trade Commissions, Bureau of Consumer Protection provides anexcellent example, pointing out that if you borrow $100.00 from a Payday Lender with a charge of $15.00 and roll the loan over once for another $15.00 fee and then pay off the loan, you just paid 391% interest to borrow $100.00 for a month.
The reality is that most Payday Loans are for a range of $300.00 to as high as $500.00 with much higher fees.
What can and can’t a Payday Lender do if you don’t pay back the loan?
One Thing They Can’t Do Is Put You In Jail!
At least they probably can’t!
Why can’t they?
Because when the Payday Lender takes a post dated check it knows that the money is not in the bank.
If you go to a store and knowingly write a bad check, that is a crime, and if a District Attorney can prove that you wrote the check knowing that you didn’t have the money in your bank account you will be fined, and even perhaps go to jail.
This is because of what you intended to do when you wrote the check.
The store owner had every reason to believe the check was good, the Payday Lender does not.
The Payday Lender Knows It Is Taking A Bad Check, and you wrote the check with every intent on paying back the loan.
It is unlikely the a DA will ever accept charges for a bad check under these circumstances.
I should point out that if someone were to write a check to cover a Payday Loan and then immediately close the checking account, that the DA might look at the issue a little more closely.
What Can A Payday Lender Do?
- They can call you to demand payment. Repeatedly and relentlessly!
- They can simply attempt to cash the check, or if they have authority to automatically withdraw the money, they will, with the likely result of overdrawing your checking account.
- They can sue you, and get the amount owed, court costs interest and attorney’s fees.
- They can garnish your wages once they have a judgment.
- They can turn the debt over to a debt collector.
Very rarely does someone go to a Payday Lender as their first borrowing source. Payday loans are often a sign that an individual is in a bad financial situation.
Payday loans can be discharge in bankruptcy.
Speaking with an experienced bankruptcy attorney should be considered.
The original post is titled Pay Day Loans and Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
A Payday Loan is a small loan that at least in theory, is paid off by the borrower’s next payday. The mechanics of the loan process are as follows: You go to the Payday Lender and give the lender some proof of employment, maybe a copy of your most recent pay stub, and then write a post-dated check to the lender for the amount that you want to borrow plus the fee for the amount they borrow. The lender then gives you the loan amount and agrees to hold your post-dated check until your next payday.
When the loan becomes due, the lender either deposits your check or you agree to hold the check until your next payday for an additional fee. Borrowing money this way gets pricey in a hurry. Lets say you borrow $200 with a charge of $30 but then you roll over the loan one paycheck over for an additional $30 charge. Congratulations, you just paid thirty percent
The Federal Trade Commissions, Bureau of Consumer Protection provides anexcellent example, pointing out that if you borrow $100.00 from a Payday Lender with a charge of $15.00 and roll the loan over once for another $15.00 fee and then pay off the loan, you just paid 391% interest to borrow $100.00 for a month.
The reality is that most Payday Loans are for a range of $300.00 to as high as $500.00 with much higher fees.
What can and can’t a Payday Lender do if you don’t pay back the loan?
One Thing They Can’t Do Is Put You In Jail!
At least they probably can’t!
Why can’t they?
Because when the Payday Lender takes a post dated check it knows that the money is not in the bank.
If you go to a store and knowingly write a bad check, that is a crime, and if a District Attorney can prove that you wrote the check knowing that you didn’t have the money in your bank account you will be fined, and even perhaps go to jail.
This is because of what you intended to do when you wrote the check.
The store owner had every reason to believe the check was good, the Payday Lender does not.
The Payday Lender Knows It Is Taking A Bad Check, and you wrote the check with every intent on paying back the loan.
It is unlikely the a DA will ever accept charges for a bad check under these circumstances.
I should point out that if someone were to write a check to cover a Payday Loan and then immediately close the checking account, that the DA might look at the issue a little more closely.
What Can A Payday Lender Do?
- They can call you to demand payment. Repeatedly and relentlessly!
- They can simply attempt to cash the check, or if they have authority to automatically withdraw the money, they will, with the likely result of overdrawing your checking account.
- They can sue you, and get the amount owed, court costs interest and attorney’s fees.
- They can garnish your wages once they have a judgment.
- They can turn the debt over to a debt collector.
Very rarely does someone go to a Payday Lender as their first borrowing source. Payday loans are often a sign that an individual is in a bad financial situation.
