Can a payday loan place keep charging you interest 5 years after it not being paid?
I had a payday loan from 2004 and it’s 2009 they are just taking me to court this week. How long do they have after to take you to court. And can a $400 loan go to $5000 becuase of interest? Please help
Yes it can. Look at the paperwork you signed.
Now the question is, can you settle? Do you have 500-600 bucks? If so, call the attorney listed on the papers you were served, and offer that as settlement in full. If they agree, get it in writing BEFORE you pay. No postdated check and no electronic access to your checking account.
Now, if this goes to court, you will lose. Your wages will be garnished and/or your bank account.
This is assuming you were actually served with papers with a court date and such. If they just SAY they’re taking you to court, then it isn’t happening.
I suggest you read up on “Fair Debt Collections Practices Act”, and stay away from payday loan places.
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