Anonymous
Anonymous asked in Business & FinanceCredit · 10 years ago

Defaulted on Ace Cash Express. What do they do now?

I talked to them today, said it was the last day they could hold the case in their file, and if I didn't pay loan in full they would recommend the law to pursue this. I honestly don't have the cash today, so there is no way I can pay this thing off in full. What will happen next? I asked the guy and he smugly said, "You do nothing, you call no one, they will find you."

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  • 10 years ago
    Favorite Answer

    "they would recommend the law to pursue this" This is a civil and not criminal matter. There is no debtors jail in the US. The wording of the statement is designed to scare you into paying.

    If you don't pay and it is a large sum of money, they will likely sue to recover their losses. With a judgment they will be free to pursue garnishments, liens...

    If it is a small sum of money they will likely just ruin your credit and harass you.

  • 10 years ago

    Payday loan collectors are notorious for threatening jail. Expect some really nasty collection calls, including threats of arrest warrants. Debts are civil matters and you can't be arrested for defaulting on debts.

    Source(s): BD
  • 10 years ago

    They will sue you and garnish your wages.

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