Payday loans can be discharge in bankruptcy.
Speaking with an experienced bankruptcy attorney should be considered.
The original post is titled Pay Day Loans and Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
I am pleased to report that in addition to meeting with you at one of our five offices, we can now conduct an initial bankruptcy face-to-face consultation with you at your home or office.
No need to worry, we aren’t really coming over, but what we can do is conduct a face-to-face consultation online. All you need is a reliable online connection and some time to talk. No need to get a sitter, or carve out your whole lunch break from work, or find a time where you and your spouse can somehow both drive down to one of our offices for the first time.
Why are we offering this feature? Studies have shown pretty clearly that the three greatest obstacles to obtaining legal services are money, time and distance. We took care of the money problem years ago by offering manageable payment plans that enable you to pay most of your attorney and court fees after your case is filed. After money, the remaining obstacles were distance and time and time
All too often clients come to us long after they should have. The reality is that coming to see a bankruptcy lawyer is often “something that I need to do, just not this week.” I don’t think I really got this until I got married and had a kid. The reality is that with dueling jobs and child-care concerns, getting my wife and me in the same place to meet with an attorney would not be easy.
An online consultation, face to face with one of our attorneys, takes care of that problem. By bringing the consultation to your living room or your desk, the last remaining obstacles to getting help are removed. Don’t get me wrong, there is nothing wrong with connecting on the phone, but if what you want is an actual meeting, face-to-face, with an attorney to discuss your situation at length, we want to make sure that you get that opportunity.
If you would prefer a face to face consultation online rather than at one of our offices or via phone, just contact our office and let them know, we would be more than happy to set it up.
The original post is titled Face-to-Face Bankruptcy Consultation in Your Living Room or Office? , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
I am pleased to report that in addition to meeting with you at one of our five offices, we can now conduct an initial bankruptcy face-to-face consultation with you at your home or office.
No need to worry, we aren’t really coming over, but what we can do is conduct a face-to-face consultation online. All you need is a reliable online connection and some time to talk. No need to get a sitter, or carve out your whole lunch break from work, or find a time where you and your spouse can somehow both drive down to one of our offices for the first time.
Why are we offering this feature? Studies have shown pretty clearly that the three greatest obstacles to obtaining legal services are money, time and distance. We took care of the money problem years ago by offering manageable payment plans that enable you to pay most of your attorney and court fees after your case is filed. After money, the remaining obstacles were distance and time and time
All too often clients come to us long after they should have. The reality is that coming to see a bankruptcy lawyer is often “something that I need to do, just not this week.” I don’t think I really got this until I got married and had a kid. The reality is that with dueling jobs and child-care concerns, getting my wife and me in the same place to meet with an attorney would not be easy.
An online consultation, face to face with one of our attorneys, takes care of that problem. By bringing the consultation to your living room or your desk, the last remaining obstacles to getting help are removed. Don’t get me wrong, there is nothing wrong with connecting on the phone, but if what you want is an actual meeting, face-to-face, with an attorney to discuss your situation at length, we want to make sure that you get that opportunity.
If you would prefer a face to face consultation online rather than at one of our offices or via phone, just contact our office and let them know, we would be more than happy to set it up.
The original post is titled Face-to-Face Bankruptcy Consultation in Your Living Room or Office? , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
I am pleased to report that in addition to meeting with you at one of our five offices, we can now conduct an initial bankruptcy face-to-face consultation with you at your home or office.
No need to worry, we aren’t really coming over, but what we can do is conduct a face-to-face consultation online. All you need is a reliable online connection and some time to talk. No need to get a sitter, or carve out your whole lunch break from work, or find a time where you and your spouse can somehow both drive down to one of our offices for the first time.
Why are we offering this feature? Studies have shown pretty clearly that the three greatest obstacles to obtaining legal services are money, time and distance. We took care of the money problem years ago by offering manageable payment plans that enable you to pay most of your attorney and court fees after your case is filed. After money, the remaining obstacles were distance and time and time
All too often clients come to us long after they should have. The reality is that coming to see a bankruptcy lawyer is often “something that I need to do, just not this week.” I don’t think I really got this until I got married and had a kid. The reality is that with dueling jobs and child-care concerns, getting my wife and me in the same place to meet with an attorney would not be easy.
