What happens if i close my bank account and default on a payday loan?

I have two internet payday loans in which they withdrawal payments from my bank account. They are not holding a personnel check so if I close my bank account can I just make a payment arrangement with them. If I allow it to go to collections and settle it later will they call me at work etc. Anyone been there? I already have bad credit so I don%26#039;t even care about that. collectors call my cell phone a lot but not at work so I dont know if this will be the same deal.

What happens if i close my bank account and default on a payday loan?

When you close the account, that doesn%26#039;t always mean that%26#039;s the end of it. Having worked for a bank, I know that they will still try to process the payment. If you have other accounts at that bank, they can debit the other accounts for the amount being processed through the %26quot;closed%26quot; account. If you do not have other accounts, the payday loan companies will try to contact you to set up alternate payment arrangements. If you cannot be contacted or do not comply, they will go to the court in your city/county/state (depending on the amount defaulted), and the judge will issue a judgment against you on their behalf. You are then subject to garnishment and/or liens.

What happens if i close my bank account and default on a payday loan?

%26quot;what happens if I default...?%26quot;

%26quot;I already have bad credit...%26quot;

%26quot;Collectors call my cell phone a lot...%26quot;

Do you see a pattern here?

What happens if i close my bank account and default on a payday loan?

It%26#039;ll probably go to collections ~ why are you concerned about making arrangements if you don%26#039;t care about your credit

If you don%26#039;t care about your credit now you will eventually....

What happens if i close my bank account and default on a payday loan?

I don%26#039;t have any experience with payday loans but, I from what I%26#039;ve read they will make your life a living hell.

They will call every day to every phone number that you gave them (read your contract, I bet it has a clause in it stating that you give them permission to use these phone numbers to contact you).Depending on the amount owed they may sue you and garnish your paychecks, find out where you have a bank account and garnish it too.

What happens if i close my bank account and default on a payday loan?

Why are you even asking. You know what your going to do. %26quot;default%26quot; right?%26quot;If this thing goes to collections right now it is not going to make my bad credit any worse%26quot;

Also if you close your checking and default you may not be able to open another checking account in ANY bank.