Can They Garnish My Wages?

Recently, I've had several calls to my office about Garnishment of Wages, so perhaps a short article is in order. Wage Garnishment is a legal procedure in which a person's earnings are required by court order to be withheld by an employer for the payment of a debt. The key to the preceding statement is the term "court order". A garnishment of wages cannot occur without a judge agreeing to the garnishment. This means that some type of court action must occur. The creditor cannot merely attach or garnish your account without due process of law.

In Pennsylvania, where I practice law, a Garnishment of Wages can occur only under limited circumstances. The most prevalent circumstance is for an obligation of child or spousal support. Garnishment is usually very easy to procure under those types of matters. Other circumstances where garnishment of wages can occur include repayment of PHEAA student loans, room and board for four weeks or less and obligations relating to a final divorce distribution. In PA, these are just about the only instances when your wages can be garnished while they are in the hands of your employer.

Many of the inquiries that I receive at my office are regarding credit card collections and garnishment of wages. Except under very limited or special circumstances, in Pennsylvania, an ordinary creditor cannot garnish your wages on a Pennsylvania case. This does not mean that the money that you earn cannot ever be garnished. There is a distinction here that must be made. Once the money is earned and deposited into your bank account, the monies are no longer wages. Those funds become part of the corpus of your bank account and are subject to garnishment. If a creditor is privy to your banking information AND if they have obtained a judgment against you, they will be able to garnish the funds in your bank account, even if those funds were at one time wages. This type of "regular" garnishment does not require a court order, but instead requires the creditor to obtain a judgment against you in a court of law. After a judgment is obtained, a creditor can commence garnishment proceedings by applying for a Writ of Execution. The Writ of Execution is delivered to your bank and your accounts are then frozen.

Greg Artim is an Attorney based in Pittsburgh Pennsylvania. For more information on related legal issues, please visit his website at http://www.gregartim.com

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What To Do If You Default On a Payday Loan

A same day payday loan offers several advantages over other modes of money lending, and accordingly, they attract among the highest interest rates compared to other short term loans. Like any financial institution, paycheck loan providers charge hefty fees if you deviate from the original terms of the contract under which you initially borrowed. The repayment terms for instant approval cash advance loans are already very high, so before taking out any loan, you should be sure to check the charged interest rate, the full schedule of fees, and the complete terms and conditions applied by your lender.

If you are unable to obtain any of these three things without delay from the lender, absolutely do not accept a loan from such a company, unless you can otherwise verify their operation. If you are already under contract with someone who did not provide you with the full terms of your contract, you should seek immediate assistance from any local consumer watchdog or law enforcement to ensure the terms of your contract are legal. Lenders in almost every country are required to make all of this information available before you are under contract.

Having checked your contract, you probably have a fair idea of where your account is headed. When you default, payday loan providers will apply a late fee, and may begin charging an increased rate or compounded interest on the loan.

The key to coping at this step is communication: Same day payday loan lenders probably don't care about your individual emergency or crisis, and except in the most extreme circumstances, will be emotionally unaffected by whatever story you might have to tell them about why you couldn't meet your financial obligations. That said, they are also very used to dealing with people who are working from difficult situations, as this usually describes most of their customers to some degree or another. Therefore, if you make every effort to keep in touch with your lender when your circumstances change, you are more likely to secure a favorable outcome.

Ideally, you will contact your lender before the day that you know you will default. Payday loan providers, if convinced that you are genuine and you will still be able to meet your commitment, may allow you to immediately refinance your debt with them with a longer repayment period and a reduced rate of interest. If you do not waste time in finding out, rather than procrastinating until the loan defaults, you will have more room to work with regardless of the outcome.

Alternatively, this option may not be available to you. If unconvinced that you will repay your obligation in a timely fashion, the lender (who, you should keep in mind, is probably quite used to this scenario) will become disinterested in doing business with you. They will defer the loan to a finance and debt collection agency, who deal exclusively with recovering debts from creditors on finance plans, which they will apply their own, arbitrary recovery fees to, possibly using aggressive tactics within the bounds of the law to compel you to pay more quickly.

Defaulting on any financial obligation is a costly affair, regardless of who you owe. In order to avoid costly fees in the event of a loan default, same day payday loan providers should be scrutinized carefully prior to borrowing. If you know you'll be unable to meet your obligations, make sure to contact your lender as soon as you can, rather than letting the problem grow. Each day delayed will likely cost you more, so the sooner you act on it, the better.

