What happens if I cancel a check in nevada for a payday loan?

Posted on Jan 2, 2013 in Stated Income Loans

Some cool apartment developing images:

Apartment Constructing 1

Image by Bill Ward’s Brickpile
Apartment developing by Dan Farmer.

Taken on Sunday, this web visit this March 29, sildenafil 2009 at BrickFest in Portland, OR by Bill Ward. See also BrickFest Photo Roundup on my blog.

If you would like to see more residences click right here…

Deforest

Image by -Marlith-
What a name for an Apartment Developing.

If you would like to see far more residences click here…

payday loans no credit check
by icantcu

Question by robin: What happens if I cancel a check in nevada for a payday loan?
I have several payday loans holding checks as well as a couple unsecured loans with OUTRAGEOUS interest rates and I can longer afford to pay the extensions that never pay off the loans. What will happen to me in Nevada if I cancel the checks and close my checking account. I don’t want to go jail, link but I have to support my family.

Best answer:

Answer by Steve D
First, diagnosis you will have to pay a stop order fee to stop payments on the checks ($ 20 or more usually). Second, stop payment orders expire after 6 months – if the pay day lender is smart, he will hold on to the check and then try to cash it, meaning you will have to pay another $ 20 to re-issue the stop payment (if you remember).

If you close the account that could be considered fraud or at best (for you) issuing a bad check.

Then, of course, the lender will report the past due account to the credit bureaus, ruining your credit. After that, the debt may get turned over/sold to a collection agency who will obviously come calling trying to collect. In a worst case scenario, the lender or agency can go to court for a judgment, which is a court order for you to pay the debt. If you fail to pay the debt at this point, the lender/agency can return to court and ask that your wages be garnished or assets attached or taken.

Give your answer to this question below!

2 Comments

  1. Those accounts may continue to accrue for awhile until it closed and got sent to a collection agency most likely. Payday and other high interest loans are always a bad idea. Try to avoid them in the future. Jail is not likely in any state. At most, they could try to take you to court to try to get the money back. Or garnished wages in the future if they can find where you work. It will probably depend on how much you owe. But you wouldn’t go to jail. I suggest talking to them. Maybe there is something they can work out with you before you make your decision.

  2. stopping payment on valid checks is fraud (theft y deception) Nevada is one of the great states you can be arrested and you can get jail time for bad checks. Pay your debts if you are really that poor welfare and bankruptcy