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 Posted: Fri Nov 23, 2007 5:41 pm
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I have 5 payday loans. I notified them that I wouldn't be able to pay, I need other alternatives. But they are still taking the money out of my checking account, which is now 4oo overdrawn all returned check fees. Any advice
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Tracy W
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Posted: Fri Nov 23, 2007 5:45 pm
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Tracy, Welcome to the fourm. We will do our best to help you. Please list whether they are storefront or internet, the name of the companies, how much you borrowed for each and the total of how much you have paid back to each...for example - Loan - borrowed 300 - paid 400. Also, we need you to list the state you are in so we can ensure we use the correct laws.
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In life it doesn't matter
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RoxyNY
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Posted: Fri Nov 23, 2007 5:47 pm
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Welcome to the site. As soon as we get the information Roxy requested, we can give you the correct information to help you.
Sorry Roxy, I posted right after you so I came back and edited mine so we weren't asking the same things.
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pybasj
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Posted: Fri Nov 23, 2007 5:58 pm
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All the companies were internet based.
US FastCash loan 200 repaid 110
WebPayday loan 300 repaid 100
Ameriloan loan 200 repaid 53
PaydayMax loan 200 repaid 57
I live in Maryland
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Tracy W
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Posted: Fri Nov 23, 2007 6:04 pm
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Thanks Tracy. I am going to list the laws for MD for you and everyone to look at...
| Quote: | Maryland State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II § 12-301 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.
Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy
Regulator’s Website
http://www.dllr.state.md.us/finance/
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In life it doesn't matter
how hard you hit, it matters
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and keep moving forward.
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RoxyNY
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Posted: Fri Nov 23, 2007 6:40 pm
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Tracy, honey, close your bank account! First of all, these are unlicensed/illegal pdls that you have. Second, pdls are prohibited in your state! I'm going to post something by goudah regarding closing your bank account for you to read. Please read this and post ANY questions at all. You need to take care of your bank account FIRST before doing anything else.
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cannr
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Posted: Fri Nov 23, 2007 6:41 pm
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| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! |
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cannr
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Posted: Fri Nov 23, 2007 6:44 pm
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Thank you Cannr and PYB... 
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RoxyNY
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Posted: Fri Nov 23, 2007 6:57 pm
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Thank all of you soooo much, I for the first time feel less stress.
I will call my bank 1st thing monday morning, and see if I can do the deposit only. I am hopng that closing my account would be a last resort, as I have had it for many years. But i am glad that I have options that will protect me.
I will keep all of you up to date on what happens next.
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Tracy W
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Posted: Fri Nov 23, 2007 7:01 pm
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Tracy, Keep in mind that they will continue to try to take money for a long time. Some will stop and then months down the road, try to debit again. I am glad you are feeling less stress. This site has helped so many people. Do keep us posted and we will be checking.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Fri Nov 23, 2007 7:03 pm
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tracy, since your account is overdrawn at the moment, do not let your bank "mess with you" regarding putting a block on it. You can have a hard debit block/freeze/hard hold/deposit only - whatever they want to call it, put on it. Tell them these are illegal companies and they are taking unauthorized debits from your account. Tell the bank that the pdls have been informed not to debit. You will need to send letters to these illegal idiots; however, you need to get the bank account straightened out first. That's your priority. You don't want them to continue to debit and cause you more NSF fees. If you need any help, just let us know!
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cannr
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Posted: Fri Nov 23, 2007 7:47 pm
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Ok Tracy, keep us posted. Good Luck.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Sun Nov 25, 2007 6:05 pm
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The PDLS's have got me feeling as if I am heading down hill with no breaks. I have so many out and cant catch up and now i'm in a revoling NSF status. Cant seem to get out. I wish that I could find help. It seems that If you dont own a home for refinance you have no help. our Is help availible for me???
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jtilla
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Posted: Sun Nov 25, 2007 6:14 pm
Latest Blog Post : Decision |
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jtilla....Welcome....please register and then re-post in a thread of your own so you can find it again. In the mean time...please also tell us what state you live in, the names of the loan companies, whether they are internet or store front and then how much you borrowed from each and how much paid back including the fee's. Then we can see where you are and what we can tell you to help.
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Morningstarr430
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Posted: Sun Nov 25, 2007 6:19 pm
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The PDLS's have got me feeling as if I am heading down hill with no breaks. I have so many out and cant catch up and now i'm in a revoling NSF status. Cant seem to get out. I wish that I could find help. It seems that If you dont own a home for refinance you have no help. our Is help availible for me???
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jtilla
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