Payday Loan...What Will Happen

[nervousSC]

Two weeks ago I took out a payday loan becuase I saw that my checking acct was overdrawn and I HAD to pay childcare. So it was due yesterday and I called them and asked them what could I do if I wasn't able to pay it today. They asked me why I couldn't pay it and I told them I didn't have the money. So she said she would "try and hold it for me until April 21st" when I will definitely pay it with cash. But those were her exact words, try to hold it, but she couldn't guarantee that it wouldn't go out. SOOO...what I did was place a stop payment on those checks because I absolutely CANNOT afford the $35 per item overdraft fee plus the returned check fee. What I'm wondering is what will happen to me if they don't hold the checks until the 21st...will they sue me? The amount is $360 (this includes the fees). I hope to file for BK on the 24th.

Thanks for your help.

[edwards2]

They probably will but it will take time. If you include them in your BK filing there isnt anything they can do. The 24th is a few weeks away but since they promised they would hold it until the 21st you should be okay.

[13inOR]

I agree with edwards. We had to include a couple of those in our chapter 13
and it wasnt a problem at all.
I think stopping payment was a great idea, but others on here have mentioned that the payday loan place then submits them as a debit-so do keep that in mind. You should still have time though, if you are filing on the 24th.

[NASCAR20FAN]

Payday loans are evil! Stay away! They can get you iinto deeper trouble if you are not careful, be very careful with payday loans...