When a consumer files bankruptcy, an Automatic Stay is immediately effective. This means that creditors must cease all collection attempts while the bankruptcy is in process. However, Pay Day loans can be a little more complicated and require a few extra steps to ensure collection stops.
Many Pay Day loan companies require the borrower to submit a post-dated check for the full amount of the loan at the time they get the Pay Day loan. Typically payments are made on a weekly or monthly basis and as long as they continue to be made, the check will not be cashed. However, in the payday advance east los angeles that the borrower declares bankruptcy, Pay Day loan companies may have the legal right to attempt to cash any post-dated checks submitted to them.
A BANKRUPTCY ATTORNEY CAN PROVIDE SOLUTIONS TO THE CHECK-CASHING PROBLEM. Though the Pay Day loan company may have some rights to cash the check, there are also solutions.
Lien fees: Many lenders charge fees for processing and placing a lien on a car owners car. Some lenders only offer lien-free title loans.
Roadside assistance program fees: Some lenders offer a roadside assistance program for people who have a title loan, and many companies require this program, charging a fee for it. Finance fee: Payday lenders charge a finance fee upfront, which you include on your post-dated check. If payday advance east los angeles roll your loan over for an extended period, you will be charged this initial finance fee plus an additional finance fee.
The fee will continue to grow until you finally pay off the full amount of the loan.
Unit C Petersburg, VA 23805. Phone: (804) 722-0094. Cash-2-U Loans. 651 Boulevard, Suite 1 Colonial Heights, VA 23834. Phone: (804) 524-8365. Cash-2-U Loans.