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personal loan secured letter sent to the Consumer Financial Protection Bureau, the Texas attorney general's office and several other government entities. It wasn't supposed to be this way. Using criminal courts as debt collection agencies is against federal law, the Texas constitution and the states penal code.
To clarify the state law, in 2012 the Texas legislature passed legislation that explicitly describes the circumstances under which lenders are prohibited from pursuing criminal charges against borrowers. Its quite simple: In Texas, failure to repay a loan is a civil, not a criminal, matter. Payday lenders cannot pursue criminal charges against borrowers unless fraud or another crime is clearly established.
Was there fraudulent intent. Many times, payday loans are not one-time loans or advances. Instead, a borrower falls into a long-term pattern of taking payday advances to pay the exorbitant finance charges and balances on prior payday city savings bank personal loan requirements. Because of this cycle, borrowers end up relying on the high-interest payday loans as a source of income.
In this situation, courts often find that (1) there was no fraudulent intent, and (2) that the quick loans no bank account required loan is a single debt that dates back further than the most recent payday advance. How to Avoid Problems With Payday Lender Objections to Discharge. Nevertheless, there is a risk of losing your discharge if a payday lender can prove its case.
Rather than deal with the time, money, and risk of fighting a discharge objection by a payday lender, you may be able to avoid this problem by: waiting more than 90 days from your last payday loan advance before filing bankruptcy, or. filing Chapter 13 bankruptcy and paying the debt in through your plan.