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Hi Guys, illegal pdl companies are growing in large numbers. I started a topic couple of months back on how to deal with those companies. Here is the link to the topic.

http://www.debtconsolidationcare.com/paydayloan-consolidation.html

I will appreciate if you can put in some feedbacks here.

I think changing the account number is the best bet when companies are doing unauthorized debits. You won't have any NSF fees from these companies when they hit the account each time with an ACH withdrawal.

Try to pay off their principal at the earliest. This will save you from most of their harassing activities and take actions on any of their illegal doings. Some companies will continue renewing the loans at $50/$100 or whatever each pay period. So if you get paid weekly, you'll end up paying the renewal fee of $200/$400 or whatever.

Few companies are very famous in doing wage assignment if you default. They usually don't mention it in the contract and that's illegal. You have the legal rights to revoke it and not allow them to take your paycheck.

Guys, please post your comments here. It will be of great help to others and get solutions in one glance.

Posted: Sat May 12, 2007 1:08 pm Subject:

hmm.. I guess pdl companies can be sued for violating the laws. Consult an attorney for filing the case and recover the cost of damages. The lawsuit will be much cheaper than paying towards their illegal interests and fees. Now think how much you save your hard earned money that would have otherwise gone into the pocket of these sharks!!!

Posted: Sat May 12, 2007 3:10 pm Subject:

I'll say it again. Pdl lenders are just like Mafia,just wear nicer clothes.Only way to hurt them is like mcranberra says. You start digging in their wallet and they may take notice if it is a large enough amount.

Posted: Sat May 12, 2007 3:15 pm Subject:

Here you go Howard.Electronic Fund Transfer Act courtesy of http://www.fdic.gov/

Posted: Sat May 12, 2007 3:15 pm Subject:

I fully agree. If anyone is looking for an attorney to file legal charges against these places, go to naca.net and find an attorney in your area. I know the attorneys listed there are reputed and willing to help the consumers.

Posted: Sat May 12, 2007 3:19 pm Subject:

Thanks Cajun for some digging work. It's the right info on this topic.

Posted: Sat May 12, 2007 3:22 pm Subject:

Google is my buddy on legal stuff!

Posted: Sat May 12, 2007 3:25 pm Subject:

I am searching for some strong case law against any such companies and getting sued. This will encourage others looking on this topic.

Posted: Sat May 12, 2007 5:04 pm Subject:

I would highly suggest just going to another bank and opening a new account if at all possible. I thought I was done with this mess months ago, got a new account with same bank. But recently these people resurfaced and hit my new account. I now have another account with a completely different bank.

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