Question by Domino: I had a payday loan and am now being threatened with “involuntary collections”, what are those?
I took out a payday loan and my fiance lost his job afterwards. I haven’t paid the loan for the last three months because every amount I offer that I can afford to pay, they will not accept as a payment arrangement. They are now saying they are sending me to the legal department for “involuntary collections”. When I specifically asked what that entails, the man told me he wasn’t allowed to say because of collection practices. What do “involuntary collections” mean?
Best answer:
Answer by Tabby
maybe your car
What do you think? Answer below!
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odds are your going to court so they can get a judgement and garnish whatever paychecks they can.
keep in mind that a judgement for money usually puts a lien on your house
They are going to break your knees. Or start taking stuff that you don’t volunteer to give them….
It means they get a judgement against you and have your check garnished or take it from your bank account or in some cases they can take property from you..
Did you put up collateral? Is so they are going to take it. If not then take you to cort to try and get the money back.
rd
short answer: they take whatever money they can find. this might include wages and bank accounts.