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I have payday loans that are controlling my paycheck so much that I can't pay the expenses that should be paid. I got all of my loans through the internet and presently reside in New York. I want to default on these loans but I don't know the consequences of my action. I really need help and advise on what to do and to expect when I do this.
nothing
since no pdl is legal nothing can,or will happen.close your account and open a new one not linked to the old account.then see how much was debited by each lender before you closed your account.if the amount debited meets or exceeds the amount borrowed you owe nothing.know that technically you owe nothing as the loans are illegal,but you should pay back the principle,and anything debited in fees gets deducted from that.you cannot be arrested as no state allows criminal action even on legal pdl's.and governing law means nothing as it is your state laws that matter.do that and know that.close your account asap!!!!!!!!!
I agree to what Paulie has said. Close your bank account as soon as possible and ignore any kind of unnecessary deductions.
Payday lending is prohibited in New York. All lenders in this state are illegal. You owe them nothing more than the principal balance. Don’t pay them any interest or fees. Simply close down your old bank account and open a new one to stop debiting money from your account. Don’t worry mate, illegal lenders can’t take any legal action against you.