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Posted: Tue Apr 08, 2008 10:27 am Subject: 5 different payday loans in michigan

Hi, I will appreciate any help anyone can offer me. I am in michigan an currently have 5 paydays loans out via the internet with eagle finance, usfastcash, loanshop, ameriloan, and discountadvances. I have stopped my direct deposit but threw continous debits from the paydayloans my account is overdrawn $1000+. Can I close my account with an overdraft? I want to pay the bank because I don't want to be caught in chexsystems, it is very difficult to get out of that. I explained to the pdls that I could pay $25 every 2 weeks but they told me they couldn't accept that. Please help I am at the end of my rope. Thank you.

Posted: Tue Apr 08, 2008 10:30 am Subject:

I also have 1 with geneva roth that makes 6. OMG I can't believe what I've done.

Posted: Tue Apr 08, 2008 10:35 am Subject: information

if you could list how much borrowed,and how much paid total.we can help you here.

Posted: Tue Apr 08, 2008 11:33 am Subject:

ameriloan
borrowed $300
paid $270

US Fast Cash
Borrowed $300
Balance 585.00
paid $360.00

Eagle Finance a.k.a Geneva Roth
Borrowed $200
paid $120
balance - unsure about $345

discount advances
borrowed $280
paid 504.00
balance 450.50

loanshop is paid in full.

Posted: Tue Apr 08, 2008 11:51 am Subject:

Jacks, excellent work providing the information Paul asked for. Here is the law for MI

Posted: Tue Apr 08, 2008 11:53 am Subject:

JAcks,

Please read this about closing your bank account. It has really good information in it and things you should know about before contacting your bank.

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

Posted: Tue Apr 08, 2008 12:00 pm Subject:

Is there a letter that I use to revoke authorization for ACH debits? where do I find it? Thank you again I am so glad I found this forum because a lot of times you don't know where to look for help, you guys are great!

Posted: Tue Apr 08, 2008 12:08 pm Subject:

Jacks, Here is a link to a letter you can use as a template to send to your pdls. You do need to take care of your account BEFORE you send any letters. If you send the letters without restricting them from your money, the pdls will debit your account for whatever you owe. It is important to have your money safe first.

http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

Posted: Tue Apr 08, 2008 12:15 pm Subject:

I am going to get started on this today and I will post with my progress. Question since my account is so far overdrawn, and 1 of the pdls told me that will be debiting my account for the full amount that I owe. do you think my bank will be willing to work with me? I with Chase Bank.

Posted: Tue Apr 08, 2008 12:23 pm Subject:

JAcks, also another member from MI pointed out that MI is starting to take a hard line with these pdls and that it is important for you to file with the MI Office of Insurance and Financial Services. The information is in the post with your laws.

None of these companies are licensed in MI. So here is where you stand

ameriloan - owe $70.00
US Fast Cash - overpaid $60.00
Eagle - owe $ 80.00
Discount - overpaid $ 224.00

Posted: Tue Apr 08, 2008 12:24 pm Subject:

JAcks, I do not know anything about Chase. Read the link about closing your account so you can arm yourself with information before dealing with them. Ifyou have any issues, come back and post, there are several members with banking backgrounds who can help.

Posted: Tue Apr 08, 2008 12:27 pm Subject:

thank you

Guest · Posted: Thu Apr 10, 2008 6:22 am Subject:

Called the Branch they are unwilling to close my account or make it deposit only. It seems like my only option now is to just let them continue to debit and it will eventually be closed.

Posted: Thu Apr 10, 2008 6:37 am Subject:

Noooo, that is not your only option. They will not help you? Is this a bank? You go in to the bank and speak with the manager. Make them close your account. Here is something else that should help you.

Take this to your bank.You have the right to revoke ALL ach debits from your account.
Per the Electronic Funds Transfer Act:

Quote:
§ 205.10 Preauthorized transfers.

(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.

[Codified to 12 C.F.R. § 205.10]

[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996]

Posted: Thu Apr 10, 2008 6:40 am Subject:

Jacks, I pm'd you a message..go to the right side of the page near the top. It should say: you have 1 new message. Click on that and then click on my message. Work your way up, if the bank manager will not work with you ask who their boss is and go from there.

Posted: Thu Apr 10, 2008 7:22 am Subject:

Hi Jacks- I work for a bank in Michigan and I am also dealing with PDL's. My bank is not Chase but mine will not close an account if its overdrawn, the account has to have a zero or positive balance in order for it be closed with a good status. When I went in to close mine I had a pending transaction and they had to wait for it to hard post before they could close it. Also they would not put a hard debit block on it and Im an employee so I think it depends on the banks policies. The only way they can close it with a negative balance would be to report you to chexsystems, and if that happens you would only be able to open an account with a credit union. My advise to you would be to try to borrow money from a family member or friend to get your account to a positive and close it! Paying back them will be much less expensive and stressful than paying the PDL's.

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