An online consultation, face to face with one of our attorneys, takes care of that problem. By bringing the consultation to your living room or your desk, the last remaining obstacles to getting help are removed. Don’t get me wrong, there is nothing wrong with connecting on the phone, but if what you want is an actual meeting, face-to-face, with an attorney to discuss your situation at length, we want to make sure that you get that opportunity.
If you would prefer a face to face consultation online rather than at one of our offices or via phone, just contact our office and let them know, we would be more than happy to set it up.
The original post is titled Face-to-Face Bankruptcy Consultation in Your Living Room or Office? , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
I am pleased to report that in addition to meeting with you at one of our five offices, we can now conduct an initial bankruptcy face-to-face consultation with you at your home or office.
No need to worry, we aren’t really coming over, but what we can do is conduct a face-to-face consultation online. All you need is a reliable online connection and some time to talk. No need to get a sitter, or carve out your whole lunch break from work, or find a time where you and your spouse can somehow both drive down to one of our offices for the first time.
Why are we offering this feature? Studies have shown pretty clearly that the three greatest obstacles to obtaining legal services are money, time and distance. We took care of the money problem years ago by offering manageable payment plans that enable you to pay most of your attorney and court fees after your case is filed. After money, the remaining obstacles were distance and time and time
All too often clients come to us long after they should have. The reality is that coming to see a bankruptcy lawyer is often “something that I need to do, just not this week.” I don’t think I really got this until I got married and had a kid. The reality is that with dueling jobs and child-care concerns, getting my wife and me in the same place to meet with an attorney would not be easy.
An online consultation, face to face with one of our attorneys, takes care of that problem. By bringing the consultation to your living room or your desk, the last remaining obstacles to getting help are removed. Don’t get me wrong, there is nothing wrong with connecting on the phone, but if what you want is an actual meeting, face-to-face, with an attorney to discuss your situation at length, we want to make sure that you get that opportunity.
If you would prefer a face to face consultation online rather than at one of our offices or via phone, just contact our office and let them know, we would be more than happy to set it up.
The original post is titled Face-to-Face Bankruptcy Consultation in Your Living Room or Office? , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
I am pleased to report that in addition to meeting with you at one of our five offices, we can now conduct an initial bankruptcy face-to-face consultation with you at your home or office.
No need to worry, we aren’t really coming over, but what we can do is conduct a face-to-face consultation online. All you need is a reliable online connection and some time to talk. No need to get a sitter, or carve out your whole lunch break from work, or find a time where you and your spouse can somehow both drive down to one of our offices for the first time.
Why are we offering this feature? Studies have shown pretty clearly that the three greatest obstacles to obtaining legal services are money, time and distance. We took care of the money problem years ago by offering manageable payment plans that enable you to pay most of your attorney and court fees after your case is filed. After money, the remaining obstacles were distance and time and time
All too often clients come to us long after they should have. The reality is that coming to see a bankruptcy lawyer is often “something that I need to do, just not this week.” I don’t think I really got this until I got married and had a kid. The reality is that with dueling jobs and child-care concerns, getting my wife and me in the same place to meet with an attorney would not be easy.
An online consultation, face to face with one of our attorneys, takes care of that problem. By bringing the consultation to your living room or your desk, the last remaining obstacles to getting help are removed. Don’t get me wrong, there is nothing wrong with connecting on the phone, but if what you want is an actual meeting, face-to-face, with an attorney to discuss your situation at length, we want to make sure that you get that opportunity.
If you would prefer a face to face consultation online rather than at one of our offices or via phone, just contact our office and let them know, we would be more than happy to set it up.
The post Face-to-Face Bankruptcy Consultation in Your Living Room or Office? appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
Google recently announced that it has stopped taking paid ads for payday loans. Facebook stopped taking payday loans about a year ago. This is a pretty significant development. While you can still find payday loans online through organic searches, there will no longer be any “above the fold” (the ads that show on the top and right-hand side of a search results page )will not show advertisements for them. The google ads for payday loans helped legitimize an industry which really should be left in the shadows of the black market. It is great to see them go.
The decision is the first time Google has announced a total ban on ads for a broad category of financial products. Previous blanket bans had only been put in place to stop gun, drug, explosive and sex selling guns, explosives and drugs, and limited those that are sexually explicit or graphic in natureGoogle advertising does not come cheap
The original post is titled Google and Facebook Will Not Run Ads for Pay Day Loan Lenders , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
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