If I am in-between jobs and owe money on payday loans, can I tell them to hold off onpayment until I get a job?

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If I am in-between jobs and owe money on payday loans, can I tell them to hold off onpayment until I get a job?

I owe money on some payday loans and they want to take me to court but I’m in-between jobs. Is there anyway to have them hold off and I contact them to make arrangements to pay them when I’m working.

Asked on September 23, 2011 under Bankruptcy Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

When you say "some" payday loans, how many do you mean?  It is my understanding that Florida has a restriction on the number of payday loans a person can have out at one time.  It is one at a time and no more than $500.  So you need to clear that issue up here quite quickly.  Next, and in more direct guidance of your answer, under Florida law if a person cannot payback a payday loan on time, the lender must give a 60-day grace period before collecting. But there is a catch: this is only if the customer completes credit counseling and works out a payment plan with the lender.  So I think that you have nothing to lose by trying what you wish to try here.  But you must realize that they will not wait indefinitely.  Good luck.


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