Can't get out from under

Hi,

I ran into some money problems several months ago and like an idiot I took out a payday loan with 500 Fash Cash.
Still was having problems so I took yet another loan this time with Ameriloan.
I just couldn't seem to get ahead and so I let them take the "interest" only...then when they started taking the principal AND the interest it added up to $125 this month.
Ameriloan took $60.
Next month 500 fast cash will take $110 and so will Ameriloan.
That's $220 I really can't afford to be without...I live on $879 a month.

This will sound off the wall to some of you, but to the animal lovers you'll understand...I took the loans to pay a BIG Vet bill.
Without the surgery my cat would have died...I couldn't let that happen.

So anyway I really don't know what to do.

The loan from 500 Fast Cash was $250...so far I've paid them $500
The other loan was $200...so far I've paid them $300

I can't do this any more.

Like I said I live on $879 a month and I'm on SSDI
I thought about closing my checking account, but it can take SS up to 6 weeks to transfer from one account to another..so closing my account really isn't an option.

I'm in the State of Pennsylvania...any suggestions.

Thanks

Both of your lenders are illegal/unlicensed, close your account and CLICK HERE to find out how to deal with illegal lenders.

You best hope is to follow the link above from Shazzers and follow the steps that are laid out.
This is what you need to know to start this journey...........IF the PDL is Illegal you ONLY owe the principle of the loan, if you have over paid then send the Auth Revok letter and file complaints with the BBB, AG and FTC.

If these lenders are not licensed to operate in your state then they can't demand anything beyond the principle amount. It would be considered 'illegal' if they want to recover anything more than the principle amount. Once they start calling you they'd no longer be compliant with the FDCPA norms. You can always ask them to stop contacting you in the event they try bothering you with their payments.

Talk to the branch manager (not a bank employee) and tell him to stop all ACH withdrawals. Give him a copy of the ACH revocation letters you sent. I was able to open another account and I transferred my direct deposit to that account once it hit until the change was made with my employer (which took 6 weeks). If you know the exact date your funds are deposited, you can transfer them the same day until the change is made.

Just a suggestion....

If these are both illegal loan companies in PA, based on the amounts you've provided above, you've MORE than paid off the principle and don't owe them a thing. Do as the other posters have said, check out how the links on how to deal with illegal lenders and closing your bank account. AND - make sure you have your checking account completely closed out or at the very least on deposit only status BEFORE you contact the PDL's with any letters, etc. Otherwise, they'll try to grab as much $$$ as they can. Please keep us posted and if you have any questions, this is the place to ask - we've all been there.

Hi,

Thanks everyone for the information.
I tried to call SS to tell them what I was going to do and to see if they could send me a paper check in Feb. and then start back up with the direct deposit with Marchs check.
Not suprisingly I was on hold for 30 minutes so I just left my name and phone number and I'm waiting to hear back from them.

In the meantime and before I go to my bank I have another question.

I was under the impression that as long as a payday lender was licensed in the State where they operate then they could legally operate in PA too.
Is that information not correct?

Thanks.

They also have to be licensed in PA. The pdl company will tell you otherwise, but your state rules.

Go to the social security website. www socialsecurity.gov

There's a place where it says "if you are receiving benefits". You have the ability to change your direct deposit on-line. You just need a password. If you don't have one, you can register for one. Just follow the directions.

See if that's an option.

Thank you for sharing your Vet story! I totally understand why you did what you did, for the love of your CAT! I'm a huge cat lover and I would be lost without my two boys. Listen to all of the advise given to you, it is sound advise, and you will find yourself out of the PLD mess. I did just that, and I've even received refunds from most of mine. Hope all is well with your CAT?