Your so called friend is not telling you the truth. When you loan money from a payday loan company they take your debit card number. When they go to your account for the repayment of the loan they do not do it via direct debit they do it through your debit card number via continuous payment authority and cancelling a debit card does not stop this payment going through. i have 3 payday loans of 600 each I have been paying on them for 1 year 400 per month of interest. I cant see to ever have money to pay them off. If you defaulted on your payday loan or think you can't pay it back, find out your rights and what steps the lender could take against you. Learn what can happen if you don't pay back a payday loan. This video and more information on the consequences of not paying back a payday loan can be found. i live in michigan an i have taken out two payday loans that im unable to pay back due to unforeseen circumstances and i was wondering what happen when you don't pay them when you are supposed to can and will the sue you for the amount it only 500 total. And how long will it take for that to happen do they give you a grace period before the take legal action The worst? Annoying phone calls, letters and text messages. If your PDL is sold to an aggressive collections company for a few pennies on the dollar, the messages can be somewhat threatening. I suggest you close your current bank account and get a. Because New Jersey has a cap the interest a lender can charge, you won't find any payday loans. But there are still other options you can explore. People Who Dont Pay Payday Loans Back. December 5, 2019 December 18, 2019 by Lisa Castaneda. Do you continue to pay your monthly bills? Do you wish for your auto.insurance premiums to drop? Most of us think we shouldn’t pay any of the ever everyday things that disrupt our lives because you owe months of rent or mortgage payments? A payday loan default can drain your bank account and trigger collection calls, a lawsuit and wage garnishment. Here are some actions you can take to protect yourself if you cannot pay. OUR PROMISE TO YOU: Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more. How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way.