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 Posted: Tue May 15, 2007 2:30 pm Subject: pay day loan keeps debiting |
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I had a payday loan with CashnetUSA. I had a medical expense and did not have the fee in my account. I asked to extend it but the couldnt beyond the date. the payment when in and bounced and automatically went in again split into three amounts.. I now had 4 NSF'S and other bounced payments due to this. I am now very far in the hole. I need a month to get my living expenses paid so I am not evicted or loose my car. I asked for an arrangement they wouldnt wait as long as I asked. I sent an email then asking for an address so I can send in payments as soon as I can they didnt respond. Now over a month since they have debited my account they started again. I am getting so far in the hole for the NSF fees... how can I stop them from debiting my account. Bank of America says the only thing they can do is a stop payment.. but it has to be for a certain amount.. cashnetusa puts the debits through for all different amounts..
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toby2222001
Joined: 02 Jul 2006
Posts: 28
Debtcc Points: 1114
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| Posted: Tue May 15, 2007 2:50 pm Subject: |
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Toby, close your bank account immediately. That's the only way you can stop the debits from happening. Let your bank know about your situation and request them to close it. They may ask you to pay the overdraft fees first. But you need to explain hard and put them on dispute. If it is possible, they can revert back the charges.
Once the account is closed, you can make arrangements with CashnetUSA and pay the outstanding balance as per your state laws.
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Johnson4485
Joined: 22 May 2006
Posts: 399
Debtcc Points: 3960
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| Posted: Tue May 15, 2007 3:11 pm Subject: |
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Tell the bank that you have revoked authorization, and tried to set up other payment arrangements with them. Most banks can put the account on deposit only, which will stop all debits. Ask them about doing that.
Also, when you close the account, ask the bank what their policy is on ach transactions going through on closed accounts. Some banks will force the account back open and you will be out more money.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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