QUESTION
Can federal charges be brought for NSF on a payday loan?
Asked on Feb 17th, 2012 on Bankruptcy - Nebraska
More details to this question:
I have been receiving phone calls saying that a payday loan payment was returned NSF. The amount that they are saying the loan was for has never been deposited into my account. They also cannot give me a specific date of the deposit or case number. What do I tell them to make them stop calling?
1 ANSWER
Bankruptcy: Creditor Attorney serving Grand Island, NE
at
Milner Neuhaus & Judds
Update Your Profile
A post-dated check is nothing more than a promissory note. It is not a crime in Nebraska to fail to pay. If you go into a store and get merchandise and give the merchant a NSF check, you could be prosecuted in Nebraska state courts because you received something of value and gave a check which was supposed to be good on that date. That is not what you did with a payday loan. You borrowed money from a lender at an incredibly high interest rate, issued a promise to pay and failed to pay. No crime was committed in Nebraska. The creditor may have a civil action on the promissory note, but there is no crime. If you file Chapter 7 Bankruptcy the debt will be discharged if it was not in anticipation of the filing.
Answered on Feb 17th, 2012 at 2:28 PM