Internet's first get-out-of-debt community - 129,000 members

Posted: Wed Apr 30, 2008 9:17 am Subject: Help me!!!

Hi. I just got off of the phone with webpayday and they are going to sell my account to a third party ca tomorrow if I don't pay them $520 today. First of all, they completely ignored the fact that I requested to be contacted by usps or email. I don't even think they have read my complaints. There is NO WAY I can come up with $520 today. I legally owe them $240. I made a proposal to pay $50 to them each pay period until my LEGAL balance is paid. Of course, they refused. I am at a loss. In a way I think it would be better to go to a ca, but I am still a little afraid of that. The lady at wpd keeps insisting that they are going to turn me over to chexsystems. I told her that I called chexsystems and was told that only banking institutions can turn someone over, but she says that I'm wrong. I tried to see if she meant teletrack, and she said she meant chexsystems. Please, please give me some feedback. If you have dealt with them or have been turned over to a ca on a pdl, please let me know what happened or what might happen to me...

Posted: Wed Apr 30, 2008 9:18 am Subject:

I'm sorry, I owe them $260.

Posted: Wed Apr 30, 2008 9:19 am Subject:

As far as I know, only banks can put someone in chexsystems. A PDL can, however put you in Teletrak--and this is no great loss, because all this would mean is that you could never get a PDL again, or buy anything at a rent-to-own store, which has overrated stuff anyway, imho.

Posted: Wed Apr 30, 2008 9:21 am Subject:

That is correct - Only FDIC insured banking institutions can report to Chexsystems, and only for information about DDA accounts.

Posted: Wed Apr 30, 2008 9:21 am Subject:

I would definitely not consider it a loss to not be able to get another pdl!!! I just don't want to not be able to write checks at places like the grocery store, etc.

Posted: Wed Apr 30, 2008 9:22 am Subject:

Goudah, I'm not sure what a DDA account is. Can you help me? What is a pdl considered?

Posted: Wed Apr 30, 2008 9:24 am Subject:

Also, would you all suggest that I just let it go to third party ca? I don't see that I have another choice at this point. I have heard it is easier to work with a ca, in some cases...

Posted: Wed Apr 30, 2008 9:25 am Subject:

DDA means Demand Deposit Account - A transactional account (North America: checking account or chequing account,[1] United Kingdom and some other countries: current account or cheque account) is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

Posted: Wed Apr 30, 2008 9:27 am Subject:

Oh, ok. Now I see. Because a pdl or a ca doesn't hold funds that I can demand on the spot then they shouldn't be reporting to chexsystems...am I understanding correctly?

Posted: Wed Apr 30, 2008 9:33 am Subject:

Yes - Only banks can report.

Posted: Wed Apr 30, 2008 10:00 am Subject:

Would it be best to let it go to ca and just try to work with them?

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 129,000 members

Help me!!!

Members Area

Free Debt Counseling

Ask the community

Community Photos

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post