Want to learn more about getting a same day payday loan?

Visit my blog at http://www.more-info-on.com to get more information on just about every topic, including how to use the internet to finding payday loans asap.

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Payday Loans - What You Can Do About Them

"Loan-Sharking" equates to usury, which is charging interest above an established legal rate. "Pay Advance", "Check Advance", "Deferred Deposit", "Payday Loan", or any other label like it is lower than loan-sharking. It is a legal, multi-billion dollar industry that you do not want to get lured into.

As a young military in Korea years ago, I remember none of us had much money. Gambling and "other pastimes" took the little we had before month's end-- but there were always the "friendly", black-market loan sharks offering 50% interest loans very close by. Guess who was also 5 feet away from the pay station on pay day... the Korean version of Don Corleone, of course.

It has not changed much over the years or location or title. The Payday or cash advance lender still preys on the financially struggling individual. The pay back still revolves around payday. The rates are still exorbitant. What has changed is that it is now legal, the "APR" exceeds 350%, and the client is not restricted to the military. The prey are now thousands of struggling, hard working folks who are having a tough time making it to the end of the month. Many toil on very low paying jobs, have serious medical debt, gambling addictions or worse. But they all are collecting pay stubs and maintain a checking account.

So the hard working, debt-burdened consumer sees a warm, friendly, office with an innocent name such as Pay Advance. "Is this an opportunity or what?" Sure it is... for the lender. Here's a scenario from real life copied from e-mail sent to me.

"I owe nine check advance companies (companies that will let you write a check for cash with a fee included) a total of $3000. I also have approximately 15 checks I have bounced as a result of trying to pay off these check advance companies. The total amount due of all the checks with fees is approximately $1500. I have people calling me all the time and they are also calling my boss at work. They tell me I can not make partial payments on my checks and almost all of them want their money within ten days or they will turn it over to the county courts office."

Not An Isolated Case

Check advance operations are springing up across the nation and may be one of the fastest growing industries we have. The former owners of Blockbuster Videos sold their successful corporation to reinvest in their first pay advance operation. That was 3 years ago. There are now 1500 offices and that is just one conglomerate. Business growth like this does not occur without phenomenal profit potential. I would consider a 200%, 300%, or 400% APR a sizable potential profit, wouldn't you?

But another e-mail referred to an article in a Memphis newspaper. The author of the article queried one of the owners/managers of a check advance business and pointed out that high fees [$20 for 7 days on $300] worked out to be a 360% APR. The payday loan owner said, "It did not matter what the yearly rate was if you only needed the loan for a short period of time."

The owner is right- or is he? We have already addressed the fact that the tendency is to use such a system again and again. If I pay a loan back and then take out another, and then another, and then another, I bet I can make a strong case for 360% APR.

But it is not an APR.

It is a fee. The Glossary of Political Economy Terms from Auburn University defines Interest rate as "The price(s) of obtaining the temporary use of money that one borrows from someone else who actually owns it, normally expressed as a percentage of the amount borrowed per year." A fee, on the other hand, is "a charge for services rendered".

Therefore, it is not an "excessive APR" because it's a fee and any comparison to usury is comparing apples and oranges. So how could it possibly be loan-sharking? DUH. What is wrong with me. But here is another little tidbit. Collectors cannot take partial payment for advance check pay back because advance pay is not considered a loan. Advance check operations fall under non-sufficient fund (NSF) laws, which means they can demand the local district attorney's office to act as their collection agency.

No wonder these operations are flourishing. They have it all going for them.

Authoritative Words From Others.

The Consumer Federation of America calls it legal loan sharking:

"The Consumer Federation of America describes them [Payday Loans] best: 'Payday loans are single-payment, short-term loans based on personal checks held for future deposit or on electronic access to personal checking accounts. In a typical transaction, a consumer writes a check for $117.65 to borrow $100 cash, with the total amount due by next payday or in up to 14 days. The $17.65 finance charge computes to a 459% annual percentage rate.'"

