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Posted: Wed Sep 24, 2008 4:09 pm Subject: Best Course of Action???

I live in Massachusetts. I have 9 payday loans. 5 of those I know I have paid off the principle, if not more in monthly payments. I am just about to sign up for Oakview Law. They probably wont be able to stop any withdrawals before Sept. 30th. I assume.
Is there anything I can do to stop some of these ACH withdrawals without closing my Bank Account. I know if all 9 make there withdrawals I will not be able to pay my rent.

Thanks

Posted: Wed Sep 24, 2008 4:13 pm Subject:

Internet payday lenders are not legal in Ma., either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.

If you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

Posted: Thu Sep 25, 2008 7:35 am Subject:

Thanks for the help. One more question. Will a hard debit block also block my recurring car payments that I have set up???? I am assuming yes, so I would need to make other arrangements to pay that.

Posted: Thu Sep 25, 2008 8:09 am Subject:

Also, Once these debits to the PDL companies are rejected will they begin to call my employer???

Posted: Thu Sep 25, 2008 8:15 am Subject:

Most likely yes. The calls will start almost immediately depending on the PDL company. I suggest send a C&D letter to all of them ASAP. Also screen your calls at home and work. Did you give them your main work number??

Posted: Thu Sep 25, 2008 8:51 am Subject:

Hi papacodae!
I had a hard debit block on my account in the past few weeks and 2 of the PDL's tried putting their payments through as checks.
I assume that's why they want you to fax them a copy of one of your checks when you apply for the loan. Then if you stop the debits, they can try getting their money by check.
When I saw they did this, I immediately called my bank and told them I did not write any checks for the amounts and they checked and told me the PDL's were trying to get their money another way.
The credit union manager reversed the payments back to them and credited my account.
You really need to talk to your bank about this.
She also started a new account for me and I gave her a list of anything outstanding on my old account. She called me this morning and told me everything has gone thru on the old account and she was officially closing it.
I would call whomever your car payments are with and tell them that your bank account has been compromised and set up some way to pay them in the interim.
If you don't close your account, you may find some of the low life PDL's try to take money at some later date-when you don't expect it.

Posted: Thu Sep 25, 2008 4:33 pm Subject:

you'll be okay. for me, the calls didn't come right away and they weren't as bad as i feared. having them not legal in your state really will help you (as it has for me). ask us if you have any questions, this board has the best advice on the whole internet when it comes to dealing with payday loans.

Posted: Thu Sep 25, 2008 8:53 pm Subject: HELP SAME PROBLEM

I live in the bronx, new york i have 6 payday loans out i'm going crazy would you know if there are illegal in new york some one help me please am going crazy or some information you can give me how to stop them from taking my money

Thank you mel Sad

Posted: Fri Sep 26, 2008 4:49 am Subject:

No, they aren't legal in NY. Wink

Pachacutec · Posted: Fri Sep 26, 2008 4:57 am Subject:

I agree with the other posts; get into your bank and talk to the manager. They've more than likely dealt with other customers who have PDL's. Write down all of your questions before you go to the bank and read the section on this site about closing bank accounts. And since PDL's are prohibited in NY and MA, I'd also suggest that you call your State Commission on Banking, Financial Regulation, whatever, and ask if they can help you out. I live in Maryland and our State Financial Regulation Commission has been a GREAT help to me. Good luck!

Posted: Fri Sep 26, 2008 5:00 am Subject:

Hiya Pachacutec, good advice! Smile

Pachacutec · Posted: Fri Sep 26, 2008 6:25 am Subject:

Thanks! Before I go to anyone re. business, whether it's the bank, the doctor, or whoever, I always try to write down everything I want to ask; I don't care how good I think my memory is, it never fails, if I don't write down what I want to ask, I'll forget it. Too, it helps the people at the bank or wherever. In working w/ the bank and the State of Maryland and, of course!! this site, I'm getting out of the PDL nightmare and it's a wonderful feeling!

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