Payday Loans - Obsession
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Posted by Catherine
(152.163.253.37) on May 25, 2003 at 12:11:53:
I have a family member who is extremely compulsive and began taking out payday loan a couple years ago. Another family member has tried to get her to stop and has bailed her out of it 2 years in a row - only to have her go back into borrowing 6 weeks later. This isn't a person who even needs this much money and responds that she has to pay credit cards and buy groceries and such stuff. So it's not needed. (even if it was payday loans are not the answer) This woman also has a van that she cannot keep up but will become angry if we suggest a cheaper more affordable car. Of course these things are more of a personality/psychological problem, but as far as the payday loans, what action will they take that can cause the most trouble? What is the worse case scenario? As it stands now, family members have agreed not to bail this person out anymore because it just supports their irresponsibility and also because it puts us in financial trouble trying to help her. Now there are 5 different payday loans she has and cannot pay them. They total around $2000. Its my opinion that a person like this should not even have a checking account. But she does right now. If the bank does decide to close her account after all the payday loan people submit their checks in the next few days -- what can happen afterwards? This is just not a rational person and no amount of explaining will make this person listen (even medical professional said the same thing). She's pretty self-absorbed. Sorry for the long message. I just wanted to find out what you think the worst case scenario would be. There are already tax liens, collections, and at least 1 judgement that I know about against this person. Can it get worse? And how worse?
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