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Posted: Tue May 29, 2007 10:31 pm Subject: Should I close my checking account?

I currently owe a $2,232.99 in pdl two are store front and two are internet pdl. What can I do. I am on disability and get only $1,000.00 a month. The two internet pdl are automatically debited out of my checking account, should I close my checking account and then try to work with them.

I have a new checking account already set up and my disability check will go into it starting next month. I think I should be okay if I close my checking account and keep my savings account open as my car is financed through them. I only owe $1,000.00 on my car and it should be paid off in 11 months.

Any advise would be very helpful. I am scared that they are going to start calling my friends and sister as I had put them down as references. What do I tell them as this is quite embarrasing.

Posted: Wed May 30, 2007 4:32 am Subject:

Definately close that account and deal with them on your own terms. What state do you live in?
How much were the loans and with whom.
How much have you paid them. Certain ones will call your references. You should be up front with them before it happens so you won,t geyt an embarassing surprise like I did.

Posted: Wed May 30, 2007 5:52 am Subject:

I agree with closing your checking account in order to regain control of your finances. Then check to see if these PDLs are even legal. Storefronts usually are. I haven't found many internet PDLs that are legal. I would contact the PDLs that are legal and work out payment arrangements with you. They may give you a song and a dance at first. If they give you too hard a time, send them a check for the amount you propose to pay each month to show your good faith. If they cash it, that's the same as them accepting your terms.

As for the illegal PDLs, you are only required to pay them back the principal amount you borrowed. They can't take you to court, arrest you or any of the other threats that they use to scare you because they aren't legal. If you do a google search under Pollyandsay's blog, you'll find a PDL template letter. You can use this for a reference letter to send to the illegal PDLs. Make sure to quote your state laws to them (which can be found below).

I would first pay off the legal PDLs and then worry about paying the principal to the illegal ones. I know I threw a lot at you just now. If you need any help, let me know.

Go to this site and look under state information to get the laws in your state. Again, if you need help, let me know.

paydayloaninfo.org

Good luck.