Internet's first get-out-of-debt community - 144,000 members

Posted: Wed Oct 24, 2007 7:31 am Subject: I am new here and need help!

I now have 6 pdl and they are eating my checks alive, does anyone have any info that could maybe help me. I live in Washington DC, I have loans with Zip Cash, Arrowhead Investments, United, One step, Loanshop, and payday-yes.. Any info would be helpful, thanks.

Posted: Wed Oct 24, 2007 7:34 am Subject:

Welcome, and you are in the right place. Please tell us how much the loans were for, how much you have paid so far, and internet or storefront. Once this info is received, someone will be able to advise you.

Posted: Wed Oct 24, 2007 7:35 am Subject:

Jay, you have come to the right place for help. I will post the laws for DC. In the mean time, please list
Who you have loans with(I see you did)
How much is each loan
What you have paid back to each lender.Add fees and principle to get one total for each lender.
Are your loans internet or store front?

Posted: Wed Oct 24, 2007 7:46 am Subject:

I have a payment coming on the 31st. My loan for Arrow head is for 150- I have paid 90 plus I will pay another 45 on the 31st, my loan with One step is for 300- I have paid 270 and have another payment for 140 on the 31st, my loan with Cash Supply is for 300 and I have paid 150 and have another payment of 68.75, and my for Loanshop is for 200 and I have paid 60 and will pay another 60 on the 31st, and my loan with Zip Cash is for 200 and I have paid 180 and have a payment of 95 on the 31st, and lastly I just got a loan from payday trans on the 17th and my first payment is for 70, and payday yes for 350 i havent paid on that one yet.

Posted: Wed Oct 24, 2007 7:49 am Subject:

Are these all internet loans?

Posted: Wed Oct 24, 2007 7:50 am Subject:

Oh yes sorry, they are all internet loans

Posted: Wed Oct 24, 2007 8:14 am Subject:

nothing?

Posted: Wed Oct 24, 2007 8:23 am Subject:

Jay, please read the following regarding you checking account. The first thing we need to do is to stop the PDLs from taking your money. If yiou can, we suggest closing your current account and openong another at a completely unrelated bank, and give the # to no one.

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!

Posted: Wed Oct 24, 2007 8:26 am Subject:

so if i close my acct how will i repay the money that i owe these companies? my checking acct is now -301 and i only get paid 700 a check, i need to get another pdl just to get out of the red, if i dont i wont be able to pay my rent, what do i do? i was thinking of closing my acct when i get paid on next wednesday and just pay them off seperately but they will just keep accumulating if i dont pay them?

Posted: Wed Oct 24, 2007 8:27 am Subject:

You need to re-gain control of your money. Think seriously about closing your checking account BUT read the sticky at the top of this page before you do. You may also want to call the DC Department of Finance phone number listed above and SPECIFICALLY ask if you will get into legal issues by closing your account, since Criminal Action is not specified in the laws. Once you cut off their funding, start fax,email/mail certified - letters revoking your debit authorization, wage assignment, permission to contact you or your references, and to contact you only by USPS which is your right per Federal Law.

Posted: Wed Oct 24, 2007 8:29 am Subject:

Jazz. I posted the sticky above so it could be read,.

Posted: Wed Oct 24, 2007 8:32 am Subject:

i am sorry everyone, i wasnt sure how this site worked, i will keep it all in one post from now on.

So can a pdl go on your credit report? and are there any pdl companies prone to give out wage assignment?

Posted: Wed Oct 24, 2007 8:33 am Subject:

If you don't close your account, they will hit you again on payday. Close the account, then you can make payment arrangements with them, but pay your rent, buy groceries, pay your utilities FIRST. You need to take care of YOU. If they cannot get money from your account, they are pretty much helpless, if you don't count their nasty phone calls, etc.

Posted: Wed Oct 24, 2007 8:36 am Subject:

Jazz. people can only close their accounts after they make sure that they can, with out any legal implications. Some banks will reopen closed accounts to force thru ACh debits. It is not just a "close your account " type of thing.

Posted: Wed Oct 24, 2007 8:38 am Subject:

I know, I stated that in my prior post, to call and make sure she could.

Posted: Wed Oct 24, 2007 8:42 am Subject:

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