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 Posted: Mon Jul 30, 2007 1:01 pm |
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I have out about six pdls that are all from the internet. And I cant do it anymore and my bank account is WAY over drawn and I have no idea of what to do! What will happen when my account closes? Do I give them my new account number and pay them back? I am so confussed and frustrated that I even got myself in this situation!
I am in California and my loans are through Pay Day One, Star advance, 500 fast cash, Onestep Cash and two others. And I am not sure of what the laws on pdls are in my state. Please any advice would be greatly appreciated!!
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melissacollier2005
Joined: 01 Jul 2007
Posts: 3
Debtcc Points: 168
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| Posted: Mon Jul 30, 2007 1:09 pm |
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Could ypu please tell us how much each one was for and how much you have paid so far. You must go to your bank and explain what is going on and see if they can't at least freeze your account. Then request a live check from your employer and open a new account in a different
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3767
Debtcc Points: 31152
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| Posted: Mon Jul 30, 2007 1:11 pm |
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| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code §§ 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
http://www.corp.ca.gov/ |
There are very specific amounts that they can charge you in CA for pdl's . . . KSCornell, one of the members here, is from CA too and can better advise you on the laws there.
But you do need to get your bank account straightened out. Read this thread about some information you need to ask at the bank -
http://www.debtconsolidationcare.com/paydayloan/close-account.html
But they probably won't close the account until it is positive. See if they will put some sort of block on the account to stop the fees.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Mon Jul 30, 2007 1:15 pm |
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Do not give any one of these places your new account number.you will have to pay the amount that you are overdrawn on your old account ( maybe they will let you pay it down. For now however let them put a hard block on the account so no more ach go thru You can
open a new accoumt in another bank , but if your old bank reports you to chex (and they will if its overdrawn) your new account will be closed, Banks do a sweep of new accounts to see if anyone has opened a new account and has not paid their old overdrwan account
You will be on chex for 5 years so it is important to pay what you owe the bank. Trust me i was overdrawn 1100. and had to pay it all back at one time. My bank would not let me pay it out
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Mon Jul 30, 2007 1:20 pm |
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My bank actually reversed the NSF Fees when I talked to them> Unfortunately they did not close the account and it got overdrawn again. Coomunication si important. Do not just walk away and leave it or as Kashzan says. You will be reported to chex systems.
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3767
Debtcc Points: 31152
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| Posted: Mon Jul 30, 2007 1:26 pm |
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melissa, it's okay. You've got your laws posted for you now. That's good information to start with. Get your bank account taken care of ASAP. That's your next step. You need to prevent the pdl's from debiting again. If it's in the negative, they will not close it; however, they can put a hard debit block/freeze/hold on it so no more pdl debits go through. Read the link provided if you need more info. on closing your account. DO NOT, under any circumstances, give these pdl's any new bank account information. Do not. Please list on here all the internet/storefront pdl's that you have out, what you borrowed (principle only) and how much you have paid them so far. Please, post this information and we can help you. But get your account blocked ASAP. Do not let any more pdl debits go through. Please post further with questions! We're going to help you!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
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| Posted: Mon Jul 30, 2007 1:44 pm |
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Never, Never, Never give out your account information to anyone again! I will not even pay bills online ever again. I went through this nightmare with PDL's as well as having my account number accessed through spyware and have had money taken that way as well. I don't even use my debit card online anymore. I went back to the old fashioned way of actually "writing" checks for bills.
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bflow30
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bflow30
Joined: 15 Jun 2007
Posts: 521
Debtcc Points: 8284
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| Posted: Mon Jul 30, 2007 5:36 pm |
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Communication is very important when you talk to your bank..it may be embarrassing to tell them what happened but you need to try to get as much help from them as possible. And every bank seems to handle things differently..I ended up with over 1K of nsf fees and then let me make a payment plan with the hope of reducing the amount in a few months...I also got their guarantee they would not report it to Chexsystems...go in and talk to them..explain the loans are illegal and they are debiting illegal as you are revoking their rights...
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2336
Debtcc Points: 39296
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| Posted: Mon Jul 30, 2007 7:32 pm |
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Morningstarr430,
Would they not reverse any fees for you? All of my fees came AFTER the companies were notified to stop debiting, so, my bank SAYS they will reverse them once the investigation is complete and all the affidavits are signed, etc. I do have copies of all letters with dates that I emailed, faxed, etc. Hopefully, but they have not reversed them yet! I am now at 1176 overdrawn!!!!!
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bflow30
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bflow30
Joined: 15 Jun 2007
Posts: 521
Debtcc Points: 8284
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| Posted: Mon Jul 30, 2007 7:53 pm |
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My bank would not reverse them...I found this site about 2 weeks after I closed my account (or tried to) and then I immediately sent letters out to C&D..but the ipdls kept debiting anyway. The LP dept. of the bank said after I make a few payments I can go to the bank and petition the bank manager to take some of the fees off...she said it had to come from the bank..so I will try. I make my first payment 08/15. At least they were very nice about making payment arrangements...and sending me documentation...also of not reporting me to Chexsystems.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2336
Debtcc Points: 39296
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| Posted: Mon Jul 30, 2007 7:55 pm |
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I am hoping my bank will stick to the fact that they said they will begin to reverse fees once I get the affidavits signed. We'll see. If not, they can only get $100 at a time to pay down. I don't know what else to do.
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bflow30
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bflow30
Joined: 15 Jun 2007
Posts: 521
Debtcc Points: 8284
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