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 Posted: Thu May 29, 2008 12:35 pm Subject: Just took the plunge.
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So I finally did it: I started to fight back against the PDL companies. But I'm scared stiff.
I have four debts totaling $1830. I signed up with a payday loan debt management company called Progressive. They seemed pretty professional and the response was quick.
Anyways, I'm jumping ahead. I talked to Progressive and they told me to close my checking account, which I did (sort of). I haven't even sent the PDL companies anything stating that I am seeking the services of a debt management company; Progressive told me that they fax a power of attorney sheet to the PDL's as soon as they get it from me and that they handle all communications.
I went to the bank and explained my situation. The representive told me that she is keeping my account open until tomorrow because I'm getting paid by direct deposit, and then she will close it after funds have been transferred to my new account (which I already have). I think there's too much room for error, so I'm going to transfer my money tonight (deposit will post around midnight) and call her first thing in the morning and have her close it right then.
I asked her what will happen when the PDL companies try to withdraw the money and she told me that it will be returned to them because the account is closed. I made sure that they don't open the account or assess any fees; she said the account is closed, they get a return on their transactions and its pretty much up to me to deal with the companies. I'm cool with that as long as they don't reopen the account or assess fees or whatever. My bank is Navy Federal Credit Union if anyone else has experience with them.
I guess I'm just typing all this out for stress relief. I'm stressed out beyond belief right now. Did I do things the right way? Any thoughts? Anyone ever deal with Progressive and/or Navy Federal?
Thanks.
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damooster
Joined: 24 Feb 2008
Posts: 6
Debtcc Points: 207
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Posted: Thu May 29, 2008 12:44 pm Subject: plunge forward
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you did the right thing. i signed up with a company too, and closed my account, the phone calls suck, but the weight off of my shoulders has been great!!! good luck!!
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mardischmid
Joined: 12 May 2008
Posts: 25
Debtcc Points: 320
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Posted: Thu May 29, 2008 2:27 pm Subject:
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Glad to hear that you have taken the first step and closed your account. You will still get calls from them and they will be threatening in nature and probably tell you they don't accept any partial payments but they will.
If they want their money they will take it. If you have any problems with them just refer them on to the company that you are dealing with and let them handle them.
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ladybug
Joined: 29 May 2007
Posts: 2706
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wssu91
Joined: 31 Mar 2008
Posts: 414
Debtcc Points: 2129
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Posted: Fri May 30, 2008 5:57 am Subject:
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And for goodness sakes, if you DO send them payments towards what you owe, use a money order, prepaid credit card, or something like that. Do NOT give them your new account information or your personal credit card numbers, or you'll never get rid of them.
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Pachacutec
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Debtcc Points: 100
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