| Message |
Author |
 Posted: Sun Jul 01, 2007 11:26 am Subject: How do you get out of the payday loan trap? |
|
|
How do you get out of the payday loan trap? What happens if i just close my bank account? The loans are being debited from my bank. I currently have a total of nine loans, and all i can pay is the fee's.
|
|
FRANK3
Joined: 01 Jul 2007
Posts: 3
Debtcc Points: 186
|
|
|
| Posted: Sun Jul 01, 2007 11:28 am Subject: |
|
|
Welcome to the forums. Canyou give us more information? What state do you live in? Are these internet or storefront pdls? How much are each loan?How long have you been paying on them? And who are they with?
_________________
Four things in life that you should never lose-1. Hope; 2. Peace; 3. Honesty; 4. Friends.
|
|
irish51cc
Debt Samaritan
Joined: 27 Nov 2006
Posts: 1122
Debtcc Points: 9214
|
|
|
| Posted: Sun Jul 01, 2007 11:29 am Subject: |
|
|
Hi, welcome to the forums!
First of all, are they internet or storefront loans? It's not always a good idea to close your account if they are storefront.
Please give some more info..What companies, how much, and what state are you in. There are a lot of people here who can help! 
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
|
|
finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
Debtcc Points: 59875
|
|
|
| Posted: Sun Jul 01, 2007 11:36 am Subject: PAYDAY LOANS |
|
|
THEY ARE ALL OFF THE INTERNET, IHAVE BEEN PAYING ON THESE FOR ABOUT 6 MONTHS. THEY ARE PAYDAY SELECT,CASHNETUSA,ameriloan, LOAN SHOPONLINE,LOANPOINTUSA,ZIPCASH,CASHTRANSFERCENTER,QUICKPAYDAY AND VC FUNDING. I LIVE IN TEXAS
|
|
FRANK3
Joined: 01 Jul 2007
Posts: 3
Debtcc Points: 186
|
|
|
| Posted: Sun Jul 01, 2007 2:48 pm Subject: |
|
|
| Quote: | | WHAT HAPPENS IF I JUST CLOSE MY BANK ACCOUNT? |
I have dealt with a couple of the same lenders as you and they will continue to debit your account. I had to close the account they had access to and open a new one.
_________________
BROWNSUGAR!!
|
|
brownsugar
Debt Samaritan
Joined: 08 Oct 2006
Posts: 1408
Debtcc Points: 13964
|
|
|
| Posted: Sun Jul 01, 2007 3:06 pm Subject: |
|
|
So how much were the loans for and how much have you paid with rollovers on each one? It helps if you break that out loan by loan.
|
|
kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3615
Debtcc Points: 32897
|
|
|
| Posted: Sun Jul 01, 2007 3:16 pm Subject: |
|
|
Since they are all internet, definitely close your account! Very important, though..When you get a new account do not, no matter WHAT they say to you, give them your new account info.
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
|
|
finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
Debtcc Points: 59875
|
|
|
| Posted: Sun Jul 01, 2007 4:47 pm Subject: |
|
|
I got a paid in full from loanshop last week but you need to send them a letter to revoke their right to debit your account, etc. There are some good templates on this site for your use. Good luck!
|
|
bflow30
Joined: 15 Jun 2007
Posts: 521
Debtcc Points: 8284
|
|
|
| Posted: Sun Jul 01, 2007 6:05 pm Subject: Trapped |
|
|
Please listen to these people and close your account. Since they are internet loans, not storefront. Close it ASAP or at least put a HARD DEBIT BLOCK on it so they cannot debit your account any further. That was the first advice I received from this forum and it was the greatest advice in the world. I regained control of my money and could actually pay my bills again. Then work on fighting the pdl's, if you have to. You need to post on here how much you borrowed and how much you've paid on each. They can help you figure out if you've overpaid. You'll probably be surprised that some are paid off or some are overpaid. Please listen to them and close your account and open a new one at a completely different bank. That's your first step. Then you can start the fight. This forum will help you through it all.
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
|
|
|
