QUESTION
Can I close my bank account and try to make reasonable payments without being sued?
Asked on Oct 17th, 2013 on Bankruptcy - Oklahoma
More details to this question:
I have taken out 2 Internet payday loans through a tribal lending company.
2 ANSWERS
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
Close your account. Tribal lenders are not licensed to make loans in Illinois and you are not obligated to repay the loan at all. There are substantial statutory damages for making illegal loans. Given the grossly overreaching nature of the loans in the first instance, I would not suggest that you make any payments or provide any banking information at all.
Answered on Oct 18th, 2013 at 3:44 PM
Consult an attorney, especially if the lender is Western Sky. If you visit their website I believe you will find they have decided to cease operations. I believe they may also be under review and/or in litigation in several jurisdictions.
Answered on Oct 18th, 2013 at 1:33 PM