Legal Question in Credit and Debt Law in Illinois
I defaulted on a payday installment loan and now they take tripple the payment from my checking account, $600 per month. What can I do?
Asked on 1/28/13, 11:08 am
1 Answer from Attorneys
Have an attorney review the loan papers to determine whether the amount they are deducting is per the agreement and if not whether you have the ability to un-do the wage assignment pending an adjustment of the proper amount (very unlikely). Either way, your only recourse may be to pay off the loan with funds from a new source, if only for the purposes of stopping the bleeding.
Answered on 1/29/13, 6:46 am