pay day loan hell in tennessee

steve8179 · Guest 100 Debtcc Points

here is where i stand
big borrowed 200 paid fees 880
one step borrowed 300 paid fees 450 pricipal 50
eastside borrowed 300 paid in fees 495 principal 100
everest peak financial 300 borrowed paid fees 540
ameriloan 300 borrowed 260 paid in fees
national pay day 300 borrowed 300 paid if fees
paycheck today 400 borrowed paid 360 in fees
i live in tennessee these are all internet pdl i got laid off from my second job now it is getting to the point to where i cant pay my bills and my wife (i dont know how much longer she will be my wife after this mess )how do i get out of this mess without taking out more payday loans i want to pay back what i owe but it is getting to the point where i cant pay my bills or buy food help with any advice

Posted: Thu Mar 20, 2008 2:02 pm

Posted: Thu Mar 20, 2008 2:06 pm

Ok , we can help you here. I have posted the laws for your state. It looks like most of your loans are already paid off. Actually some are way overpaid. Ypu need to close your checking account , so they can no longer debit your account. You can open a new account and dont give out the number to anyone.
I will post something to read before you close your account. We will walk you through this process. Looks like ameriloan and paycheck are all you owe , and even that is a very small amount.

Posted: Thu Mar 20, 2008 2:07 pm

Steve, read this and then close that account asap. You are in very good shape and almost done with your loans.
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!

Posted: Thu Mar 20, 2008 2:09 pm

Dont forget that in Tennessee, they dont have to be licensed with the state. As long as they are licensed someplace else.

Joined: 18 Jan 2008 Posts: 253 4651 Debtcc Points

Oh me....I am in TN and am in the same *Hell* as you. I feel like I made a pact with Lucifer myself....you may not feel fortunate, but you actually are with the amounts you have already paid and the fact that they are not store fronts.
Good luck to you...you are not alone.

steve8179 · Guest 100 Debtcc Points

i talked to eastside today said after the debit goes through for this weeks payment all i will have to pay is 187 and if i do so before 4/4 they will not take out any finace charge and also spoke to onestep they will dismiss this weeks payment as and any other finace charges as long as i agree to pay 155 a week the next three weeks and they wont do it through ach but i will have to make one time credit or check card payments . i just want to pay what i owe and thanks for the quick response and info. but what i am worried about is the horror stories i read about big contacting people at work im only one of four employees at my job and i dont want embrassing phone calls to my job. wachovia said they cant close my account while i have agreed ach debit fourthcoming

Posted: Thu Mar 20, 2008 2:13 pm

Big and One step are not licensed anywhere. I will check on the others.

steve8179 · Guest 100 Debtcc Points

eastside said they were lincensed in delaware and onestep said they were licensed in arizona

Posted: Thu Mar 20, 2008 2:16 pm

Steve one step is not legal. do not give them another dime. I had them also.

Joined: 18 Jan 2008 Posts: 253 4651 Debtcc Points

I might mention that I went to the bank I opened my account with and dealt with the person who deals with this specifically...she was very helpful. I put a hard debit freeze on all debits...luckily I did not have many other checks out, then I closed the account. In order to close the account, she had to lift the restrictions...during that time $800 came through...yes overnight...but she sent them back and took off the overdraft fees. It is very important that you get one person to deal with and on your side. Do not be embarassed. I first had to tell my husband what I had done, then go to the bank!
You can do it and I am sure your wife will stick by you even if she grumbles a little.

Posted: Thu Mar 20, 2008 2:20 pm

Steve I had a loan with one step and they were not at that time licensed anywhere. As far as Big, they are located in the UK. They hold no license anywhere to lend. You have already paid them 880.00 for a 200.00 loan. They will debit you forever if you keep your account open.

steve8179 · Guest 100 Debtcc Points

i hate to admit this but im sitting here crying right now due to the fact you guys dont even know me and you are all so willing to help me i lost sleep i have been so stressed out i can even enjoying the things i enjoy doing because of the stress you guy r so helpfull

Joined: 18 Jan 2008 Posts: 253 4651 Debtcc Points

BIG people can hardly be understood. You should be able to close your account no matter what if you tell the Bank you have sent them a letter revoking their right to debit your account? Those here can tell you better...perhaps you need to speak to someone higher up at the Bank?
I got calls at work too....you will live through it. Just tell those at work you have an unfortunate problem with these companies and have paid them in full and that they should let them know you cannot be contacted at work...

Posted: Thu Mar 20, 2008 2:23 pm

Steve..we've got a great community here! Very Happy

You've come to the right place.

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