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Posted: Mon Sep 22, 2008 11:32 am Subject: I don't know how to fix this mess

Hello - I'm new here (obviously). I've read so much on this forum, I really don't know where to being. I have 3 internet pdls. I'm in the state of Alabama. The loans are:

$500 Loan Point USA
$300 Paycheck Today
$200 B.I.G.

I know I need to either close my bank account or change it to deposits only. What would be the best choice? And where to I go from there??? Any help and advice is much appreciated, as I am banging my head on a wall right now for ever considering a pdl!

Thanks!

Posted: Mon Sep 22, 2008 12:41 pm Subject:

Welcome shea

I don't any background in PDL's so I really can not offer you any advice there. I wanted to welcome you and let you know that you are not the only one in this situation. Hang tight and someone will be around to offer their help.

You can and will get out of this mess.

Posted: Mon Sep 22, 2008 12:43 pm Subject:

Thanks!

Adev · Posted: Mon Sep 22, 2008 12:47 pm Subject: Been there and it sucks

I have been where you are. The one thing you need to do is close out your account or put stop payments on those particular accounts. Your bank can look them up. Go to bank and talk with them. They know payday loans are bad news and usually most bank managers will help you. Help you switch account numbers. Otherwise they will continue to withdraw from your account and change their name and try to do it again until your account is so overdrawn that you are living on noodles and water. The other thing is you need to look these companies up because some of them are not legal to have a business in your state. If so you are not obligated to pay a dime back. Their loss. Not yours. They will threaten to sue and blah, blah. It is a load of crap. If they won't send you a bill in the mail to post a payment to then you are no longer obligated to pay them back.

Posted: Mon Sep 22, 2008 12:56 pm Subject:

I actually put a stop payment on Geneva Roth last week, and they changed their name and got the payment anyway!! I opened another account last week and re-directed my direct deposit. Should I close the current account or change it to deposit only? I've heard that even if you close the account, the pdl people can have it re-opened somehow??

Posted: Mon Sep 22, 2008 1:21 pm Subject:

Alabama requires Internet based pdl's to be licensed by your state. I don't think any of yours are. If I am wrong, someone please correct me.

Posted: Mon Sep 22, 2008 1:22 pm Subject:

I hope the information below will help you. Smile

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

Posted: Mon Sep 22, 2008 1:24 pm Subject:

Oh my gosh! This is a tremendous help! Thank you all so much.

Posted: Mon Sep 22, 2008 1:30 pm Subject:

Your welcome, please keep us posted, we care!

Guest · Posted: Tue Sep 23, 2008 7:43 am Subject:

Okay, I've got my letters ready to go and I'm just about to talk to my bank about closing my account, changing it to debit only. I do have a question about the revocation letters; do I send a copy to the BBB and my state attorney general?

Posted: Tue Sep 23, 2008 8:41 am Subject:

Oh no, make sure you change your account to "deposit only" NOT "debit only". That could have been a typo but I just wanted to reinforce that. Shocked

As far as sending the letters with your complaints, I would attach any correspondence you've made with these companies for restitution.

Guest · Posted: Tue Sep 23, 2008 12:36 pm Subject:

eeks! I did mean deopsit only;)

Guest · Posted: Tue Sep 23, 2008 12:55 pm Subject:

Yep - that's what I meant. I just got off the phone with a bank manager. He was very understanding and very helpful! He is helping me to transfer my funds to my new account and close this existing one! Now to put my revocation letters in the mail!

Posted: Wed Sep 24, 2008 8:29 am Subject:

YAY! I got back the $150 that Geneva Roth took from my account (even though I put a stop payment on it). That's a huge relief!!! My letters are going in the mail today.