Legal Question in Credit and Debt Law in Missouri

We have gotten into financial trouble with payday loan companies. They are charging us almost half my pay just to make partial payments. Our bank has advised us to close the bank account, as the lenders have access electronically to our accounts. Open a new account and then negotiate a settelment with the lenders.

Does this sound reasonable, feasable and above all legal to do ?


Asked on 9/04/09, 9:58 pm

1 Answer from Attorneys
Anthony Smith LawSmith

There may be factors about your financial position that may make another option better. But, based upon what information you have provided, the bank has given you perhaps the best option.

Good luck

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Answered on 9/06/09, 11:12 pm


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