Legal Question in Credit and Debt Law in Tennessee

payday loans

I owe some payday loans. I was contacted by a collection agency, they told me I owe almost double what was borrowed, and that I had to pay by the next morning or it will be sent to court as a felony. I asked could I work out a payment plan. She said I had to have all of it by that deadline. I thought they wanted to collect the money, can they do that or do they have to give you options to pay the money back? I don't have anything that is written and don't you have at least 30 days to pay it in full? What should I do next?


Asked on 8/26/05, 10:55 am

1 Answer from Attorneys
Dr. Michael A. S. Guth Tennessee Attorney at Law Assists Pro Se (without a lawyer) Parties

Re: payday loans

Go to your phone book and look for ads from attorneys who file bankruptcy. Filing the paperwork will give you an automatic stay and buy you some time to develop a plan to settle the debts you owe, or discharge part of them in bankruptcy if necessary.

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Answered on 8/26/05, 11:15 am


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