And the very respected American Association of Retired Persons has this to say:

"typically involve small amounts of money lent for a short period at very high interest rates. The customer -- usually a low-income individual who is excluded from mainstream lending sources.... Many borrowers end up renewing the loan over and over again because they cannot pay off the loan and still have insufficient funds to cover the check when the loan period ends. In the example above [charge $15 for a $100 loan for two weeks], they would pay another $15 each time they extended the loan, receiving no additional money in return. While the effective annual interest rate depends on the fee and how many times the borrower pays an additional fee to renew the loan, estimated annual percentage rates around the country range from 700% to 2,000%."

Alternatives to Payday Loans

FTC and Consumer Federation of America (among others) suggest some of these alternatives to Payday Loans:

1. Make a realistic budget, and figure your monthly and daily expenditures.

a. Avoid unnecessary purchases - even small daily items.

b. Build some savings - even small deposits can help - to avoid borrowing for emergencies, unexpected expenses or other items.

c. Putting the amount of the fee that would be paid on a typical $300 payday loan in a savings account for six months can give you a buffer against financial emergencies.

2. Find out if you have, or can get, overdraft protection on your checking account. If you are regularly using most or all of the funds in your account and if you make a mistake in your checking (or savings) account ledger or records, overdraft protection can help protect you from further credit problems. Find out the terms of overdraft protection.

3. If you need help working out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. There are non-profit groups in every state that offer credit guidance to consumers. These services are available at little or no cost. Also, check with your employer, credit union or housing authority for no- or low-cost credit counseling programs.

4. If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.

5. Ask your creditors for more time to pay your bills. Find out what they will charge for that service - as a late charge, an additional finance charge or a higher interest rate.

6. Shop for the lowest cost credit available from cash advances on credit cards, small loans from a credit union or a small loan company.

7. Consider asking your employer for an advance or turning to friends or family when an emergency arises. Put in writing a good faith agreement to pay them back by a certain date.

8. Some community-based organizations may make small business loans to individuals.

9. Ask for more time to pay utility bills.

Breaking Out of the Downward Spiral

Please understand, I am not advocating not paying your just debt. But the following are ideas presented to me by others who have been caught up in the payday loan spider's web. They are offered to your for your prudent decisions.

1. "Came to a point that I could not pay them. I called them and told them. They asked what I could send them and placed an amount. One even told me if I could not make a payment, just to call."

2. "Criminal bad-check laws do not usually include post-dated checks. Furthermore these can be discharged in bankruptcy. At the time you write these checks, the lender knows they are bad because they are post dated. They therefore are not generally considered "bad checks" but "bad debts", and ordinary debt laws apply. So, at least from a legal point of view, skipping out on the payday lender is no worse than skipping out on any other lender."

3. "I would close the checking account. Open a new one and then start paying them with money orders. This might be a temporary option so that you can get caught up on your mortgage. I would hate for you to get even further behind just to pay the Check for Cash people."

4. "Stop payment on the outstanding checks they already have prior to closing the account to de-fuse the possibility of getting stuck in the ChexSystem mess."

5. "I was once caught up in the payday advance situation. What I ended up putting a stop payment on the checks (2) and then making payment arrangements with the company. Even though they weren't too happy, at least I was making a dent in the debt and not incurring any more charges. Although one of the places wrote it off to a collection company, they still accepted getting $25 a month each. Then I could use my paychecks to pay my bills, instead of the fees they charge you. While it may not be the perfect solution, at least you will break the payday cycle. Hope this helps. Also when I made the payments I used money orders."

6. "Check the laws for your state regarding the Check for Cash places. I know in Florida you can contact the lender and tell them you will not be able to pay the check. They give you 90 days to pay the check but you must enter into a debt counseling class. Maybe your state has a law like this."

7. "I wrote to the payday companies, certified mail (even if they are in your hometown, I'd do this because it legally proves you contacted them). I told them that due to unforeseen circumstances, I could no longer pay them. I offered a payment plan that was more than fair, even including their interest fees. A few of them refused, but they ended up having to accept what I could pay, and those that refused ended up not even getting the interest."

8. "Stop paying them. I believe that all states now have laws prohibiting them from prosecuting you. If you've written the letter telling them they can't pay, and then stop payment on the check, you will have protected yourself somewhat if they chose to go after a civil judgment (they won't). Then, make payments YOU can afford...DO NOT let them set the terms. Once you get your mortgage, electric and phone caught up, increase the payments to the payday loan people significantly until you can pay them off, but don't increase them to the point you can't pay them."

