Legal Question in Credit and Debt Law in Texas

pay day loans

what are my rights when paying back a defaulted payday loan

i have been using this company for well over a year and have always been able to pay finance charges all of a sudden i was told this was not allowed and i only had the money to pay the finance charges so the loan defaulted i need to know that as long as i am paying something back to them even small incremints if they can take me to court or does this just hurt my credit


Asked on 9/20/05, 2:45 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: pay day loans

The only payment a creditor must accept is payment for the entire amount due. They may accept incremental payments, but they're not required to do so. They can sue you for the unpaid balance, giving all due credit for payments made.

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Answered on 9/20/05, 4:16 pm


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