The PDL advice to me.......

Unfortunately, the second they find out that you aren't going to fulfill the agreement, they will take those checks right to the bank and try to cash them or deposit them even if you tell them you want to make payment arrangements. Cashland, especially, won't do anything until those checks bounce. I have tried this with them before.

So here is where we stand. I had a long talk wiht hubby last night. We can't do anything until the 27th. He has to go back in to these places Cashland & Checksmart and change all of the account info to our new checking account.

After that we need to figure out how to do this with our checking account to keep us from paying all these fees.

He doesn't have DD with his paycheck so we are safe there. But I want to know what I can tell my bank specifically that is legal to close the account without incurring all the bank fees.

Whatever you do, do not give them your new account info. All that will do is get you a bunch of fees on your current account. Next you need to lock up your old account so it will not honor any check and it will not get you ISF fees. You might have to pay a fee to block the outstanding checks but you still need to lock up the account because they can ACH if the checks bounce. It sounds like he has had these loans for a long time. You need to calculate the total amount that has been paid to these guys and compare it to your state laws. It is quite possible that you have paid them what you legally owe. It would help if you listed what you borrowed and the date it was borrowed and the total amount paid over time. I think but am not positive that Ohio is on the verge of passing new laws to cap the interest rate to 36% apr too which will help you immensely.

Problem is - Her husband took these loans out on an account that was already closed. So if she were to take your advice, Dollarand since, her husband could be facing criminal charges. These are all storefront loans he took out, and they are all operating legally.

That's why they are planning on rolling them over one more time, so they can "update" the account info, and then default. If you read the first post she made, you will get more of the story.

Here's some advice that has nothing to do with PDLS..Please do not let this interfere with your marriage. It is obvious that you are going to have some trust issues to work through, but there are worse things in life than this mess. I know, I have been in this mess. Once the smoke clears, please try to salvage what you have.

Ohio info here http://www.debtconsolidationcare.com...pdls-laws.html

I think all they would see is a bounced check if you let the check go through the closed account. I am not a lawyer but I really do not see any difference from locking up a closed account or letting one payment go through a new account and then locking it up and closing it. I suppose it would not hurt to update your information but it gives them ammunition to screw up two accounts and you will be fighting with two banks trying to get ISF fees refunded. I think the key is the loans were taken out over a year ago and you have been paying roll over fees on them it sounds like. I could see them having a claim maybe if you took the loan out last week on a closed account and then paid them nothing. The reason I linked the laws is because it says roll overs are not permitted and I think they have been charging you roll overs unless they have adjusted your principle amount or you paid minimum interest only.

No, the account was closed BEFORE he took out the loans. That is fraud. If the account was closed during the loan term that is a different story, but to knowingly take out a payday loan on a closed bank account is not legal.

And it isn't really a rollover, i used the wrong term. I believe he has been paying off the loan each time, then reloaning. Since there isn't a cooling off period they can do that - If I'm wrong please correct me because DollarsandSince is right, it would make a huge difference.

The way I read her post was that her husband went in each pay day and paid off the checks and then re-loaned. That's the way we have to do it here in my state. You have to pay the whole loan off, write another check, which is considered a new loan. At least, that's what I got out of her posts. So her husband was re-writing checks on that closed account and getting a new loan each time.

These places don't do rollovers since rollovers are illegal in Ohio. I have dealt with many pdl places in Ohio including Cashland, Advance America, and National Cash Advance. cannr, you are right. That is what he was doing-getting new loans every payday. I still think that they could tell them that the bank closed their account because it was overdrawn. The pdl place isn't going to find out otherwise because the checks will just come back account closed if they deposit them. My coworker's account really was closed by the bank and she worked out payments with National Cash Advance and Advance America. Nothing was ever said about her writing checks on a closed acct, when it was closed, etc.