9. "The best thing to do is to contact the payday lender as soon as you find out that you cannot pay them (due to your employer changing paydays, or other reasons). IT really helps if you can provide documentation or a contact (such as your boss, or payroll company), to back up your story. Most payday lenders are flexible, and would rather get paid late, then not at all. Again, think of yourself as a lender, and your brother-in-law that owed you money came to you and explained that his baby unexpectedly got sick. You are more inclined to believe him if he shows you bill from the doctor with a date on it that is after you loaned him the money, right?"

10. "Section 3-104(2)(b) of the UCC, defines a check as 'a draft drawn on a bank and payable on demand.' A postdated check, since it is not payable on demand, does not satisfy this demand. Consequently, it has generally been held by most states that the giving of a post-dated check does not constitute a present fraud nor is it within the scope of the bad check laws."

What can we as a society do?

Consumer Federation of America offers major insight to answer this question in the following statement.

"Failing an outright ban on cash advance loans, this type of loan should be explicitly regulated through state small loan laws requiring licensing or registration with state banking officials. Disclosures must comply with the federal Truth in Lending Act."

1. There should be an absolute cap on effective annual interest rates. States should limit the size of these loans, set a minimum term that realistically permits the loan to be repaid, require written contracts, forbid multiple loans and roll-over of cash advances into new loans, and prohibit lenders from threatening borrowers with bad check laws if they fall behind on payments.

2. Lenders should not be permitted to bring criminal prosecution for failure to pay cash advance loans on checks and these loans should be treated as unsecured debt for purposes of bankruptcy. States should collect industry-wide data to monitor the business.

3. The federal government should close any loopholes that permit national banks to make payday loans in any state that prohibits state check cashiers or state chartered financial institutions from making this type of loan. The Comptroller should require banks to comply with the consumer protections in the states where they do business.

Readers will probably be interested to know Mike, the author of this article, also offers a free debt elimination mini-course via e-mail. You can enroll at Debt Free In 7.5 Years http://www.learncreditmanagement.com/debt-assistance/

Mike has been an Internet Guide/Writer in the field of Credit/Debt Management for over 10 years. His site was awarded Best Of Net by Forbes Publication from 2000 to 2005 with site visitation doubling to over 500,000 average views per month in the last year.

He has also offered debt elimination seminars to businesses and community colleges for the last 9 years. He has been interviewed on the radio a number of times and referenced in numerous publications.

http://learncreditmanagement.com

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Florida FHA & VA Home Loans Will Subsidize The Loss of Subprime Lenders

If you have any doubts if Florida FHA and VA home loans are the answer to financing a home with little or no money down, read this carefully. This year in real estate is getting off to a very slow start. Home prices are dropping sharply as the bubble has burst in Florida. What goes up must come down is a fact. 2007 is predicted to be the year for foreclosure.

It is a fact that sub prime lenders bit off more than they could chew so to speak, as did many home buyers. Now the surviving lenders are sitting back, licking their wounds and searching for strategies to boost their business. It simply became to easy to get a loan. Lenders were offering 100 percent mortgage financing to home buyers with far less than perfect credit. The lenders were offering no income verification programs, no proof of employment, no cash reserve programs to home buyers that had already proven in their past credit history that they could make some mistakes. At one point in the summer of 2006 it appeared that anyone could get a home loan.

It seemed that the basic qualifications were that the borrower be able to fog a mirror. Those days are now gone and more than likely forever. It has always been my opinion that there isn't any better home loan program's on the market than FHA and VA insured home loans. FHA and VA home loans provide up to 100 percent financing for borrowers who qualify. For a borrower to qualify they must meet FHA and VA underwriting guidelines. The home buyers credit can be less than perfect. If the borrower has ever filed bankruptcy, the bankruptcy must be discharged 2 or more years and the borrower must show that they have established new credit, as well as paid their debts on time since the bankruptcy has discharged. The home buyer must be able to also verify good employment, income and a good rental or previous mortgage history.

