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 Posted: Sat Aug 18, 2007 11:57 pm |
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Well trying to keep afloat using payday loans was a big mistake. After my divorce suddenly two households were living off my one paycheck and I feel into this loop.
I have 11 current online payday loans with the payoffs coming to over $5400. That is after I have already paid over $4400. Its my own fault that I got into this mess. I should have found other ways. But instead I did this.....let the rollovers happen. Was sucked in by Cash Transfer Centers increasing my loan amount each time (current loan is for $1200 with payoff of $1524). That is for a ten day loan.
Anyway I just wanted to say I discovered this site two days ago and have found a lot of great advice. This next Friday the amounts that will hit my checking account will be more then twice what will be deposited. I was getting loans to cover the loans. i knew this would happen. I was about to start the internet search again to get more loans to cover the shortfall when I finally said enough is enough and when I looked I found this site and the help that comes from it.
I went to Bank of America this morning to see what I could do to stop the withdrawls this coming Friday. the lady I spoke to didnt think they could put stops on all ACH's or a deposit only status on the account. Her advice was close the account, with no guarantee that the ACH's wouldnt force the account back open.
But with no choice I am going to have to close the account and start fresh at another bank and hope I dont end up owing B of A too much money.
I have also drafted up my letters to send the companies revoking their rights to debit my account, telling them not to contact me unless by email or USPS. I am holding off sending them until I close my account on Monday...in case they try a pre-emptive strike.
With the exception of Payday One none of the companies I am dealing with are licensed in California and from reading through the posts it seems few if any are legal anywhere. I still plan on settling with them all...just will take a little time.
Anyway just sharing my story and thanking all of you for your posts its been amazingly helpful.
Thanks
sorry for the repost...didnt want my real name showing up for the world to see.
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power5963
Joined: 18 Aug 2007
Posts: 8
Debtcc Points: 365
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| Posted: Sun Aug 19, 2007 4:41 am |
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Power, youare well on the way. Please keep us posted as to your progress.You really did youyr homework
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Sun Aug 19, 2007 4:55 am |
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Best of luck to you and we have all been there! Its a crappy thing to get ourselves into but sometimes you just don't see any other way to get bills paid!
_________________
Passion...it is born...and though uninvited, unwelcome, unwwanted...like a cancer, it takes root. It festers. It bleeds. It scabs...Only to rupture and bleed anew. It grows...it thrives...until it consumes. It lives...and so it must die....in time.
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Sun Aug 19, 2007 5:44 am |
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Power...you did a good job!! Just let us know if you need any other info...
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If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Sun Aug 19, 2007 8:19 am |
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power, i was in the same situation as you, my bank also stated that pdl can force open my account if they tried to get through when you close you account, the best way to handle that is tell the bank your checks were stolen, they will do a permanent close, which means nothing can get through. the bank opened up a new account for me, i had to do it this way. sometime you have to do what you must do to keep afloat.
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Guest
Debtcc Points: 100
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| Posted: Sun Aug 19, 2007 8:29 am |
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Definitely be careful...read the notes on closing your account which can be found at the top of the page of this forum...I didn't know what to do and closed my account before I found this site...I ended up with over 1K of nsf charges after the bank "closed" my account for me.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Sun Aug 19, 2007 1:51 pm |
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Make sure if you open up another account is is not with the same bank. Those pdl's have a sneaky way of putting ach's through accounts by pulling different amounts. Follow morningstar's advice and read the threa: http://www.debtconsolidationcare.com/paydayloan/close-account.html.
Keep us updated you are doing a fabulous job. Any questions just ask that's why we are here.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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| Posted: Sun Aug 19, 2007 5:38 pm |
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power, please don't feel bad. This is why we are all here. We had gotten ourselves into the same situation. You've done your homework and you're going in the right direction. You do have to close that account though. And, a lot of banks will let the closed account be "forced open" if there are pending pdl's. If this is the case, you can take your letters revoking all these pdl's from debiting your account to the bank, dispute every single one of the pdl charges, and stay on the good side of the branch manager since the branch manager is the only one who can reverse the bank fees that will add up. Ask them then, since you'll be in the negative until it's all straightened out to put a hard debit block on the account so the pdl's can't hit it anymore, since it'll be open again. You're doing good. Once you've defaulted on the pdl loans, you'll have an upperhand to work with them since they can't get your money any longer. And, if they are illegal pdl's, you will not have to pay the outrageous "fees" they charge you (illegally). Please let us know if you need any additional help. 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Mon Aug 20, 2007 9:36 pm |
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Well I opened my new account today at a new bank. Faxed and/or mailed my letters to the PDL's and closed my current checking account. I also confirmed with payroll that my direct deposit was cancelled.
