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Hi, I hope I'm doing this right. I have 3 internet payday loans. Can I put a stop payment on them because we both have direct deposit, get paid this Thursday 8-14 and can't possibly get our direct deposit stopped in time. I checked and these are the people I am paying. Note in each case I've already paid them more than what a one time payback would have cost me! I live in Oklahoma.

SJM Marketing - Loan 300.00
(paid back to date $450.00) (90.00 every 2 weeks)

M1Y DIRECT - Loan 200.00
(paid back to date $300.00) (60.00 every 2 weeks)

DJR GROUP - Loan 300.00
(paid back to date $450.00) (90.00 every 2 weeks)

By the way, I didn't even realize that 2 of these had been approved and got no loan papers in my email. All I can find in my email is one set of loan papers. I know it sounds strange but going through things would take way to much space to explain here. We are getting behind on mortgage, student loan etc etc because of these. We have two payday loans here in our town but we have payment plans on them. Oklahoma will only allow 2 per individual that much I do know.

This is ridiculous. Please advise what I can/should do.
I posted this on a different thread buried in here somewhere but think I did it wrong because I haven't gotten any replies and no one has posted anything else there.

Posted: Fri Aug 08, 2008 11:35 pm Subject:

I wanted to acknowledge your posting, but I am not sure just how much help I can give you at this moment. Have you contacted the online PDLs at all?

As far as immediate action---I would do this. Cancel your direct deposits ASAP. That way you will have control of your paychecks until this is settled or you have another account.

Talk to your bank see if they have dealt with this type of situation before. Maybe they can freeze your account to any debits or checks going through or maybe they will suggest a stop payment. I have done the stop payment thing with a before though with a storefront PDL. The stop payment was good on the paper check, but in the paper work I signed for the loan it stated that they could electronically withdraw funds if the paper check was not honored. So be careful of that.

Keep checking back here in this forum because many of the regular members have lots of experience with PDLs. Good luck!

Posted: Sat Aug 09, 2008 1:36 am Subject:

yes, you need to go to your bank and talk to a manager today!

they should be able to freeze your account and allow deposits only. You'll have to go in the bank to withdraw funds.

Someone with knowledge of OK laws will be by there to post and explain them soon-hang in there, you've come to the right plce!

Tawana · Posted: Sat Aug 09, 2008 7:59 am Subject: Thanks for the posts

Just wanted to say thanks, this is stressing us bad. We have gotten into the unfortunate trap of borrowing to pay and we are now trying to get our act together. I'm just hoping it isn't too late!

Posted: Sat Aug 09, 2008 8:16 am Subject:

Do not do a stop payment, this will not work becuase the pdl will send through a paper check or debit under a different name. Do as recommend and debit block your account or place it on deposit only status until you can change your direct deposit and close the account. Read this about closing your account becuase of pdls. It has some really good information in it..

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Sat Aug 09, 2008 7:03 pm Subject:

Try not to stress out too much. Please come back and report or ask more questions if you like.

Tawana · Posted: Sat Aug 09, 2008 7:59 pm Subject: Thanks

Well, I am already stressed, I'm home on sick leave and I have one more check for 40 hours coming. This is how we caught on about where our money has been going because we got all our bills and receipts together and compared everything. We really really can't afford them to take 240 out every payday. How can they get by with this when they already have more than what the contract is for? Oh well I'm rambling, thanks again. Will try to keep the stress level down at least until I can talk to the bank on Monday.