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Posted: Wed May 24, 2006 7:49 am Subject: Closing Bank Account

Does anyone know how some PDL's react when you close your account and they try to removed their fees from your account? Do they just call you? I'm hesitant to close my account, but I am in the beginning stages of consolidation and my fees are due Friday and I don't want to put out money for something that will be soon consolidated. Thanks for any help!

Posted: Wed May 24, 2006 8:09 am Subject: Close bank account

About a month ago, I closed my bank account and opened a new one. I made sure that the account numbers were totally different. The seven PDL places haven't been able to pull any fees. For me, this was the first step in gaining control of an ugly situation. Closing the bank account gave me the power to do something, instead of feeling helpless.

The PDLs have called, e-mailed, but have been quite nice, especially if you call them and tell them what is going on.

Good luck!

Posted: Wed May 24, 2006 8:15 am Subject:

Closing the bank account was the best thing I ever done since it helps me gain control of my finances. My paychecks were held hostage by the PDLs fees/renewal fees/some questionable debits for song long. They put my mortgage, car, and ulilities payments in jeopardy so I had no choice but to close. My fees are due tomorrow and I have contacted half of them to do payment arrangments or let them know that the debts were turned over to T&C. Most of them were willing to work with me. The ones I'm having problems with are Nationwide and CashTransferCenter (which is not a surprise due to their reputations).

Closing the bank account is a first step to your financial freedom. Make sure you contact the PDLs and let them know what is going on.

Posted: Wed May 24, 2006 8:33 am Subject:

I agree, closing your acct is the first and best step in the consolidation process. You don't want to have the companies debiting money when they are also getting money from the consolidation company. Also don't want to risk NSF or overdraft fees, and you need to have that money to pay your bills.

There have been some stories of people not closing the bank acct, and companies continuing to debit past the time the loan has been repaid in full. Better to be safe and protect your interests first.

Posted: Wed May 24, 2006 9:28 am Subject:

I couldn't agree more. Closing my bank account when I started the consolidation process gave me peace of mind. So far, I have been called once, sent a couple of letters and sent emails that my PDL is past due. I would close it PRONTO! I went to a completely different bank and opened a new one. A bit of an inconvenience, but well worth it.

Posted: Wed May 24, 2006 9:41 am Subject:

I did the same thing,closed one account and opened another,they called and emailed but I joined a consolidation program,and now have them all paid off.Its the best way to go in my opinion.

Squeak · Posted: Wed May 24, 2006 5:12 pm Subject:

I also closed my bank account becasue they were taking a differnent amount out each payday ( ICS). I have tried writing them, I no longer have a home phone.... THey will NOT respond to my emails. I did write them, I got the address form here. But so far, nothing!! I am currently out of work,and my boss tells me that they are calling there every day. Even tho she tells them I amout sick. Is there any way to get them to stop calling my workplace? I am so glad I have found this site!!

Posted: Wed May 24, 2006 5:21 pm Subject:

ICS has already violated so many federal laws. Nothing seems to put a check on them. I believe you must have placed your complaints with the federal authorities. Let's wait for them to come into action. They need to get large number of complaints to take any legal actions. So everybody against ICS must report to the bureaus.

Posted: Wed May 24, 2006 6:39 pm Subject:

Would it be illegal for the person answering the phone to say that you no longer worked there? Or send them a cease and desist letter?

Posted: Thu May 25, 2006 10:54 am Subject:

Hi Lorri,

I can understand the situation when something like this came in your mind? But my take on this matter is that instead of running away from the lenders, you need to understand the purpose their frequent calls. The calls must end if the problem has been taken care of.

A cease and desist letter does not legally work on creditors or lenders. It is meant for collection agencies only as per the FDCPA laws. However, you can put your request in writing of not to contact you at your place of work. This should be honored by the companies after they have received it.

Posted: Thu May 25, 2006 12:29 pm Subject:

I did not know that about the cease and desist letters. As for saying that she no longer worked there, I was thinking of a quick fix to get them off of her back at work.