Pay Day Loans

May 8th, 2008 by Questions

hi i was wondering if i had a pay day loan at a place than if i out a stop payment on it sso it didnt bounce than filed for bankruptcy is that considered fraud? i ve been stuck going for soo long using payday loans at the same store at least a year borrowing the same amount each time but the interst is crazy and now i filed on the 22 of april(bankruptcy) and told them now they a threating me and calling my other contacts . i told my trustee and the said not to worry if they bug me they said they would take care of it . not that i dont trust my trustee but it is still scary situation. and just wanted some reasurance i realize that you dont know my whole situatuion but i just was told that this was the proper way to do thing by putting a stop payment on a cheque. as long as it doesnt bounce it will not be considered fraud is tha coreect thanks for your help

Posted from: Ontario


One Response to “Pay Day Loans”

, A licensed trustee said:

Don’t worry – there is nothing wrong with putting a stop payment on a payday loan payment before you file for bankruptcy.

The issue with many payday loan companies is that they are run by individuals that are not familiar with bankruptcy law and as such, they think if they bug you enough, yiou will simply pay them. make sure you tell your trustee who it is that is bothering you and if they don’t stop you may have to lodge a complaint with the government about th payday loan companies business practices…

For everyone else reading this blog – please, please, PLEASE, don’t use payday loans unless you know you’ll have extra money coming in to pay them back. Once you start with these loans they are almost impossible to stop (short of filing for bankruptcy or a proposal).

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