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Posted: Fri Apr 07, 2006 4:28 am Subject: Payday loans with different names

I have an outstanding payday loan with Cash Transfer Centers, which I found out from a few of you on here has a ton of different names like, Sonic/PRL, possibly more. I've tried to set up payment arrangements with them, they said no. Is there a way that I can block these people from drafting my account? I heard that if I block just one name, they can go under another name. I don't really want to open a new checking account.

Posted: Fri Apr 07, 2006 4:51 am Subject: CashTransferCenters

Here in Canada, I can see by the name who debits my account. Usually they use Payroll Loans Loan as a name. Talk to your bank, and ask them to freeze ACHs from them.

By the way, up here, they are known as E-Care Contact Centers based out of Surrey, B.C. Their number is 604-588-2260.

Posted: Fri Apr 07, 2006 6:39 am Subject:

When Sonic was debiting our account for their outragous loans, they always came through the bank as Coastline Credit.

Posted: Fri Apr 07, 2006 7:22 am Subject:

Asking your bank to do a stop pay on an ACH is difficult since most payday lendors break the loan in half, and make 2 different attempts in getting their money back. This means you would need to know the amount they're going to seek back. You would have to do this every payday too, which could get costly.

One thing to ask yourself is, do I really need to block the repay of this loan this pay period? If you have absolutely no way to pay this loan back, and are afraid of the NSF fees about to happen, then changing your account number might be the only option.

The loans are meant to be only used for a short period of time. Perhaps letting it pass through your account to pay it off would be best, so as not to be paying top dollar in interest.

Remember changing your account number doesn't hide you from the loan. Although this is best option than just paying stop pays, you could be getting added fees each pay period added to your original loan.

Regards-
Mike

Posted: Fri Apr 07, 2006 8:36 am Subject:

Actually, Mikey, here in Canada once you put a stop payment on an ACH, it is good for six months (minimum). You don't necessarily have to put an amount only the company name.