A credit score is not a factor in qualifying a candidate for an FHA or VA mortgage. The FHA and VA mortgage programs have low fixed rates, as do conventional mortgage financing programs. These rates are also far below the rates of sub prime lenders. Once again, I feel that FHA and VA insured home loans are the best thing available for home buyers to buy the home of their dreams with little to no down payment requirements. It is a great time to buy a home now, as prices have fallen and sellers are anxious to sell their homes at big losses and discounts to the home buyer. Good luck.

Glenn Keller is a veteran Florida mortgage broker and is associated with Bretlin Home Mortgage of Florida in Saint Augustine, Florida. To learn more about buying a home with an FHA or VA mortgage, visit his website at http://www.bretlinfloridamortgage.com

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Payday Loans - The Legal Loan Sharking Industry

Laws have been created to protect people against "Loan Shark" practices in which short-term loans are given out at excessive interest rates. There is an industry that has come of age the last couple of years that has circumvented these laws. Enter the Payday loan industry.

Payday loans is a some-what new multi-billion dollar industry in which people borrow money to tithe them over until their next payday. These loans also go by the names cash advance loans and paycheck loans. They prey on the lower class that find themselves short of money before a payday.

The one thing to consider when looking into a payday loan is the APR or Annual Percentage Rate that these loans carry. At first glance, you may think paying $240.00 for a loan of $200.00 for two weeks is ok. The A.P.R of this loan comes to a whopping 520%. That is the amount this loan would cost if played over a years time. Compare this with a high interest credit card of 29%. When you see it compared to these numbers, you can see they are not the bargain you first thought it was.

A representative from a payday loan company has agreed to be interviewed for this article on the condition his identity and that of his company be anonymous.

I asked him, how can they can justify such enormous interest charges. His reply was "Because we can. There are loopholes out there that allow us to do this. This is a high risk loan for most cases so we need to charge enough to cover bad loans and to make a profit."

When asked about if payday loans are ever a good idea, his response was "Sure. For example if you will be late on a credit card payment of $70.00 and will be charged a late fee of $30.00 then the APR of the payday loan justifies getting one. You will save points if you get a payday loan and not pay the higher interest rate of the late fee."

When you should get a payday loan:

There are times when payday loans are justified as discussed above. The primary example when your late fees are more expensive than the late fees paid to your creditors.

Another non-tangible justification is when you can avoid getting reported for a late payment. This can be far more expensive than any payday loan fee in that it could affect the cost you pay for future loans. This is especially true if it's your mortgage or car payments.

Yet another reason to get a payday loan is that you determine that the cost is worth it to you personally. If you are headed for the long awaited vacation and could use a few extra bucks to enjoy and can afford the fees then you should look into this.

A final thought on when you should get a payday loan is if you need that cash and it's free. That's right free. There are a many sites out there that charge ZERO interest to all first-time customers. One such site can be found at Low Cost Payday Loans.

What to look for when getting a payday loan:

The first thing to look for is the APR. Federal law has made it so that every lender must disclose the cost of any money borrow through a Truth in Lending Disclosure. This must break down the cost by APR (Annual Percentage Rate). This is the first thing to compare loans by.

Another thing to look for is the length of the term. If two companies charge the same rate for every hundred dollars borrowed but company A has a term of up to four weeks and company B has a term of two weeks, then go for Company A and take advantage of the extra four weeks. The APR of Company A is half of Company B. The reason this differs from the first item is that sometimes they base APR on a fixed amount of time (two-three weeks usually). When you read the fine print that the fee charge is fixed and may allow you to pay it back in a longer term such as four weeks.

The bottom line:

Do your homework when getting a payday loan and look for free to low cost payday loans if possible. The money you save can be substantial. Look for lower cost payday loans and No Fax Payday Loans. These faxless payday loans allow you to apply without needing to submit documentation via fax.

R Vigil
Finance Consultant At
Faxless Payday Loans.

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While preparing for his mother's AB149 & HAMP home mediation, Celebrity Real Estate Agent Aaron Auxier talks from the hard hit city of Las Vegas, Nevada. With hope, Aaron shares how we must rise up and be strong. Today, we have been given fresh clay. It's time we reshape the town. It's time to create a bright future full of medical tourism, cutting-edge technology, solar and wind energy creation, casinos, conventions, beautiful master-planned communities such as Summerlin and Green Valley, and a vast array of adult entertainment, nightlife, and exciting memories. Las Vegas, Nevada has the tools to lead a national economic recovery in America. Do you believe?



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