Debt Consolidation Care Answers
Debt Consolidation Care Answers

 

How do I stop Payday Lenders from Debiting my account???  

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I am in debt with 5 payday lenders. i am no longer able to pay my bills because of the fees ect.... This is a viscious cycle. How do i get out of it??
 

asked Dec 29, 2006 06:22 AM

swynn

4Answers

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Swynn,
Welcome to the site. You have a couple of options. You can close your account and open a new one or you can place stop payments on the payday lenders, but that can prove to be costly. Also, the lenders can use another name and code in order to get the funds.
Also, have you tried contacting the lenders to work out some type of repayment plans.

answered Dec 29, 2006 06:28 AM

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Talk to your bank and see what options you have. I know sometimes people are not in a situation were they can just close thier account right away like myself. I didn't switch my direct deposit in time so I just had my bank put one big block on all debits from my account. Liked mentioned above if you just stop payments on the amounts or the company names, sometimes they will change the amount or use and affiliate name. Also you can prepare a letter to your PDL's stating that you are revoking authorization to make any further debits from your account. If you fax or send them a letter certified make sure you save a copy to show your bank.

answered Dec 29, 2006 07:09 AM

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Please also go to paydayloaninfo.org and check out your state laws on payday lending. Also file complaints with your state Attorney Generals office the more complaints that go in the better. Payday lending is prohibited in several states already hopefully the New Year will bring more. Best Wishes KYSIDE38

answered Dec 29, 2006 07:56 AM

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Check your state laws and calculate the total payments done on each of the accounts. If you have been sending money since long time, chances are that your accounts are already paid by now according to the laws and you are not aware of it. In that case, you will have to write letters to your pdls for marking your account PIF.

answered Dec 29, 2006 10:12 AM

1 

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