I agree, sass. And you're the expert since you're in the actual state. For all they know, the bank closed the account. However, is there a way they could find out when the account was closed and then they would know this man had been continuing to write checks on the closed account? Or are you saying that you also agree they should go in there and give new account information? However, dollars says not to give them new account info. Confusing! He can't continue to write these checks on the closed account, can he? Or will they just never know since he goes in and picks them up each pay day?

Thanks cannr...but I am far from an expert on anything!! I just happened to have pdls from every storefront in town at one time or another!!! I would absolutely not give them any new account information. Then they could do ACH debits in case they deposit the checks and they come back as NSF. I think that the only way the pdl places could find out when the account was closed would be with a court order. The banks are not allowed to give out information to any third parties without a court order except to tell someone if the check is good or if the account is open.

The reason the pdl places do not know this account is not opened is because they are not doing what they are supposed to do and getting new bank statements whenever he goes in there so in a way it is the storefront's fault, you know what I mean?

Ahhh, yes. I see. The store fronts that I've used here are STRICT about that kind of stuff. You better have a recent pay stub and a recent bank account or they won't let you re-write. So, I guess that would be an error on the pld's part. So they would never know the account is closed since they're not getting the documents they're supposed to have. So in other words, this dude can keep on going in there and writing checks off an old account? But I see what you're saying about not giving the new account information. Didn't think about that. Damn. I hate pdl's.

Yeah, technically he could, until the pdl's actually ask for the most recent bank statement. Some of these pdl places are more lenient than others. I know the Cashland I used would want a new bank statement at least monthly. National Cash Advance and Advance America hardly ever asked me for new ones. There was another one called US Cash that would not let anyone borrow without an updated bank statement, no exceptions.

Here's some advice that has nothing to do with PDLS..Please do not let this interfere with your marriage. It is obvious that you are going to have some trust issues to work through, but there are worse things in life than this mess. I know, I have been in this mess. Once the smoke clears, please try to salvage what you have.
FF,
Trust issues for quite some time because I have not got over him doing this a year and half ago. Some of the trust issues I had with him was starting to fade and then this happens. Its like everything we even discussed about honesty and supporting each other no matter what a year ago fell on deaf ears and that is what is disappointing to me. But we will get through this part and he has agreed that once this is over ( wiht the PDL) I am taking over all finances and we are attending some credit counseling courses.

The way I read her post was that her husband went in each pay day and paid off the checks and then re-loaned. That's the way we have to do it here in my state. You have to pay the whole loan off, write another check, which is considered a new loan. At least, that's what I got out of her posts. So her husband was re-writing checks on that closed account and getting a new loan each time.

Cannr,
You are right this is what he does every two weeks. He has had the PDL with AA and CS for over a year so when he started with them the checking account he is using was open. Back in January we had some bounce checks that overdrew that accouont and had to close it and then pay the bad checks and bank fees. So we never opened up the account again. He just recently opened a new account in May wiht a different bank.


So Sass was right we can't do anything right now as far letting the loans go into default because legally I do not know what the PDL can do to him. I don't want to risk him facing criminal charges for writing checks on a closed account. He has to go back in next week on the 27th to pay them back and then borrow again giving them the recent checking account info. After he does that then we can let the PDL's go into default or stop payment.

I am so sorry if I confused anyone.

Now I have another question about opening a new account. So seeing as this recent accoutn he opened in May will be the one we have to use for the PDL and then close or stop payment on, should we open a new account somewhere else next week? I am confused because I thought someone said in another thread that the bank could come after us and withdraw their funds we owe them form the new account. I hope I making sense. I thought I read that the banks can do a sweep on new account opened later than six months old. Will we just be waisting our money putting it into a new account?

No, absolutly open a new account. I think you are raeding information about chexsystems, a reporting agency banks use. Some of the banks that use it do sweeps on new accounts for the first 6 months, and if they find a new chec report, they will freeze and close the account.

Another bank cannot withdraw funds from an account without a court order, with very few rare execptions. I would not worry about that.