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 Posted: Wed Jun 27, 2007 9:18 pm Subject: payday loans, and stop payment on them |
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newly married and my husband and I are in financial distress already, we both brought a lot of debt into our marriage and cant swim for sinking, He has alot of payday loans outstanding, and we are in the process of filing chapter 13 , but we needed time to get there so we stop payment of all payday loans , Was this the right thing to do? thanks!
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anthonyfrye
Joined: 27 Jun 2007
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| Posted: Wed Jun 27, 2007 9:27 pm Subject: You have to stop the debits |
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It's the only way you can stop them.
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Vernon Andrews
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| Posted: Thu Jun 28, 2007 6:52 am Subject: |
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No, a stop payment will only stop them for a day or two. These companies have so many different dba's they will just use another one to hit the account. You need to close the account, or put an ach block on it. Just putting a stop payment on the transaction won't work for long. Even with an ach block, that only buys you a short time because some of the pdl's may produce a paper check and run that through the account.
You need to close the account. When you do that, ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then you end up owing the bank $1000's. If your bank does do this, tell them the whole situation, and ask them to put an ach block, deposit only, or a hard hold on the account before they close it. That will stop the pdl's from force opening the account.
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goudah2424
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| Posted: Thu Jun 28, 2007 8:30 am Subject: |
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Goudah is right. You are taking a big chance if you just put a stop payment on them. The internet companies are very sneaky and will try anything to sneak it through. I've had them use different names, just change one letter in their name, put different amounts through, anything to throw the bank's system off.
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dbaker6
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| Posted: Sun Nov 16, 2008 11:11 am Subject: Stop Payment |
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You can stop payment and the stop payment will last for awhile. Our bank it last for 6 mos. Stop the payment then go in and talk to the payday loan companies and set-up a payment plan you can handle or like you said it will give you time for your chapter 13.
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miss
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