M1Y loan being collected by a law office
Date: Thu, 03/29/2007 - 11:13
took out a pay day loan from M1Y. My bank returned the fee of 75 dollars for the renewal last week. I received a call from a law firm saying they were going to press charges against me for fraud and misuse of FDIC regulated bank funds and a few other things. I really don't know what to do. I want to pay them off but I can't as quickly as they want me to. Can they really take me to court and charge me as a criminal?
No they cannot. That is a scare tactic that is used to get you
No they cannot. That is a scare tactic that is used to get you to pay. What state do you live in? How long have you had the loan out for? I have not heard of this place, but if you stick around I am sure that one or more of the other members will have more information on this company.
Put your proposals to the law office and see if they are willing
Put your proposals to the law office and see if they are willing to work on your terms. Usually most companies agree when they have the check in their hands.
In case, the loan company gets a case against you in the court, they will insist the judge to recover the payments but there won't be any criminal actions against you. Double check with your state laws.
