Debt Consolidation Care Answers
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How do you get out of the payday loan trap?  

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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.
 

asked Jul 1, 2007 11:26 AM

FRANK3

8Answers

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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?

answered Jul 1, 2007 11:28 AM

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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! icon_biggrin.gif

answered Jul 1, 2007 11:29 AM

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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

answered Jul 1, 2007 11:36 AM

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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.

answered Jul 1, 2007 02:48 PM

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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.

answered Jul 1, 2007 03:06 PM

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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.

answered Jul 1, 2007 03:16 PM

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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!

answered Jul 1, 2007 04:47 PM

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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.

answered Jul 1, 2007 06:05 PM

1 

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