Took out installment loan and now lost job. They're threatening to take me to court. What can I

I live in Illinois and I took out an installment loan. I was at a payday loan place, but come to find out I took out an installment loan. I lost my job and my payment was due Monday. I told them what happened but they wouldn't make arrangements with me. Today they called me threatening to take me to court. I know that I'm not protected by the payday loan laws. I read something about CILA. What can I do? They won't work with me. They want all or nothing. I was laid off and it's taking me a while to find a job. I am not trying to dodge them, I just can't pay it all back right now. Is my only option to let them take me to court?

Took out installment loan and now lost job. They're threatening to take me to court. What can I do?

%26quot;Is my only option to let them take me to court?%26quot;

Pretty much, yes.

If they won't take a payment plan, then they can sue you.

Suing, of course, doesn't make money magically appear. I could wallpaper my office with judgments that have never, and will never, be collected on.

Richard

Took out installment loan and now lost job. They're threatening to take me to court. What can I do?

I had this situation recently. they threatened me for over 30 minutes but nothing came of it. If you don't have money to pay then they can not do anything to you. If they take you to court go and explain you are having hardships to the judge. They can not garnish wages that you don't have!

Took out installment loan and now lost job. They're threatening to take me to court. What can I do?

Don't know if you can file for bankruptcy, but you could seek legal aid and find out. If you are as sincere as you sound, an attorney might call loan place and get them to work with you rather than get nothing.

Took out installment loan and now lost job. They're threatening to take me to court. What can I do?

If they want to get a judgment, they can. Your promise to pay was not conditioned on having a job. Still, they probably don't want to and they are giving you a hard time just in case you actually have some assets available. Something you could sell, for instance. Getting a judgment would not put them in any better position than they are now. Next time let them know that this is your final offer and if they reject it then they will just have to sue and then try to collect on the judgment.