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Question: Can your wages be garnished for not repaying payday loans?

(Posted by: mccmol on 2010-03-04 11:42:25)

I currently have 5 payday loans that i can not afford to pay back. at this point i owe $2300 and i cant afford it right now. i am also 7 months pregnant and i dont know what to do anymore because soon i will be on maternity leave and will only be getting 60 % of my paycheck. i tried to apply for loans, but i cant get approved because i have bad credit and the ones that say they help people with bad credit are scams. does anyone know what i can do? i am very worried about my wages being garnished.

Posted by: RT on 2010-03-04, 11:43:53

To answer your question - READ YOUR LOAN AGREEMENT.

Posted by: Hoofhearted on 2010-03-04, 11:44:21

They would have to have a judgement against you, unless you agreed to something different.

Posted by: Meghan on 2010-03-04, 11:47:32

Technically, yes they can garnish your wages, after they take you to court. Right now, all they can do is take money out of your bank account, like you already agreed. Payday loans are horrible. They charge insane interest rates and are very predatory. You need to reduce your expenses. As unhappy as it may make you, things need to go. Start with internet access, cell phone, etc. Pick up a second job if you have to. But you may want to consider bankruptcy, since you can't seem to get it together on your own.

Posted by: SPIFIMAN1 on 2010-03-04, 11:52:44

As long as they take you to court, sue and are awarded a judgment and your State allows it yes they can garnish your wages. They can also attach bank accounts and file liens on any real property you may own like cars, boats, land and homes.