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Posted: Thu Feb 14, 2008 8:35 am Subject: PDL Nightmare

PDL Nightmare want to get out and need a checklist for dummies on the steps I need to take to rid myself of PDL's. I work two full time jobs just to try to keep up and am drowning. I live in Michigan and I have all internet loans.
SDS Processing 250 paid 150
MTE Financial 300 paid 90
SJM Marketing 300 paid 180
24/7 advances 200 paid 90
Cash transfer centers 600 paid 2200
loan shop 300 pd 180
What do I do first, I can't access the website to see who is legal and I bank at Lasalle which became part of Bank of America. I will gladly provide more information

Posted: Thu Feb 14, 2008 9:08 am Subject:

Here is Michigans information on PDL's

Posted: Thu Feb 14, 2008 9:15 am Subject: PDL Nightmare

Thanks so much for somebody to finally listen and not tell me what can't be done. I really need to know what can be done. Please bear with me because I don't even know how to reply or keep on the same thread.

Posted: Thu Feb 14, 2008 9:18 am Subject:

Thanks for providing all the info. You are at the right place. You are going to have to either close or freeze your account and default on these loans if you ever want your control back. Check wtih your bank to be sure they do not have a policy of forcing open your account for ACH withdrawals. Cash Transfer Centers is an illegal operation and they will contact you immediately and then try to envoke the wage assignement that you agreed to. You must send them a letter revoking that immediately after closing you account. Contact your payroll and show them a copy of the letter.
As far as I can tell none of those companies will be licensed in your state. That means little to them but it is to your advantage. You do however have a moral obligation to repay what you borrowed under your states guidelines.

Posted: Thu Feb 14, 2008 9:32 am Subject: PDL Nightmare

I don't have a problem paying back what I received from them and doing it in a timely manner. It is just to pay $180 a month on each loan and not touch the principle is to me knowing that I will exist in this state of being forever.

Posted: Thu Feb 14, 2008 10:32 am Subject:

We have all be there...that is how we ended up here on this site. You do need to follow Frogs instructions and do the wage assignment letter and close or freeze your account. If you can, try to open a new account at a different bank. Also, you may want to read this link about closing your account. There is some good information on there.

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

Posted: Thu Feb 14, 2008 10:42 am Subject: PDL Nightmare

I plan on closing my account on Tuesday 2-19 and I have stopped using my atm and haven't written any checks and taking my new direct deposit information to my payroll and opening my new account tomorrow. My question would be is from 2-19 to 2-29 enough time to stop all of the bank fees?

Posted: Thu Feb 14, 2008 10:49 am Subject:

When are the pdl's scheduled to debit next?

Posted: Thu Feb 14, 2008 10:52 am Subject: PDL Nightmare

I am going to let the PDL's go through on
the 15th as normal and shut everything down the next business day 2-19 so that they can't go in on the 29th.
Is that the right thing to do?

Posted: Thu Feb 14, 2008 11:00 am Subject:

If there is nothing you can do to stop them tomorrow....I was faced with the same situation.

Heres what I did...I get paid on 15th and 30th. I too was too close to payday to redirect my DD until the next check.

I logged onto my account early AM..checked my balance. Didnt see that the PDL's were pending yet, called the bank and closed the account that minute! Went down to the branch, signed the papers when they opened and had them transfer all of the cash over to the new account.

Posted: Thu Feb 14, 2008 11:02 am Subject:

Nice job Volley and great advice!!

Posted: Thu Feb 14, 2008 11:06 am Subject:

Thanks frog!

I tell you...it took some craftiness to work that out, but it is possible! It was my first "whole" check in months and I was ecstatic!

Posted: Thu Feb 14, 2008 11:06 am Subject: PDL Nightmare

That was so smart! The only reason I hadn't considered that is because of all of the nightmare stories I read on the site about them reopening your closed account and never being able to close it completely. Tomorrow won't leave me a negative balance, but it will take all of my money, but my original plan was to go down and talk to the branch manager Tuesday. I am even scared to get another account at the same bank even though my job and my bank has a partnership. The problem is that I work in a very corporate place and if these PDL's start calling all around my job will be in jeopardy.

Posted: Thu Feb 14, 2008 11:09 am Subject:

I work at a bank (not in a branch)and it was pretty embarassing to tell them why I needed to close it. Even if it isnt fully closed (sometimes there is a 10 day temp closure)..tell them to put a hard debit block and ensure the accounts are NOT linked.

Posted: Thu Feb 14, 2008 11:15 am Subject: PDL Nightmare

Another problem is that the PDL's go through in the early morning hours and my check goes through in the early morning hours so I can never catch them before it gets posted to my account. Also, I have to figure out what tactic I am going to use when they start calling my job incessantly.

Posted: Thu Feb 14, 2008 11:18 am Subject:

Usually deposits are posted before debits....check it out in the AM. Log on to your account. I know for mine, sometimes I wouldnt see the PDL debit until the next day.

You will need to send them a letter telling them to;
stop calling
revoking their ACH rights
revoking any voluntary wage assignment clauses in the contract

I can post a copy of a letter and you can draft it to your needs.

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