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Posted: Wed May 16, 2007 8:21 pm Subject: Started the steps

I hope this won't post twice. I started to type and my screen went away before I hit submit. Hi everyone,
have had a busy day. Closed down the BofA account and am getting ready to sent ACH revocation and wage assignment revocation letters/e-mail to worldwidecashnow and EZPaydayCash. Probably send those over the weekend. BofA told me that ACH debits could force open the account but if we have proof of revoking their right, we can file a claim and she told me to keep an eye on the account and call her right away if something happens.
We opened up the new account at the CU and will close the other one just before payday. I need to notify One Click Cash(they already got the ACH revoke letter but had allowed me to "skip" a payment. I also need to notify CashNetUSA but not sure how far in advance because I need to make sure account is closed.
I spoke with Stacy at T&C today and she made me feel a whole lot better about all of this. She even said to just let the storefront loans get returned NSF/closed account and by the time they get them back T&C will start to connect with them. Thank God the banks are closed on Memorial Day. I will have a respite.
Should I contact EZPayDayCash and worldwidecashnow after I send the other 2 letters and advise I will be contacting them regarding repayment? Then I can just let T&C handle them. What do you think?

Posted: Thu May 17, 2007 7:19 am Subject:

I would let T&C handle them . . . . That's what you're paying them for, right?

It sounds like you are off to a good start and have your bases covered. I would be sure to get the revoke letters out at least 5 days before the payment would come out. That way you can prove to the bank that you revoked it in enough time for the company to stop the transaction.

Be sure to do as BofA said and really watch the account. The pdl places will send transactions through, and the account will get forced back open. You may want to go back and ask them if they could put the account on deposit only or something like that. That way you wouldn't have to worry about it opening again. But if it does open, be sure to make sure that BofA will also credit you the nsf fee you will get. Some banks will reverse the transaction, but not reverse the nsf fee.

Posted: Thu May 17, 2007 9:02 am Subject:

Sounds like you are off to a good start! Once things start going, do prepare yourself for the rude phone calls and know that you cannot go to jail for interet PDL's. Good luck and keep us posted.

Posted: Thu May 17, 2007 10:14 am Subject:

is cashcall a payday loan???

Posted: Thu May 17, 2007 10:17 am Subject:

No, it's an installment loan. They are backed by a bank, so that they can get around state interest rate caps.

Posted: Thu May 17, 2007 10:18 am Subject:

oh...i knew that lol

Posted: Thu May 17, 2007 10:21 am Subject:

I wish they were treated like a pdl . . . . With the rates they offer and the high amount of the loans they should be subject to better regulation.

Posted: Thu May 17, 2007 10:57 am Subject:

Wish they didn't advertise on TV and make things look so easy and simple and how much it will help! I am sure they have disclaimers on their commercial but they are either too small to see of they flip past so quick no one has a chance to read them Bad News!!!