I currently have 9 outstanding payday loans and would like to consolidate them. We are a sinking ship paying the interest only every two weeks in the amount of 780. I will never pay them off and I am getting behind on other bills. Can someone help me figure out how to get the much needed help?
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You need to close your current account and open a new one at a new bank if at all possible. This is the first step in taking back control of your finances. Be prepared for the harassing and very THREATENING phone calls from these internet payday loan companies. Just know this, they are going to threaten to press criminal charges against you and have you arrested. No matter how real they make these threats sound. IT IS ILLEGAL FOR THEM TO THREATEN YOU WITH THIS, because you will NOT be charged with a crime nor will you be arrested.
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What the hell is this from owenmax????? You've got to be kidding!
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bflow30,
Welcome to the forums :) First of all take a deep breath and try to relax for a minute. We can help you on your journey of getting out of the pdl trap. May I ask what state you are in? This will help us determine the lending laws in your state. Are these all internet lenders or are some storefront? Steelers, gave some great advice as well. You will want to close your checking account and open a new one. It's one of the first positive steps in getting out of this trap. Don't worry, we are here to help!
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Before you close your checking account, check with your bank on their policy of debits coming through on closed accounts. Some banks allow debits to come through even after the account is closed. Then the pdl's could go through and you could end up owing a perfectly legal bank a lot of money. If they say the do allow this, see if they can put a hard hold on it first to keep any debits from going through...then have them close the account. You will feel so much better once the account is closed and they can't touch your money!
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I am fortunate in the bank account issue as I had already started a new savings account and they will allow me a checking to link to it. Of course, the savings is empty, since the PDL's have all my money each month, but, it will get better. How can I find out if my PDL's are licensed in my state?
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I hope that is a new checking account and a new savings account. Because these crooks have been know to get into the savings with the old checking account left opened and linked to the savings. I know, it happened to me. :(
Here is the link to your state's laws and it also provides a link to your state's lincensee lookup data base. Just click on your state.
http://www.paydayloaninfo.org/states.cfm
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Are the new accounts at a different bank? If not, I would highly recommend going to a new bank all together. Sometimes these places do searches by social security number and the banks allow them access to the new accounts and you find yourself back in the same situation.
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Steelersi,
It ia at a new bank. Thanks for the link to my state laws. How can I find out if the companies I used are licensed in my state?
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That link should also provide another link to your state's licensee data base look up. It would be at the bottom of the page which state's your state's pdl laws.
And I am glad to hear that these new accounts are at a new bank! :D
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