Best report
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Oct 8, 2014
Here is an answer from Googling about payday loans.
"There is no private criminal prosecution in the u.s. Only DA or the U.S. Attorney or other prosecutor can "press charges." Failure to repay a loan is a civil matter, not criminal. In some states, if you wrote a check knowing it was no good, that would be a crime, but many prosecutors refuse to prosecute bad check cases from those lenders because they knowingly accepted the bad check.
Yes you can be sued for not paying as you agreed, but that does not result in a sentence. Instead, it results in a money judgment and possibly garnishment of wages and such.
Next thing, they probably said "felony," not "federal."
Finally, threatening criminal prosecution is a violation of the fair debt collection practices act and you might have a suit against them for their violation. Let them know that you intent to inquire of the state attorney general to see if they have violated the Act by threatening criminal prosecution."
"There is no private criminal prosecution in the u.s. Only DA or the U.S. Attorney or other prosecutor can "press charges." Failure to repay a loan is a civil matter, not criminal. In some states, if you wrote a check knowing it was no good, that would be a crime, but many prosecutors refuse to prosecute bad check cases from those lenders because they knowingly accepted the bad check.
Yes you can be sued for not paying as you agreed, but that does not result in a sentence. Instead, it results in a money judgment and possibly garnishment of wages and such.
Next thing, they probably said "felony," not "federal."
Finally, threatening criminal prosecution is a violation of the fair debt collection practices act and you might have a suit against them for their violation. Let them know that you intent to inquire of the state attorney general to see if they have violated the Act by threatening criminal prosecution."