I am ready if the account is forced open to march in and show the bank the letters. Hopefully all this will keep me from getting into financial trouble with Bank of America because of NSF's.
I have already decided which of the PDL's I plan on making good with first. The one that is licensed in my state and followed the laws. I feel for those reason they deserve that. One other that I feel is the next most legit. The others will really depend on how they treat me as I try to work with them. If they want to make flase threats like I have read about in some of the posts here they are going to the back of the line.
Actually I am looking forward to some of them pulling such stunts. I am pretty quick and I think I can make for a very interesting telephone exchange. I will tape some if I get the chance and post some transcripts if they prove worthy.
Overall though I am breathing a sigh of relief that I am now on course to get myself out of this situation. I dont have to be worried about rent and gas and food for the next month. I will handle this. I will make good on my debts and I hope that once I am succesful I can help others who find themselves in the same place. This site is amazing and finding it really has been a lifesaver. I did not know what to do, what first step to make. You guys showed me the way and I can never tell you how grateful I am.
I look forward to keeping you updated on my journey from the brink.
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power5963
Joined: 18 Aug 2007
Posts: 8
Debtcc Points: 365
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| Posted: Mon Aug 20, 2007 9:41 pm |
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You've done so well just by reading and learning! You've done great! And now you have control over your money again! That's the main priority! Good job! And you keep that attitude you have! It's a great attitude and you'll need it! We are behind you 100%. If you run into any problems or have any questions once the pdl's start getting in your face, come back and post. We can help you through it. Step by step. But, I must say, you're doing a wonderful job!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
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| Posted: Tue Aug 21, 2007 5:20 am |
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Power- I am glad you found some help and relief here! It sounds like you are on the way to solving your debt problems. It takes time, but the relief is worth it!
You are right, you will be able to share your experiences with others on this site, and what helped you.
You said you may record some conversations, make sure it is legal in your state!!
Best of luck to you, and keep us posted on your progress!!..Karen
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As long as you are alive, there's always hope
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Bossy4455
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| Posted: Tue Aug 21, 2007 6:45 am |
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I did check and California requires both parties to consent to a recording. From what I heard on here I doubt that will happen. So I will jsut have to keep notes and remember as best I can...because I really plan on having fun with anyone who tries to intimidate me. That is not easy to do...as a Marine (not active...but once one always one)...who fought in both Gulf Wars and Afghanistan they really dont have much chance of scaring me. So I am hoping to have some fun conversations to relate to all of you.
Again thank you so much for the support and advice.
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power5963
Joined: 18 Aug 2007
Posts: 8
Debtcc Points: 365
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| Posted: Wed Aug 22, 2007 11:48 am |
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It didnt take long. One of the PDl's hit my now closed account today...three days early. I am guessing this is in response to the letters I emailed and faxed them. It looks like the account stayed closed, at least for now. Also had a phone call with a 555 area code...didnt have my phone on my so I missed it. And what a surprise...no message. This stuff is happening quicker then I expected, but I am ready.
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power5963
Joined: 18 Aug 2007
Posts: 8
Debtcc Points: 365
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| Posted: Wed Aug 22, 2007 5:55 pm |
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power, a lot of pdl's will start trying to hit your account and contact you via telephone once they receive your letters. Some are "slow" and don't realize what's going on (because they pay no attention to our letters) until their debits are rejected. Yours obviously freaked out & started early! It's actually kind of funny. I pray to God that your account stays closed as they hit it. And, you're a former Marine? Ummm... I really don't think I would want to screw with you! I pity the idiots that try! You go, my friend!
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cannr
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Posts: 9374
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| Posted: Fri Aug 24, 2007 9:07 am |
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I know its early yet but as of 9am my account has not been reopened. And I actually have a check to depositin my new account. When I get home I will start figuring my payments to the PDL's. See who gets nasty so I can move them to the back of the list. Once the phone calls begin I am sure things will get more interesting.
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power5963
Joined: 18 Aug 2007
Posts: 8
Debtcc Points: 365
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| Posted: Fri Aug 24, 2007 9:32 am |
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power, congratulations on your first "pdl free" check! However, watch that account with your life! Keep that money! If you need any help with letters, just post. We're here!
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cannr
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