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 Posted: Tue Oct 30, 2007 12:17 pm Subject: Had too many NSF on my checking accounts
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i am in really down under in payday loans I stay in mobile, al and i have like 5 cash advances totaling to maybe $1,250. I have had too many NSF on my checking accounts. Now I have to pay the banks back plus them how do i get out of this????
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jkennedy
Joined: 30 Oct 2007
Posts: 4
Debtcc Points: 134
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Posted: Tue Oct 30, 2007 3:50 pm Subject:
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Hi Jk and welcome....
Did they close your account due to the NSF's?
Who do you owe your pdl's to?
How much have you paid so far?
Are they internet or storefront?
Here are the laws for AL and post back with this additional info and we can help further!
Thanks!!
| Quote: | Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin,
http://www.bank.state.al.us/ |
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24893
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Posted: Tue Oct 30, 2007 4:03 pm Subject:
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Also, talk to your bank. I know it's humiliating, but you're going to have to swallow your pride and tell them what's going on. You'll want them to close the account..Or at least freeze it..So you can't rack up any more NSF fees. I know a lot of banks have a policy that if your account is overdrawn they can't close it, but if you are honest and explain the circumstances, they may be able to help you out.
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
Debtcc Points: 59819
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Posted: Tue Oct 30, 2007 4:52 pm Subject:
Latest Blog Post : Goals & accomplishments |
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The best thing to do is like finsfan said, go to your bank and explain what happened. You are not the first one to go through this humiliation. Are the loans store front or internet based loans?
_________________
Working my way out of this debt, one day at a time!
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fedupinpa
Moderator
Joined: 22 Jan 2007
Posts: 1666
Debtcc Points: 21375
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Posted: Tue Oct 30, 2007 5:11 pm Subject: pdl
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If the bank will 'work' with you ,maybe you can change your bank account number and STILL stay at the same bank. That's what I had to do, some time back. the manager of the bank, was REALLY understanding and said he was gald I was trying to get this taken care of.
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sdchargers_63
Joined: 08 Aug 2007
Posts: 883
Debtcc Points: 9709
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Posted: Tue Oct 30, 2007 5:30 pm Subject:
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I had gone through the same thing 2 years ago..I bank with a credit union, and they were wonderful. They even reversed a lot of the NSF fees for me. Luckily, I was only withdrawn $150, they reversed $100 of it! Then, they opened a new account for me and kept an eye open for the PDLS. It wasn't a terrible experience at all.
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
Debtcc Points: 59819
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Posted: Wed Oct 31, 2007 11:51 am Subject:
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well being that i have direct deposit its really not a problem about the
NSF but the thing is the cash advance people come in at the wrong time and they even debit my account twice a week bc my bank allows unlimited ach so i don't kno what to do the cash advances are call speedy cash for 260 total lending 325 one click cash 325 instant loans 260 and fast wire 352.50
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jkennedy
Joined: 30 Oct 2007
Posts: 4
Debtcc Points: 134
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Posted: Wed Oct 31, 2007 11:54 am Subject:
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Jkennedy, You have a few threads running. I posted the info we need to help you, plus the laws for your state on one of you other threads.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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